Consumers Concerned About Cost When Purchasing Health Insurance

CHICAGO, Ill. (September 16, 2015) — ConnectedHealth, a private insurance exchange company that offers customized tools to help group-eligible employees, part-time workers, contractors and individuals achieve better health and financial security, today uncovers key personal finance findings from its recent survey of adults who purchase their own health insurance. Among compelling results, and contrary to past findings, are individuals’ top concerns when purchasing the best quality health plan. Respondents across all generations reported being concerned with a plan that meets all their medical needs, as well as the plan’s cost, significantly more than ensuring the plan provides access to their preferred doctors.

“We’ve seen past survey results show that for all age groups, the primary care relationship ranks high when it comes to selecting a health plan. Now, the ground is shifting, and Americans who are paying for their own coverage are developing different sensibilities about how they shop and what their value equation for health looks like,” says ConnectedHealth President Joe Donlan. “With rising health care costs including potential double-digit rate hikes next year, there’s been a shift in priority. Americans need affordable plans that meet their medical needs, and are willing to forgo their network of preferred doctors for it.”

A summary of key financial findings from the ConnectedHealth survey includes:

• Cost consideration: After a plan that meets all their medical needs, cost is Americans’ top concern when choosing the best quality health plan (40 percent and 36 percent respectively). Only 12 percent reported access to preferred doctors as their top concern.
• Tight budgets: There’s a reason Americans are pinching pennies. One in three (33 percent) are not confident they could pay their full deductible if they had a medical emergency today, and 35 percent are not confident they could pay their premium if it increased by 10 percent.
• Top problems: Though they do their best to select a plan that’s cost-efficient, a large price tag is also Americans’ biggest health care complaint: After purchasing their own health insurance, 44 percent, including 51 percent of parents, experienced out-of-pocket costs that were higher than expected.
• Financial implications: When selecting a new health insurance plan, Americans carefully consider a mix of factors, but money tops the list: Income -- 64 percent, medical needs -- 63 percent, financial security -- 31 percent, long-term savings -- 25 percent, value of their assets -- 17 percent.
• Monthly budget: $334 is the average amount of money Americans allocate each month to pay premium, co-pays, prescriptions and other out-of-pocket health costs.

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