59% of Consumers Will Spend Less Than 30 Minutes Choosing Their Next Health Plan
Yet majority don't know what they spent last year out-of-pocket on drugs (76%) and doctor visits/labs (67%)
Yet majority don't know what they spent last year out-of-pocket on drugs (76%) and doctor visits/labs (67%)
DALLAS, Oct. 20, 2015 /PRNewswire/ -- With open enrollment for 2016 health plans underway, most consumers think they know what they're doing. In fact, 59% will spend less than 30 minutes selecting a plan, according to an October HealthMine survey of 502 consumers. Results reveal most consumers lack knowledge of their own healthcare spending. Plus, many are confused about plan services and costs.
HealthMine's survey revealed that the two most important factors for consumers in health plan selection are monthly premiums and out-of-pocket costs. However, 76% of consumers do not know what they spent in total out-of-pocket on drugs. And, 67% do not know what they spent out-of-pocket for doctor visits and labs in the past year. In addition, 42% do not understand their total spend on monthly premiums.
Even though 85% of respondents say they have a good idea of needed services in the coming year, 36% find their plan somewhat or very confusing. Of those, 58% are most perplexed when determining what services are covered by their plan. Another 46% are confused when trying to determine costs. 28% don't know how to get the most benefit from their wellness program.
Despite these gaps in awareness and understanding, two-thirds of consumers seem to be on automatic re-enrollment. Overall, 66% of consumers are not planning to make any changes to their health plan in this enrollment period. When it comes to health plan quality and value, 40% of consumers say there has been no change in their plan. Another 35% say their plan is getting better.
Bryce Williams, CEO and President of HealthMine said, "Consumers are treating an increasingly complex and costly purchase with inertia." He continued: "With rising out-of-pocket costs, narrowing networks, and growing prevalence of chronic disease, not doing your due diligence on healthcare coverage could be hazardous to your health—and to your pocketbook."
Key Results
How Much Time Do You Plan On Spending Choosing A Health Plan?
| 15 minutes or less |
32% |
| 16-30 minutes |
27% |
| 31-60 minutes |
20% |
| 1-2 hours |
12% |
| 2 hours or more |
9% |
When You Choose a Health Plan What Is The Most Important Factor To You?
| Monthly premium |
27% |
| Out-of-pocket costs for doctor visits, labs, drugs |
25% |
| Whether your preferred doctors are in the plan |
22% |
| Deductible amount |
10% |
| Health Savings Account (HSA) |
6% |
| Wellness program and potential for rewards/discounts |
4% |
| Flexible Spending Account (FSA) |
4% |
| Other |
3% |
Do You Know The Total Amount You Spent On Healthcare In The Last Year?
| Yes, I know what I spent in total on monthly premiums |
58% |
| Yes, I know what I spent in total on out-of-pocket costs for doctor visits, labs |
33% |
| Yes, I know what I spent in total out-of-pocket costs for pharmacy/drugs |
24% |
| No, I am not sure what I spent on healthcare last year |
24% |
What Components Of Your Health Plan Are Most Confusing?
| Determining what services are covered |
58% |
| Determining costs (OOP deductible, co-insurance, and/or co-pay costs) |
46% |
| Determining how to use and get the most benefit from your wellness program |
28% |
| Determining what doctors/hospitals are in it |
21% |
| Other |
2% |
About the Survey
The HealthMine survey queried 502 consumers planning to enroll in a 2016 health plan and was fielded by Survey Sampling International (SSI) in October 2015. Data were collected via an opt-in panel. The margin of error is 4%. Survey Sampling International (SSI) has been the Worldwide Leader in Survey Sampling and Data Collection Solutions, across every mode, for 37 Years.
About HealthMine
HealthMine, a leading consumer health engagement company, has developed the wellness industry's first and only Personal Clinical Engagement technology platform. HealthMine empowers individuals to make meaning of their health information by automatically collecting clinical data, identifying risk for chronic disease, and setting health goals. Making it easy for consumers to manage their own health, HealthMine provides a personalized health portal available on any device, and delivers tailored recommendations, resources and incentives. HealthMine has more than one million users, and has saved employers and payers more than $100 million in healthcare costs. The company, founded in 2008, is based in Dallas, Texas with offices in San Francisco, New York and Minneapolis.
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SOURCE HealthMine
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