NEW YORK, Nov. 3, 2021 /PRNewswire/ -- Open enrollment is fast approaching and many Americans are looking to make some changes to their health insurance policies. Although a large portion cites the pandemic as the main factor, others are looking at costs.
According to ValuePenguin's most recent survey, almost half of Americans are expecting to see higher health insurance premiums in 2022.
Key findings:
- 45% of insured Americans are considering changes to their health insurance during open enrollment, namely switching the plan provider or type. Those with marketplace plans are most often looking to make a change. The coronavirus pandemic is the main reason consumers are changing their health insurance, followed by changing health needs and dissatisfaction with their provider.
- As nearly half of Americans (46%) expect higher health insurance premiums in 2022, some struggle to afford health care costs. 4 in 10 insured Americans say their out-of-pocket health care costs were too high in the last year, and nearly 1 in 5 say they can't afford their deductible.
- 45% of insured Americans believe those who aren't vaccinated for COVID-19 should pay higher health insurance premiums than those who are vaccinated. This sentiment is highest among baby boomers (ages 56 to 75) at 53%.
- Premium costs are the most important factor Americans consider when selecting a health insurance plan, at 24%. Services covered (20%) and deductibles (14%) are other decision drivers.
- 24% of Americans have made a mistake during open enrollment before. The most common errors shoppers committed were not fully exploring their options (28%) and missing the deadline for open enrollment (26%). About one-third of Gen Zers (ages 18 to 24) and millennials (ages 25 to 40) made mistakes during open enrollment.
View full report: https://www.valuepenguin.com/consumers-changing-health-insurance-during-open-enrollment
About ValuePenguin.com: ValuePenguin.com, part of LendingTree (NASDAQ: TREE), is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com, like our Facebook page, or follow us on Twitter @ValuePenguin.
Media Contact:
Nadia Gonzalez
Nadia@LendingTreeNews.com
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SOURCE ValuePenguin.com
