To most Americans, health insurance is confusing and just plain unenjoyable. Only 14% of U.S. workers can correctly define common insurance terms like deductible, copay, coinsurance and out-of-pocket maximum.1 Even if we were savvier about how health insurance works, we’re less than thrilled by the purchasing process: American consumers rate choosing health insurance as unenjoyable as doing their taxes (75%) or getting a tooth filled (64%).
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Such strong negativity could be due to low health literacy, low understanding of plan options and their value, or—most likely—both.
Employers, as a trusted information source for employees, can play a key role in improving literacy, understanding and attitudes—and have a willing captive audience for doing so: Just 5% think they could find a better deal on the open market than through their employer.
Read these 7 tips employers can use to improve health literacy and plan understanding through communication.
Great idea to help employers learn the lingo. It’s troubling that so few are familiar with the meaning of such critical insurance terms.