NEW YORK, May 27, 2020 /PRNewswire/ -- Approximately
50% of Americans get health insurance through their employers, but
the COVID-19 pandemic has put over 38 million Americans out of
work, and left nearly 27 million Americans (including family
members) newly without insurance.
With millions of Americans navigating the complexities of the
healthcare system to purchase new health insurance coverage and
deal with COVID-19, a new survey from ValuePenguin.com has revealed
how little they know about how healthcare works, and how worried
they are about COVID-19's impact on their healthcare costs.
Key Findings:
- 68% of Americans said they're worried COVID-19 will make
their healthcare more expensive. While it's unknown how the
virus will impact healthcare costs in 2021, health care experts
interviewed by ValuePenguin predict the crisis will extend into
next year and healthcare usage in general will continue to decline,
and this could lead to slightly cheaper healthcare costs as a
result.
- 38% of Americans expressed confusion over what is and isn't
covered by their health insurance. 28% said they were
especially confused by choosing the right plan for their needs.
More worryingly, 35% of Americans believe they can make
changes to their health insurance coverage at any time after they
purchase a plan, and not just during a qualifying life event.
- Only 5% of Americans know that the CARES Act doesn't pay for
COVID-19 Treatment (the bill only covers the cost of
coronavirus testing). A full 59% of survey respondents
incorrectly said the law included medical treatment, and 36% said
they didn't know what the CARES act covers.
- As the 2020 election looms, views are divided on
availability and quality of healthcare. 72% of respondents
believe health insurance should be mandatory for all Americans, but
views are split on who should pay. 37% will only accept mandatory
coverage that coverage comes at no cost to the individual, while
36% think it should be mandatory regardless of whether coverage
comes at a personal expense.
- Americans are apprehensive about the quality of
government-sponsored health care: Nearly half of the
surveyed respondents believe that government-sponsored health
insurance options, such as Medicaid, Medicare or plans subsidized
through ACA marketplaces, don't offer the same quality as private
plans. Just 19% of the respondents think government-sponsored
health insurance offer better quality care than private
options.
"Whether you're newly without health insurance coverage after
being furloughed or laid off, or just concerned about the
possibility of forthcoming medical bills, you can take steps to
stay financially protected during the coronavirus pandemic." said
Sterling Price, health insurance
analyst at ValuePenguin.com. He added, "Budget for possible extra
healthcare costs, and be aware of the trade-offs you need to make
while selecting a health insurance plan from the dozens of options
in your state marketplace."
ValuePenguin.com Qualtrics to conduct an online survey of 1,136
Americans, with the sample base proportioned to represent the
overall population. The survey was fielded in May 2020. To view the full report, visit:
https://www.valuepenguin.com/coronavirus-showing-how-little-americans-know-about-their-health-insurance
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.
Additional Information:
https://www.valuepenguin.com/average-cost-flood-insurance
Media Contact:
Divya Sangam (Ms.)
646 693 8445
Divya@valuepenguin.com
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SOURCE ValuePenguin.com