With the open enrollment period rapidly approaching, consumers will be looking for ways to find affordable health plans with adequate coverage. But cost is top of mind for many Americans, with 91% of respondents saying they’ve experienced a payment-related issue in the past, a new survey shows.
These payment issues include high interest rates, not being able to meet the deductible, insurance not covering the cost and not being able to afford copays.
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The survey was released Tuesday and was conducted by health benefits company Gravie and Wakefield Research. It polled 1,000 consumers with employer-sponsored insurance in August. The companies conducted the study in an effort to inform consumers on healthcare trends ahead of open enrollment, as well as brokers and employers on what is in the best interest of their employees.
Despite high costs, many feel they don’t have adequate coverage, with 86% saying they’re worried their health benefits won’t cover all their healthcare needs, the survey found.
“The evidence is clear — consumers are feeling the pinch of a broken healthcare system in truly tragic ways,” said Marek Ciolko, Gravie co-founder and co-CEO, in a news release. “No one should be concerned about accessing needed medical care because of the administrative and financial barriers that their health plan puts in their way. The traditional system is long overdue for a change.”
Because of cost problems, 54% of respondents have delayed or canceled a medical exam or procedure. Another 59% said they’ve experienced consequences from delaying medical care, including increased stress, using personal time to receive care and increased pain.
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Cost issues likely won’t let up anytime soon either. Employers expect healthcare costs to increase 6% next year, according to a recent survey by Willis Towers Watson. More than 70% of employers anticipate moderate to significant increases over the next three years.
Additional findings from the Gravie and Wakefield Research survey:
- More than 70% of respondents said their health plan doesn’t have adequate mental health coverage or they don’t know if they have mental health coverage. Another two-thirds of respondents said it is concerning to them that their mental health coverage doesn’t meet the needs of themselves or their families.
- More than one-third of respondents said the stress of finding out what’s covered in their health plan is more stressful than their daily job itself.
- Another 65% of consumers said they’ve experienced difficulty in getting a referral to see a specialist for medical care.
- Receiving a referral to see a specialist is also a burden for many, with 52% saying “it creates unnecessary hurdles that delay the care I need.”
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