Benefits October 17, 2011

Many Workers Clueless on Health Care Costs

October 17, 2011 (PLANSPONSOR.com) -  According to a new survey, fewer than half (47%) of respondents with employer-based health care coverage can confidently say how much they contribute from their salary toward their own health insurance premiums.  
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The survey, conducted by Kelton Research and sponsored by eHealthInsurance, found that fewer than four in 10 (35%) of those with employer-based coverage can confidently say how much their plan’s annual deductible is, and only one-third (33%) can say how much they are required to pay toward the monthly premiums of their dependents. Respondents are even less informed about costs borne by their employers: fewer than two in 10 (18%) can confidently say how much their employers contribute each month toward their health insurance premiums, or how much employers would pay towards dependents’ premiums (13%).

The survey also found that while a strong majority of respondents with employer-based coverage (83%) feel that they are better suited than their employers to choose a health plan for themselves, over half (53%) admit that when open enrollment comes around they are likely to simply stick with the plan they currently have. Only 36% of overall survey respondents report that they review their health insurance costs on a yearly basis. Among those with employer-based coverage, only 46% actually review their health insurance costs annually.

According to a press release, other findings include:

•  When reviewing their paystubs, fewer than half (45%) of respondents with employer-based coverage report checking to see how much is deducted from their wages to pay for health insurance.

•  Almost half of survey respondents (45%) with employer-based coverage do not know when their annual open enrollment period occurs.

•  Nearly six in 10 (57%) survey respondents with employer-based coverage would be more concerned by increases in the amount they pay toward their coverage during open enrollment than by changes in their benefits (43%).

•  More than four in 10 (41%) of those with employer-based coverage would consider non-employer options, such as individually purchased health insurance, during open enrollment.

•   One quarter (25%) of those with employer-based coverage report that the longest period of time they’ve ever spent reviewing their options during open enrollment was less than 30 minutes.              

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