NEW YORK, Jan. 14, 2021 /PRNewswire/ -- Nearly 3 in 10 Americans lost health insurance coverage in 2020, and more than half haven't bought new coverage and remain uninsured in 2021 according to a new ValuePenguin.com Healthcare Survey. The survey of over 2000 Americans, also found that 45% of Americans who shopped for health insurance during open enrollment were surprised by the high costs of their new policies, and many want major changes.
- 29% percent Americans lost health insurance coverage at some point in 2020. Losing health insurance coverage was exceptionally high among Gen Z and Millennial Americans - 51% of Gen Zers and 36% of Millennials lost health insurance coverage in 2020.
- Losing health insurance coverage was exceptionally high for those who were laid off or furloughed due to the coronavirus pandemic. In fact, 47% of all survey respondents reported losing insurance coverage after being laid off furloughed. Additionally, 39% reported they were able to keep their job but had their hours or salary cut also lost health insurance coverage in 2020.
- The main reason so many Americans still don't have health insurance coverage is cost. Of those who still don't have coverage, 42% said they don't have enough money to afford premiums or the deductible, while 31% said they have other expenses they need to prioritize. Women (51%) were more likely than men (34%) to say they couldn't afford to pay for their health insurance policies.
- 45% percent of health insurance marketplace users said the cost of that health insurance was higher than they expected. Younger generations were most likely to say they spent more on marketplace health insurance than they thought they would.
- 64% of Americans who tried to purchase health insurance through their state's website or HealthCare.gov reported having some issue with the process. Of those who did encounter issues with health insurance exchanges, the most (40%) had difficulty figuring out which provider to use. 75% of respondents said it took them more than an hour to choose a policy and submit the accompanying application. And 7% said they spent seven or more hours completing the application process for marketplace health insurance.
- 1 in 3 Americans call for major changes to the healthcare marketplace but they aren't aligned on the changes they want. 38% of consumers who have used the health insurance marketplace think there aren't enough choices, but 33% feel there are too many choices. 59% like having choices, but 29% would prefer a single option. And 40% of those who have a marketplace health insurance policy said they liked their employer-sponsored policy better.
According to ValuePenguin.com Health Insurance expert Sterling Price, "As seen in this survey, purchasing individual health insurance can be a confusing and daunting process to undertake for many Americans." He adds, "Knowing some of the basics about these policies and what to look for can make your shopping experience more manageable. Your best health insurance will be a policy that you can afford, and balances any potential health care costs you may experience during the plan year."
To view the full report, visit: https://www.valuepenguin.com/health-insurance-marketplace-cuts
ValuePenguin.com commissioned Qualtrics to conduct an online survey of 2,051 consumers, fielded Dec. 17-21, 2020. The sample base was proportioned to represent the overall population, and all responses were reviewed by researchers to ensure quality control.
About ValuePenguin.com:. ValuePenguin.com and its parent company, LendingTree® (NASDAQ: TREE), have a common mission: to empower consumers with tools, information, and resources to help them make smarter, more informed financial decisions. For more information, please visit www.valuepenguin.com, like our Facebook page or follow us on Twitter @ValuePenguin. Additional Information: https://www.valuepenguin.com/health-insurance
Divya Sangam (Ms.)
646 693 8445