Over Two in Five Americans with Health Insurance Avoided Medical Care Because They Feared Insurance Wouldn't Cover the Cost

Even with insurance, 32% said price prevented them from taking the full dose of a prescription

NEW YORK, Oct. 31, 2022 /PRNewswire/ -- The number of Americans with health insurance coverage has significantly increased since the Affordable Care Act began, but cost is still an obstacle for many when it comes to getting the care they need.

The annual Policygenius Health Insurance Survey discovered 41% of Americans with health insurance have avoided medical care because they knew or feared it would not be covered by their insurance. This was true even among insured Americans whose annual income is $80,000 or more, with 37% saying they avoided care because of cost concerns.

"Health has been on the forefront of everyone's minds with the pandemic, and it's disheartening that people are avoiding care and unaware of what they can get through their insurance, like free COVID-19 tests," Myles Ma, health care expert at Policygenius, said. "Our survey showed that 61% of insured Americans weren't aware they could get a free test through their insurance, which is extremely surprising this far into the pandemic."

In some cases, Americans are adjusting their prescriptions to cut costs — 32% of Americans with health insurance said the cost of a prescription has prevented them from taking the full dose of the medication. This was the case even among people who said they get "good financial value" for what they pay for health insurance, with 27% saying the price tag has kept them from taking the full dose of a prescription.

Yet even with these challenges, more than half (57%) of insured Americans at least somewhat agree with the statement "I get good financial value from what I pay for health insurance." How much they agree depends on their coverage, with 61% of those with Medicare or Medicaid at least somewhat agree, compared to 52% with group plans and 47% with individual plans from a state or federal marketplace.

"The variance in value could be based on who is taking on the largest part of the cost for these plans and it makes sense that people feel they get better financial value from heavily subsidized plans," Ma said. "No matter where you get your plan, make sure you know what it includes so you can use every benefit available to you, from preventive care, like vaccines or COVID tests, to extra perks like mental health apps, gym discounts, or health savings accounts. This way, you're not only getting the maximum value out of your plan, but helping your physical and financial well being."

The sixth annual Policygenius Health Insurance Survey also found that:

• Among insured Americans who have seen a mental health provider, almost half (47%) have had a provider decline to take their insurance.
• Only 8% of insured Americans are aware you can use the money in a health savings account to invest in the stock market.
• There's still general confusion on basic health insurance terms, with only 65% of insured people able to correctly define "deductible" (the amount you pay for health care before your insurance starts to pay).

Policygenius commissioned YouGov to poll 2,371 Americans 18 or older, of whom 2,008 confirmed having health insurance at the time of the survey. The survey was carried out online from Sept. 26 through Sept. 28, 2022. Of the 2,371 respondents, 31% had group plans through their employers or membership organizations; 8% had an individual plan through the federal or state marketplaces; 39% had Medicaid and/or Medicare; 6% had either COBRA, a short-term health plan, or TRICARE; and 15% either didn't know whether they had health insurance or didn't have health insurance (these respondents were filtered out for the remaining questions). The results have been weighted to be representative of all U.S. adults. The average margin of error was +/- 3%.

You can see more data and the full methodology in the Policygenius 2022 Health Insurance Survey.

Policygenius transforms the insurance journey for today's consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $170 billion in coverage.

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For more information:
Brooke Niemeyer
Associate Director of Media Relations
[email protected]

SOURCE Policygenius