NEW YORK, Oct. 14, 2014 /PRNewswire/ -- Competition among healthcare insurance companies is about to heat up as two-thirds of Americans covered via the Affordable Care Act (ACA) say they'll change plans in 2015. A survey conducted by Radius Global Market Research (Radius GMR) shows that while most say they are satisfied with their coverage, that won't stop them from shopping around when it is time to renew.
Radius GMR's study shows that the vast majority of the 7 million households covered by a health insurance plan under ACA are satisfied with their current coverage with only 20% indicating they are not satisfied. Both quality of care and cost of care are perceived at parity to, or better than, prior insurance coverage. But most of those same households think they can do even better.
"Consumers feel that there are opportunities to get more value from the current health insurance market," says Kathleen Relias senior vice president of Radius GMR and head of its Healthcare practice. "Plans need to develop specific strategies to avoid significant customer churn in the coming months."
When asked what they'll look for in a new healthcare plan, those surveyed named lower costs and improved access to doctors and care as their top priorities. More than half of respondents expect their healthcare premiums to increase in the next six months. More than one-third of those who switched primary doctors after joining ACA plans did so because their doctor was not on the new plan. And about 1 in 4 households are visiting their doctor less frequently and/or experiencing longer office wait times.
"Plans would also benefit from boosting efforts to educate their customers about the Affordable Care Act," adds Relias. "Overall satisfaction was stronger among those enrollees who reported receiving adequate explanation of ACA coverage. Only 44% of Americans feel they are well informed."
About Radius Global Market Research
Radius Global Market Research (www.radius-global.com) is one of the largest independent market research companies. For more than 50 years, the business has partnered with global marketers to develop insights-based strategies that drive brand performance. Radius GMR is based in New York. Global operations include London-based Radius EMEA and Radius Asia in Beijing, China.
SOURCE Radius Global Market Research