Seventy-four percent of Americans are worried about rising health insurance costs, according to a Nov. 14 survey from personal finance site ValuePenguin.
ValuePenguin commissioned Qualtrics to conduct an online survey of 1,548 American consumers ages 18 to 76 from Oct. 5-6, according to the report.
Five findings:
1. Thirty-nine percent of those surveyed said they would consider dropping their health insurance if it got too expensive. Millennials (52 percent) and those making less than $35,000 annually (51 percent) were the most likely to drop their coverage if it gets too expensive.
2. Thirty-three percent said they think their premium is too expensive for the value.
3. On average, insured Americans surveyed said a $364 increase in their monthly payment would make it unaffordable.
4. Seventy percent said they will stay on their insurance plan in 2023, while 23 percent said they are looking to change their plans and 7 percent said they will go without insurance.
5. Of those expecting to be insured in 2023, premiums (52 percent), in-network doctors (48 percent) and deductibles (47 percent) are the most important factors in selecting a plan.