57% of millennials lack full understanding of health insurance: 5 findings

Roughly six in 10 millennials said they don't fully understand their health insurance benefits, according to a recent TransUnion Healthcare study.

The TransUnion Healthcare Millennial Report examined data and results the company obtained through a survey of 1,576 consumers conducted in October.

Here are five findings from the study.

1. Half of Gen X consumers identified as having "no understanding" or a 'limited understanding" of their health insurance benefits, while 42 percent of baby boomers said the same.

2. Last year, 74 percent of millennials didn't pay their medical bills in full, compared to 68 percent of Gen X members and 60 percent of baby boomers.

3. Seven in 10 millennials said they would pay their medical bills fully if they had sufficient funds.

4. Forty-six percent of millennials said they would be more likely to pay their medical bills if they received a point-of-service estimate of their healthcare costs.

5. More than a fourth of millennials said they don’t understand high-deductible health plans, compared to 17 percent of Gen X respondents and 9 percent of baby boomers. 

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