Majority of Americans confused by basic health insurance terms, survey finds

More than three-quarters of Americans cannot define "coinsurance," but the vast majority are satisfied with their health plan, according to a new survey from Forbes Advisor.

The survey was published July 18 and included responses from 2,000 insured individuals across the nation. The  responses were collected online from June 29 to July 1.

Seven key takeaways:

  1. When asked to identify the correct definition of coinsurance, 77 percent of respondents could not, while 30 percent did not want to take a guess.

  2. Forty-six percent of respondents did not know what a copayment is, while 45 percent could not identify the definition of deductible.

  3. Fifty-five percent of respondents knew children under 26 can stay on their parents' health plan, and 24 percent said they believed the child needed to be living at home for coverage to apply.

  4. Respondents were presented with a list of true and false statements about health savings accounts and could choose as many as they felt were correct. Slightly more than 40 percent knew that an HSA allows you to set aside pre-taxed funds to use for medical care or that HSAs can pay deductibles, coinsurance and copays.

  5. Nearly 30 percent of respondents incorrectly believed that not liking your coverage or a new medical diagnosis meant you could change your plan at any time. 

  6. At least 21 percent of respondents said they've been confused about a medical bill, with men more likely to say they have been confused.

  7. Eighty-five percent said they are somewhat or very happy with their health plan.


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