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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

Library: The Conversation – Choosing health insurance is so complicated, 23% of workers with only two choices picked the worse one

Executive summary :

Almost a quarter of employees faced with the choice of two employer-sponsored health care plans picked the one that left them worse off financially, even though they offered the same non-cost benefits, according to new unpublished research we conducted.

 The Digital Insurer reviews The Conversation’s Report on Choosing health insurance is so complicated, 23% of workers with only two choices picked the worse one

Many US employees choose the wrong cover when given choice 

The source

Using data from a large university in the Midwest that offered to subsidise one of two health care plans, we wanted to see how hard it is for people to make the better choice when given only two options.

The plans were identical in every respect other than their costs. One plan had much higher premiums but lower out-of-pocket expenses such as deductibles and co-payments for the employee.

The bottom line

Our analysis found that 97% of the 2,300 employees would have been better off with the other plan, which had lower premiums but higher cost-sharing.

Yet 23% chose the higher premium plan anyway. The average cost per year of choosing the wrong plan was over $2,000, according to our paper, which we plan to submit for publication soon.

Why it matters

Almost 180 million Americans utilise employer-sponsored health insurance to help pay for medical care. The average covered worker spent over $5,500 on health insurance premiums in 2020, while average Americans exhaust over 8% of their total spending on health care.

See the full report for more…

Link to Full Article:: click here

Link to Source:: click here

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