New Health Insurance Findings from Optum, Inc. Discussed (The growing need for resources to help older adults manage their financial and healthcare…

New Health Insurance Findings from Optum, Inc. Discussed (The growing need for resources to help older adults manage their financial and healthcare choices)

By a News Reporter-Staff News Editor at Managed Care Weekly Digest -- New research on Health Insurance is the subject of a report. According to news originating from Ann Arbor, Michigan, by NewsRx correspondents, research stated, "Both financial literacy (managing personal finances) and health literacy (managing personal health) become increasingly important for older adults, potentially impacting their quality of life. Resources in these constructs of literacy tend to be distinct, although the skills and decision-making involved overlap as financial issues impact healthcare choices."

Our news journalists obtained a quote from the research from Optum, Inc., "Thus the primary purpose of this commentary is to propose a new area of research focus that defines the intersection of financial and health literacy (i.e., financial health literacy). We conducted a limited literature review related to financial, health, and health insurance literacy to demonstrate gaps in the literature and support our position. Online search engines were utilized to identify research in our primary areas of interest. We define the intersection of financial and health literacy as an area of need labeled financial health literacy, with a focus on four domains. These include: 1) the ability to manage healthcare expenses; 2) pay medical bills; 3) determine health needs and understand treatment options; and 4) make sound healthcare decisions with financial resources available. Despite some overlap with health insurance literacy, financial health literacy would define an area of need encompassing health management choices and health plan selections integrated with other financial management issues including living arrangements, financial planning, and retirement planning."

According to the news editors, the research concluded: "Potential initiatives should be considered to help at-risk older adults find resources to improve their financial health literacy, which in turn will enhance their abilities to manage medical choices in the environment of an increasingly complex healthcare system."

For more information on this research see: The growing need for resources to help older adults manage their financial and healthcare choices. BMC Geriatrics, 2017;17():13-21. BMC Geriatrics can be contacted at: Biomed Central Ltd, 236 Grays Inn Rd, Floor 6, London WC1X 8HL, England. (BioMed Central - www.biomedcentral.com/; BMC Geriatrics - www.biomedcentral.com/bmcgeriatr/)

The news correspondents report that additional information may be obtained from S. MacLeod, Optum, Adv Analyt, Ann Arbor, MI 48108, United States. Additional authors for this research include S. Musich, K. Hawkins and D.G. Armstrong (see also Health Insurance).

Keywords for this news article include: Ann Arbor, Michigan, United States, North and Central America, Investment and Finance, Health Insurance, Optum Inc.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC