HealthEdge, provider of an integrated financial, administrative and clinical platform for health insurers, today announced the results of its latest Voice of the Market Survey, a study of more than 5,000 health insurance consumers to gauge their satisfaction with their current health plans.
The survey found that most people are moderately satisfied with their health insurance, with an aggregate satisfaction score of 78 percent overall across all ages, but with some notable generational differences.
Survey respondents indicated their individual cost is the top factor contributing to satisfaction, and they are willing to take on more risk and healthy behaviors to drive down those costs. Consistent and convenient care are also vitally important. The full report of the survey findings is available to requestors by clicking here.
“Our survey findings indicate that as Baby Boomers age into Medicare and Millennials garner more buying power by advancing their careers, health plans will feel pressure from both groups to transform themselves to remain competitive in the marketplace,” said Steve Krupa, CEO of HealthEdge. “Also, with new partnership agreements on the horizon, Millennials revealed that they trust the current model of health insurance administration less than older generations do. The time to modernize is now.”
Key findings from the study include:
- Generally, people are satisfied with their current health insurance companies, with a satisfaction score of 78% overall and 65% specifically on communications with their current insurer. Many factors go into satisfaction, but the most prominent are knowing if treatments will be covered (34%), affordability (32%), and out of pocket costs (31%). It is important to note that older generations, like the Silent Generation, have much higher overall satisfaction than Generation X.
- Costs are a crucial consideration in healthcare in general. When examining the factors that go into purchasing a health insurance plan, lowest costs (out of pocket, premiums, and deductibles) are most important to consumers. Consistent care and convenience are also rated as important. Digital communication, although a desirable benefit, does not rate as critical as these other factors. In addition, people across all age cohorts positively respond to healthy-behavior incentives to lower costs.
- Despite stated satisfaction with their health insurance providers, respondents are concerned about health insurer's ability to keep costs down and quality high. Millennials trust their current insurance company the least relative to other generations, and state that they are more likely than other generations to trust government-run insurance. In contrast, the Silent Generation has the most trust in their current health insurance company, and they are most distrustful of other health insurance models.
Survata, a brand intelligent platform, conducted research on behalf of HealthEdge to understand consumer understanding of health benefits and programs including but not limited to social determinants of health. Survata interviewed 5,137 online consumers between August 29, 2019 and September 7, 2019. The study targeted consumers in the United States and consisted of a general population audience of those 18+ years old who are the primary holder of health insurance. The margin of error for this study at a 95% confidence level is 2%.
HealthEdge® provides modern, disruptive healthcare IT solutions that health insurers use to leverage new business models, improve outcomes, drastically reduce administrative costs and connect everyone in the healthcare delivery cycle. Our next-generation enterprise solution suite, HealthRules®, is built on modern, patented technology and is delivered to customers via the HealthEdge Cloud or onsite deployment. An award-winning company, HealthEdge empowers health insurers to capitalize on the innovations, challenges and opportunities that await in the new healthcare economy. For more information, visit http://www.healthedge.com.