TREE - Nearly 45% of Insured Americans are Considering Health Insurance Changes During Open Enrollment According to a ValuePenguin.com Survey

Of those looking to make changes, 35% say the pandemic plays a major role in their decision.

PR Newswire

NEW YORK , Nov. 3, 2021 /PRNewswire/ -- Open enrollment is fast approaching and many Americans are looking to make some changes to their health insurance policies. Although a large portion cites the pandemic as the main factor, others are looking at costs.

According to ValuePenguin's most recent survey , almost half of Americans are expecting to see higher health insurance premiums in 2022.

Key findings:

• 45% of insured Americans are considering changes to their health insurance during open enrollment, namely switching the plan provider or type. Those with marketplace plans are most often looking to make a change. The coronavirus pandemic is the main reason consumers are changing their health insurance, followed by changing health needs and dissatisfaction with their provider.
• As nearly half of Americans (46%) expect higher health insurance premiums in 2022, some struggle to afford health care costs. 4 in 10 insured Americans say their out-of-pocket health care costs were too high in the last year, and nearly 1 in 5 say they can't afford their deductible.
• 45% of insured Americans believe those who aren't vaccinated for COVID-19 should pay higher health insurance premiums than those who are vaccinated. This sentiment is highest among baby boomers (ages 56 to 75) at 53%.
• Premium costs are the most important factor Americans consider when selecting a health insurance plan, at 24%. Services covered (20%) and deductibles (14%) are other decision drivers.
• 24% of Americans have made a mistake during open enrollment before. The most common errors shoppers committed were not fully exploring their options (28%) and missing the deadline for open enrollment (26%). About one-third of Gen Zers (ages 18 to 24) and millennials (ages 25 to 40) made mistakes during open enrollment.

View full report: https://www.valuepenguin.com/consumers-changing-health-insurance-during-open-enrollment

About ValuePenguin.com: ValuePenguin.com, part of LendingTree (NASDAQ: TREE), is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com , like our Facebook page, or follow us on Twitter @ValuePenguin.

Media Contact:
Nadia Gonzalez
Nadia@LendingTreeNews.com

SOURCE ValuePenguin.com