"Health insurance literacy" refers to the degree to which individuals have the knowledge, ability and confidence to find and evaluate information about health insurance plans, select the best plan for their circumstances and use a plan once enrolled. People are unsure of various terminologies used within the health insurance field and how to use their insurance coverage. 

Interesting findings to share:

A MITRE-Harris Poll Survey on Health Insurance Literacy and Perception released in December 2021 found 75% of health-insured individuals in the United States have some level of concern about financial hardship due to medical bills. The findings also pointed to four in 10 insured individuals receiving an unexpected medical bill because their insurance provider didn’t cover as much as they anticipated, (47%), they didn’t realize a procedure wasn’t covered by insurance (42%), or a doctor or medical facility was out of their network (33%). 

Some key takeaways from the report include consumers receiving clearer guidance and education from insurance companies, intermediaries or the government for the state medical schemes on the health insurance products and the terms and conditions. An interesting initiative in the USA has been on hospital price transparency where clear accessible pricing information is available online to help those seeking care to know the cost of a hospital item or service before receiving it starting January 1, 2021.  New federal policies are geared toward achieving this goal, but there is much work to be done to inform and support consumers.

Takeaway:

With the Covid-19 pandemic having demonstrated the challenges of unplanned medical expenses and emergencies, prudent risk management for your family, employees, parents, etc become key goals for the new year 2022. Also, it's not only going to be about health insurance but also healthy habits. 

What are your health goals for 2022?