Nearly 45% of US policyholders consider changing their health insurance during open enrollment, according to ValuePenguin.com survey


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

NEW YORK, November 3, 2021 / PRNewswire / – Open enrollment is fast approaching and many Americans are looking to make changes to their health insurance policies. While much cite the pandemic as the main factor, others are looking at the costs.

ValuePenguin (PRNewsfoto / ValuePenguin.com)

According to Most recent ValuePenguin survey, nearly half of Americans expect health insurance premiums to increase in 2022.

Main conclusions:

  • 45% of American policyholders plan to change their health insurance during open enrollment, i.e. changing provider or type of plan. Those with market plans more often than not seek to make a change. The coronavirus pandemic is the number one reason consumers are changing their health insurance, followed by changing health needs and dissatisfaction with their provider.

  • While nearly half of Americans (46%) expect higher health insurance premiums in 2022, some are struggling to afford health costs. 4 in 10 insured Americans say their health care costs have been too high in the past year, and nearly 1 in 5 say they cannot afford their deductible.

  • 45% of insured Americans believe those who are not vaccinated against COVID-19 should pay higher health insurance premiums than those who are vaccinated. This sentiment is highest among baby boomers (aged 56 to 75) at 53%.

  • Premium costs are the most important factor Americans consider when selecting a health insurance plan, at 24%. Covered services (20%) and deductibles (14%) are other decision factors.

  • 24% of Americans have already made a mistake during open registration. The most common mistakes buyers made were not fully exploring their options (28%) and missing the open registration deadline (26%). About a third of Gen Z (ages 18-24) and Millennials (ages 25-40) made errors during open enrollment.

See the 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 extensive research and provides objective analysis to help consumers make 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 that compares to 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 González
[email protected]

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SOURCE ValuePenguin.com

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