They might think they know a lot about health insurance. They’re wrong — and their ignorance could cost a lot of money.
A new survey finds that just 4 percent of Americans are able to correctly define all four terms that determine how much they would personally have to pay for medical services and drugs they receive under their health insurance plans.
The same PolicyGenius survey also found wide gaps between consumers’ perceived and actual knowledge of each of those four terms — deductible, co-pay, coinsurance and out-of-pocket maximum — as people routinely overestimated their understanding of those words.
