TransUnion: Three in Four Consumers Concerned about Rising Health Insurance Rates for 2017
As health insurers prepare to announce their 2017 rate proposals, a new survey from TransUnion (NYSE:TRU) Healthcare found that three in four (76.2%) consumers are concerned about the increased costs associated with them.
Nearly two in three (64.4%) consumers said they are more concerned about the total cost of their healthcare services and procedures than they were last year. The level of concern has risen compared to findings in TransUnion’s 2015 survey, which found 58% of consumers were more worried about healthcare services and procedure costs than in the previous year.
“Consumers are feeling an increased burden from the rising costs for their healthcare premiums, co-pays and deductibles and are paying closer attention to their total cost responsibility. When insurers share their 2017 rate proposals, consumers will not only be interested in the announcements, but also what they can do to alleviate the price shock. We’ve learned that the billing process impacts the overall patient experience and price transparency is critical to ensuring patient satisfaction.”
More than half (57.9%) of the consumers surveyed by TransUnion said the rising costs of health insurance rates have already added a financial strain to their budget or their families’ budget. Seven in 10 (69.8%) respondents said if they received estimated costs before a procedure, it would help them better anticipate costs and budget for payments. Additionally, nearly three in five (57%) consumers said they would be more willing to return to a hospital or healthcare provider for future services if they were given billing estimates at the point of service or during registration.
“Payment estimations can help patients budget, anticipate costs, and ultimately pay their bills on time or in full,” said McCarthy. “We believe patient payment estimation will be increasingly important this year and beyond as patients’ healthcare costs continue to rise.”
Other findings from TransUnion Healthcare’s survey include:
* Three in five (61.3%) consumers said they are more concerned about the cost of their healthcare premium this year than they were last year.
* Half (56.7%) of respondents said they are more concerned about what their health insurance covers and how that impacts their payments.
* More than six in 10 (64.8%) consumers are more concerned about their out-of-pocket costs for co-pays and deductibles. In TransUnion’s 2015 survey, 60% of consumers were concerned about their out-of-pocket costs.
For more information on the survey findings and TransUnion Healthcare’s patient payment estimation solutions, please visit the healthcare cost survey website.
About TransUnion (NYSE:TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion reaches consumers and businesses in more than 30 countries around the world on five continents. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
We call this Information for GoodSM. www.transunion.com/business