My Co-Insurance? What’s That?
Forbes Magazine interviews George Loewenstein, a Professor of Economics and Psychology at Carnegie Mellon University, about a study he just published in the September Journal of Health Economics.
Researchers looked at two surveys of Americans, between the ages of 25 and 64, who had private health insurance coverage. Among their findings, they uncovered that only 14% of those interviewed had an understanding of the most basic insurance concepts of “deductible, copay, co-insurance and out-of-pocket maximum.”