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What are your top three financial fears?

Which of the following are among your top three Financial fears?

  • An expensive medical emergency
  • Funding my retirement
  • Paying for healthcare
  • Not being able to afford my mortgage or rent
  • Losing my job
  • Paying for my child’s/ future child’s education
  • Other

I don’t know about you, but it was hard for me to just choose three! While many of us fear to be in any of these situations, eHealth found that “an expensive medical emergency” topped the list.

It makes you wonder…”Would I be able to cover a major medical emergency?”

Recently, eHealth launched its Coverage Satisfaction Index to track consumer opinions about coverage, health and finances. The eHealth Survey was conducted by Wakefield Research among 1,000 nationally representative adults 18 years and older, plus oversamples of 500 respondents who purchased private Insurance between December 12th and December 19th, 2014.

What did this study find?

The study found that even people who call themselves Financially Secure worry that they can’t cover their out-of-pocket costs if a medical emergency did occur.(WOW!)

About two-thirds of 1,000 insured adults polled by Wakefield Research described themselves as financially secure, yet half of that group said they would struggle to meet their deductible in case of an expensive or an emergency crisis. Sixty-nine percent of the young adults doubted they could afford their deductibles and more confidence about out-of-pocket costs was highest among those 55 and older.

To back up this trend,  eHealth’s Price Index also shows that people are buying plans with higher deductibles this year.

Here are more highlights from the survey:

  • When asked the top reasons why people chose their health insurance plan, nearly 1 in 3 Americans (32%) cited affordability as the number one factor they considered. Receiving the best health insurance benefits ranked second (26%).
  • However, affordability does not guarantee satisfaction: though most Americans (94%) who chose a plan based on the best health benefits available are satisfied with their plans that number drops by 12 percent for individuals who chose a policy based on affordability.
  • Satisfaction did not vary between those who purchased their own insurance and those who received health insurance through an employer, though highly subsidized plans like Medicare, Medicaid and Military-sponsored insurance yield significantly higher satisfaction (90%, 94%, and 97%, respectively).
  • Financial health has a greater impact than physical health on consumers’ satisfaction with their insurance plan. Healthy individuals were more satisfied with their plans (87%) than those who consider themselves unhealthy (81%). Meanwhile, 89 percent of those who are secure in their financial health are satisfied with their plans, compared to 78 percent of those who are financially insecure.

Click here to read more about this report, or read our Press Release.



This post first appeared on 404 Not Found, please read the originial post: here

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What are your top three financial fears?


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