Determinants of Coverage Decisions in Health Insurance Marketplaces: Consumers' Decision‐Making Abilities and the Amount of Information in Their Choice Environment
Year: 2014
Type: article
Study design: Observational Study
Abstract: OBJECTIVE: To investigate the determinants and quality of coverage decisions among uninsured choosing plans in a hypothetical health insurance marketplace. STUDY SETTING: Two samples of uninsured individuals: one from an Internet-based sample comprised largely of young, healthy, tech-savvy individuals (n = 276), and the other from low-income, rural Virginians (n = 161). STUDY DESIGN: We assessed whether health insurance comprehension, numeracy, choice consistency, and the number of plan choices were associated with participants' ability to choose a cost-minimizing plan, given their expected health care needs (defined as choosing a plan costing no more than $500 in excess of the total estimated annual costs of the cheapest plan available). DATA COLLECTION: Primary data were collected using an online questionnaire. PRINCIPAL FINDINGS: Uninsured who were more numerate showed higher health insurance comprehension; those with more health insurance comprehension made choices of health insurance plans more consistent with their stated preferences; and those who made choices more concordant with their stated preferences were less likely to choose a plan that cost more than $500 in excess of the cheapest plan available. CONCLUSIONS: Increasing health insurance comprehension and designing exchanges to facilitate plan comparison will be critical to ensuring the success of health insurance marketplaces.
Source: Health Services Research
Authors: Andrew J. Barnes, Yaniv Hanoch, Thomas Rice
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1984864528