Privately Insured Adults Are Satisfied With Health Plan Coverage

Privately insured adults are generally satisfied with their health plan coverage, valuing their low out-of-pocket costs and premiums, provider networks, and prescription drug coverage, according to data from the Employee Benefit Research Institute (EBRI) and Greenwald Research.

The Consumer Engagement in Health Care Survey (CEHCS) included responses from 2,020 privately insured individuals gathered between October 16 and December 11, 2023. The survey reflected data from those in traditional plans and high-deductible health plans (HDHPs).

The majority of respondents reported getting coverage through their job (60 percent) or through a spouse’s job (24 percent). Just 15 percent received coverage directly from a health insurance carrier (8 percent) or a government exchange (7 percent).

Nearly 70 percent of traditional plan members reported being in a plan with a deductible, up from 60 percent in 2022.

Most individuals were satisfied with multiple aspects of their health plan coverage. For example, 91 percent were either extremely or very satisfied (63 percent) or somewhat satisfied (28 percent) with the ease of selecting a plan. Similarly, 59 percent were extremely or very satisfied and 31 percent were somewhat satisfied with the information available to help understand health insurance plan choices.

Around 80 percent were extremely, very, or somewhat satisfied with the number of health plans to choose from and the availability of affordable health plans.

Adults with HDHPs generally had lower satisfaction with their health plan compared to those enrolled in traditional plans, although satisfaction remained high for both groups, the survey noted.

Most respondents (72 percent) said their health plan had not changed in the last two years, while 18 percent said the plan was better than before, and 10 percent reported that the plan was worse.

Regarding open enrollment, over half of individuals were extremely or very satisfied with the process, the amount of time they had to make a selection, and the materials provided by their employer.

People with HDHPs spent more time choosing their health plan compared to traditional plan members, while traditional plan members were more likely to be automatically re-enrolled in their plan.

When selecting plans, the highest share of members said good provider networks (78 percent) were very important, followed by low out-of-pocket costs (73 percent), lower premiums (72 percent), and prescription drug coverage (70 percent).

The importance level of these plan aspects was similar among traditional plan and HDHP members with just a few differences. Traditional plan members said low out-of-pocket costs for doctor’s visits were more important, while HDHP members said low premiums were more important when choosing a plan.

Almost half (45 percent) of HDHP members reported having three or more health plans to choose from, compared to 39 percent of traditional plan members.

Enrollment in consumer-driven health plans (CDHPs) and HDHPs fell in 2023. The share of enrollees in CDHPs went from 19 percent in 2022 to 18 percent in 2023, while the share of those in HDHPs declined from 12 percent to 9 percent.

Among members who opened health savings accounts (HSAs), the top reason was to take advantage of employer contributions (60 percent). Respondents also opened HSAs to save for future healthcare expenses (58 percent) and save on taxes (52 percent).

Most people saw their HSA as a savings account (64 percent), while 31 percent viewed it as an investment account, and 20 percent viewed it as a checking account. Those with HSAs would be more likely to accumulate and invest unused funds if they were provided an annual review of their HSA balance.