Consumers earn a ‘D’ on knowledge about health insurance

Respondents to a recent survey were asked 15 true / false and multiple choice questions about health care. The average score? Just 10 out of 15.

Americans may think they are getting better at understanding the health care system, but the facts say otherwise. Bend financially recently put 2,000 consumers to the test – literally. Respondents to a recent survey were asked 15 true / false and multiple choice questions about health care. The average score? Just 10 out of 15.

While this should come as no surprise to advocates of consumer-driven healthcare, what may come as a surprise may be the number of respondents who thought they did well on the quiz – 46% because they got “everything or most” correctly. Gen Z and millennia were more likely to be sure of their answers, but also more likely to be wrong.

Related: Confusion and risk aversion lead to poor benefits

Confusion – and false trust – cost consumers not only when it comes to healthcare delayed care, which can lead to more expensive problems along the way, but also in the health benefits they take. Eighty-five percent of respondents’ thoughts HSAs and FSAs were the same, and only 20% recognized all the qualifying life events that enabled them to sign up for a plan outside of open enrollment.

Check out the infographic below to gain more insight into consumer health confusion.

Consumer health care infographics

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