When we’re given a choice about our health care
plans, we often choose badly.
In one study, more than 80% of the employees
at a Fortune 100 company picked the wrong
plans, often choosing low-deductible options
that ultimately cost them more. Another study
found that inertia — sticking with the same
plan, rather than evaluating the options each
year and choosing a better one — cost workers
an average $2,032 annually.
These findings shouldn’t surprise anyone who
has tried to compare multiple health insurance
plans offered by an employer, an Affordable Care
Act marketplace or insurers with coverage that
supplements Medicare.
There are simply too many moving parts: what
you pay each month (your premium), how much
you have to pay before insurance picks up a
larger share of the cost (your deductible), and