Health Insurance - Perception vs. Reality

Perception: Health insurance will provide protection from financial calamity

Reality: 2/3rds of all bankruptcies in the U.S. are directly tied to medical debt and ~50% of these had health insurance.

Perception: Health insurance negotiates the best rates on medical care.

Reality: For the majority of healthcare procedures, the insurance 'negotiated' rate is higher than the cash rate.

Perception: Health insurance improves access to care.

Reality: Many insurance networks are referred to as 'ghost' networks because of the large numbers of healthcare providers that don't accept certain insurance or that don't have any availability to see patients timely.

Perception: Health insurance will pay for my care when I need it.

Reality: Health insurance carriers regularly deny or delay care for services that that have been recommended by medical professionals.

Perception: Health insurance companies are highly trusted and valued by patients and doctors

Reality: Only 33% of patients trust insurance cos. and only 19% of doctors trust insurance cos. (h/t to Eric Bricker for these stats)

See my full list in article here.