LIMRA Study Reveals Consumers’ Perceptions of Health Care Reform

Exchanges set to catch on?

A new LIMRA study found that almost half of U.S. consumers believe that the majority of Americans will have government-provided health insurance within the next three to five years. In addition, despite many employers saying they planned to continue to provide health care insurance, 4 in 10 consumers believe that the majority of employers will cease to offer health insurance coverage and pay the penalty instead.
While these results are striking, it is important to note that as much of a third of consumers responded “don’t know” or didn’t share an opinion, which may indicate a lack of knowledge on health care reform.

While these results are striking, it is important to note that as much of a third of consumers responded “don’t know” or didn’t share an opinion, which may indicate a lack of knowledge on health care reform

 

One of the surprising findings from the study was that consumers embraced the idea of buying financial products through the new exchanges mandated by the health care reform law.

  • Forty-five percent of consumers would be interested in life insurance.
  • Fifty percent would be interested in disability insurance.
  • Sixty-seven percent would be interested in dental plans.
  • Fifty-six percent would be interested in critical illness products.
  • Approximately 30 percent would be interested in IRAs and annuities.

 

Based on these results, exchanges may offer the industry a new way to reach Americans and help them protect their financial security.

To learn more about the study, contact LIMRA Public Relations.

Members can access the report by visiting: Consumer Confusion: The Perceptions of Health Care Reform (2012).