Many Americans Prefer High-Deductible Plans

More than four in 10 Americans prefer a high-deductible plan with a lower monthly premium, according to a Bankrate.com report. Millennials and people with household incomes of $30,000 to $49,999 are the most likely to prefer a high premium/low-deductible plan. Higher income Americans ($50,000 and up) and those 30 to 64 years are more likely to prefer a low premium/high-deductible plan. “While a low health insurance premium can be very attractive, you don’t want to make the mistake of focusing too much on your monthly payment. Especially for older Americans who may require more doctor visits than their younger counterparts, a low premium/high-deductible plan could actually cost more in the long run,” said Doug Whiteman, Bankrate.com insurance analyst.

Despite efforts by the Obama Administration to improve the health insurance exchanges, most Americans still dread shopping for their health insurance. In fact, 82% of Americans who recently shopped for health insurance say that it’s just as bad as or even worse than doing your own taxes.

The study also reveals the following about Americans:

  • 32% say they feel more negative about the Affordable Care Act’s effect on their own health care compared to a year ago – more than twice as many as the 15% who feel more positive.
  • 49% want major or minor changes to Obamacare; 26% want to repeal the law completely compared to 30% in June 2014; and only 16% want to keep the law as-is.

Last Updated 10/20/2021

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