Second, lack of financial health literacy comes with a price. People with lower financial health literacy tend to get less value from the money they spend on healthcare.
Research shows that when people don’t understand their health benefits, they’re more likely to avoid seeking healthcare. In a, 3 out of 10 people surveyed had avoided care because of cost. The higher the respondent’s health insurance literacy, the lower the likelihood that they would delay or avoid care. When people avoid care they need, health problems can get worse and more expensive to treat down the road.
, from healthcare costs such as health insurance and out-of-pocket expenses, to related expenses for supportive services, alternate therapies, transportation and childcare.“The most effective way to avoid high medical bills is to make sure that they have adequate health insurance coverage that covers their healthcare providers and your prescription drugs,” she said. “But even if someone has the best insurance possible, there will still be bills.
Getting great health insurance isn’t always possible, though. Comprehensive health coverage can be pricey, even if you get it through an employer. And, not everyone has a job with health benefits. Plans sold on the health insurance marketplace (during