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Most U.S. Workers Don't Know Their Out-of-Pocket Healthcare Costs

out of pocket healthcare costsIt turns out that most Americans know very little about the state of their own medical benefits, particularly when it comes to out-of-pocket healthcare costs.

A survey released by Sun Life yesterday revealed that a whopping 54% of working Americans don't know what the out-of-pocket maximum is for their own healthcare plans.

This statistic truly highlights the financial risk associated with individuals trying to save for retirement and successfully grow their wealth: that such planning cannot accurately be achieved without knowing first what kind of financial effect a major medical event could one day have on them.

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To make matters worse, a particular niche of those surveyed revealed themselves to be arguably in an even tougher financial spot…

Out-of-Pocket Healthcare Costs? I Don't Even Know My Deductible…

Thirty-three percent of respondents to Sun Life's survey could not say how big their healthcare plan's annual deductible was.

And 30% of those surveyed couldn't identify their out-of-pocket max or their annual deductible.

The survey's results are particularly shocking given the amount of national coverage lately about major healthcare insurers and their involvement in the Affordable Care Act (ACA) exchanges…

After all, Obamacare open enrollment recently kicked off on Nov. 1 and immediately punched participants in the wallet… hard…

Join the conversation. Click here to jump to comments…

  1. FDR Liberal | December 3, 2016

    If recipients of the ACA thought they got punched hard over premiums, deductibles and out-of-pocket for 2017, wait till Trump, McConnell and Ryan get done gutting Medicaid, Medicare and the ACA. And don't think that Trump's trickle on me economics won't affect those that have healthcare through their employer or employer's retirement system?

    The average Joe will look upon 2016 and 2017 healthcare expeneses as a panacea.

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