(NewsNation) — The majority of U.S. adults have little idea how much their healthcare will cost before receiving medical care, according to a new survey.
The Gallup survey found that just 17% of those surveyed report they know how much their healthcare products or services will cost before receiving them.
The results were consistent across demographic groups and health insurance coverage status.
On the other end of the spectrum, nearly all of those surveyed believe “healthcare organizations should make these costs more transparent before providing care.”
Federal reports cited by Gallup indicate U.S. healthcare spending grew by 4.1% in 2022, reaching $4.5 trillion or $13,493 per person.
What You Can Do
Healthcare.gov offers guidance for those who want to better understand their healthcare costs.
“Generally, your total cost is your premium + deductible + out-of-pocket costs + any copayments/coinsurance. When you preview plans at HealthCare.gov, you’ll see an estimate of your total costs, but your actual expenses will likely vary,” according to the U.S. Department of Health and Human Services (DHS).
Keys to Understanding Your Coverage
The DHS offers the following advice for understanding your health insurance plan.
Monthly premium x 12 months: The amount you pay to your insurance company each month to have health insurance.
Deductible: How much you have to spend for covered health services before your insurance company pays anything (except free preventive services).
Copayments and coinsurance: Payments you make to your health care provider each time you get care, like $20 for a doctor visit or 30% of hospital charges.
Out-of-pocket maximum: The most you have to spend for covered services in a year. After you reach this amount, the insurance company pays 100% for covered services.