The Patient Protection and Affordable Care Act has been met with some resistance from opponents, but others are worried that consumers might make it harder on themselves. Make sure to choose your healthcare plan wisely.
The Columbia School of Business found that about 80 percent of consumers will choose a more expensive healthcare plan without even knowing it. The study found that the total amount of these mistakes could total to about $9 billion. Eric Johnson, the co-author of the report and co-director of Columbia Business School's Center for Decision Sciences, advises that consumers picking the wrong option could create a chain reaction.
"Consumers' failure to identify the most appropriate plan has considerable consequences on both their pocketbooks as well as the cost of the overall system," Johnson said. "If consumers can't identify the most cost-efficient plan for their needs, the exchanges will fail to produce competitive pressures on healthcare providers and bring down costs across the board, one of the main advantages of relying upon choice and markets,"
Researchers discovered that the average consumer will lose about $611 a week if they fail to choose the cheapest option. Coupled with that, the government will also subsidize many policies, which could result in taxpayers paying the $9 billion in taxes.
Consumers should do their research for the Affordable Care Act and make sure they pick the best option.
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Consumers might be on the verge of choosing an extra expensive healthcare plan
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