Most consumers are still unsure about how the Patient Protection and Affordable Care Act is impacting them. But those who say it is impacting them are not happy about the outcome.
A survey of more than 1,000 consumers from insurance agency HealthMarkets finds that 59 percent of Americans don't believe the law has had an impact on their lives. Of those who do believe PPACA has impacted them, the vast majority (78 percent) view the effects as negative: 48 percent claim that their taxes are higher, 55 percent claim their health insurance is more expensive under the law and only 20 percent believe they now have better coverage.
The findings echo recent Gallup findings that more consumers say PPACA has hurt them and their families rather than helped them.
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HealthMarkets' survey is the latest to gauge understanding of the law, or lack thereof. Despite the law's second open enrollment period beginning Nov. 15, confusion still continues to plague the law.
According to a survey from Transamerica Center for Health Studies, 46 percent of those who remain uninsured say they still haven't heard of the individual mandate, and 43 percent have not heard of the exchanges where they may be eligible to purchase health insurance.
"The Affordable Care Act has changed the health insurance landscape tremendously and nearly everyone agrees that having more people insured is positive. However, current educational efforts have not produced the level of understanding required to ensure Americans are making informed decisions to protect both their physical and financial health," said Kenneth Fasola, president and chief executive officer of HealthMarkets.
The survey also found that a large share of consumers cannot afford to cover their entire out-of-pocket health expenses, a conclusion researchers called "striking."
"Across income levels, the amount that Americans say they can afford to spend out-of-pocket on health care costs annually is far below the deductibles, co-pays and other costs for most health plans offered on the exchange," HealthMarkets said in a news release. "Even those who qualify for additional caps on out-of-pocket health care costs say they can only afford a fraction of their potential expenses."
Read also: Enroll America amps up enrollment efforts
Across income levels, the median out-of-pocket health care costs Americans can spend before facing financial difficulty is $616 per year, the survey found. Among Americans with household incomes of $100,000 or more, the median affordable costs are only $3,401 per year, well below potential expenses of a silver plan, HealthMarkets said.
"Just because someone is covered by a qualified health plan with monthly premiums they can afford, does not mean that they have selected a plan they can afford to use or that they are adequately protected from financial hardship in the event of a serious medical problem," Fasola said. "With legislation this significant and complex, it is critical that the right resources are in place to create informed consumers."
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