Almost 75% of ACA buyers will not compare plans for 2025

The vast majority of the millions of individuals in the market for Affordable Care Act (ACA) health coverage lack critical information necessary to make informed and confident decisions about their insurance in 2025. In fact, according to a new report, uncertainty about the deadline to enroll and lack of awareness about important changes impacting their premiums and coverage are common.

Those troubling findings, along with others, are highlighted in the “2025 Open Enrollment Survey” report from portable benefits technology provider Stride.

The 2024 open enrollment season begins Nov. 1. and is a critical time for more than 60 million independent U.S. workers, as well as millions of small business employees who do not receive health insurance benefits from their employers.

According to Stride’s research, based on a survey of 1,700 workers without access to employer-based health insurance, 82% do not know the correct deadline to enroll in health insurance, while 73% of those currently enrolled do not plan to re-shop their plan and/or are completely unsure if they should. While liking their current coverage is the main reason for that, premiums, pricing, and coverage can change significantly from year to year.

Average premiums are predicted to increase by 7% this year, continuing a three-year trend. This could lead to unnecessary cost increases or loss of savings for millions of people who don’t plan to shop for a new plan, according to Stride officials — highlighting the urgent need for better education and engagement.

Other key takeaways from Stride’s research:

• Most people (78%) are overwhelmed and frustrated by the health insurance process.

Confusion in comparing plans tops the list, followed by the belief that health insurance is too expensive. Workers between ages 46 and 64 feel the most overwhelmed by the open enrollment process.

Related: More than half of U.S. employees regret their open enrollment decisions, study finds

• An information gap is fueling decision-making anxiety.

Nearly 75% of workers surveyed do not believe they have enough information to make a confident decision. The youngest demographic (ages 26 to 30) feels especially undereducated about benefits — largely because they do not have an employer to rely on for accurate information.

• Uninsured people still cite affordability concerns.

More than 10% of research participants are currently uninsured and plan to remain so, citing affordability or confusion around the enrollment process.

• Health care policies remain unclear in the 2024 presidential election.

More than half (55%) of respondents say that health care is an issue that will influence how they vote in the election, yet 53% don’t know enough about each major-party candidate’s health care policies.

“With rising premiums and the election impact unknown, now more than ever, non-benefited workers need a trusted resource to access affordable health care,” Noah Lang, Stride’s CEO and co-founder, said in a statement promoting the launch of the company’s All-in-One open enrollment hub.