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Consumers need insurance education

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A study by the National Association of Insurance Commissioners bodes ill for American consumers, but demonstrates where you can help your clients. Only 45 percent of Americans are confident about making insurance decisions, the study found, and over 60 percent were unable to correctly answer questions about insurance.

Even more alarming, 86 percent said they don’t understand all the terms used to discuss health care reform. Over half don’t know what a pre-existing condition is, and 40 percent don’t know at what age most people are eligible for Medicare.

“Consumers today are being forced to make difficult decisions about their insurance coverage–decisions that could have a very profound impact on their financial future,” said NAIC Chief Executive Officer Therese Vaughan. “At the same time, they are being overwhelmed with new and sometimes conflicting information about changes to our nation’s health care policies. By doing their homework and brushing up on the facts, they can improve their Insurance IQ, which will ultimately enable them to make the best decisions for themselves and their families.”


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