Post-ACA health insurance decisions: A survey on risk attitudes and consumer confidence

Abstract

Objective: This study investigates the reluctance of individuals in the United States to get health insurance, specifically examining the psychological and sociodemographic aspects that contribute to this reluctance within the Affordable Care Act (ACA) framework. The research objective is to ascertain the behavioral factors contributing to insurance hesitation and offer valuable perspectives for decreasing the number of individuals without health insurance and enhancing health security. Methodology: The study uses data from the 2022 Survey of Consumer Finances to analyze the impact of specific variables such as risk tolerance, consumer confidence, income, education, age, and marital status on health insurance coverage choices. We also address issues related to cost, perceived health requirements, previous experiences, and misunderstandings about eligibility. Conclusion: The study demonstrates that higher customer confidence, frequently associated with financial stability, decreases reluctance to obtain insurance. By contrast, individuals with more risk tolerance exhibit more hesitancy, opting to depend on internal resilience. Furthermore, substantial demographic disparities indicate the presence of several obstacles in acquiring comprehensive coverage. Implications and Recommendations: The results underscore the necessity of tailored policy interventions that address the unique requirements of different demographic groups. It is crucial to consider both psychological and sociodemographic aspects to promote insurance adoption and ensure universal health security. The present study makes a valuable contribution to the current body of literature by offering a comprehensive examination of health insurance hesitation following the Affordable Care Act (ACA) implementation.