Consumer’s perception and factors influencing selection of health insurance policy in Hyderabad region

2020 ◽  
Author(s):  
Srimannarayana Gajula ◽  
P. Dhanavanthan
Keyword(s):  
Health Insurance ◽  
Insurance Policy ◽  
Factors Influencing ◽  
Consumer's Perception ◽  
Selection Of

scholarly journals Exploration on Consumer’s Perception and Buying Behavior of Health Insurance Policies in Hyderabad City

2019 ◽  
Vol 9 (1S5) ◽  
pp. 190-198
Keyword(s):  
Health Insurance ◽  
Socioeconomic Factors ◽  
Weighted Average ◽  
Influential Factors ◽  
Sources Of Information ◽  
Insurance Policy ◽  
Buying Behavior ◽  
Willingness To Purchase ◽  
Consumer's Perception

Health insurance is an emerging channel of distribution adopted by insurers to increase the insurance market and its penetration. Health Insurance can reimburse the expenses of individuals incurred from the long term illness or sudden injuries to pay care provider directly. The present study attempts to know the perception levels to find out the awareness, influence, expectations, and willingness to purchase policy from the Non-Health Insurance Policy holders in Hyderabad City. A sample of 118 respondents were collected for this purpose and statistical analysis such as percentage analysis for socioeconomic factors, awareness levels, sources of information, the Insurer type, policy options, and preferences in payment methods among the Non-Health Insurance policy holders was done. Ranks were assigned to the variables for influence in purchasing the policy through weighted average scores. Different influential factors for buying health insurance policy was explored by Exploratory Factor analysis. We found in our study that socioeconomic factors, individuals’ perception and personality traits induces health insurance policy buying behavior in the region.

Consumer Numeracy and Insurance Design Decisions: An Examination of Inflation Protection Take-Up Among Private Long-Term Care Insurance Policy Holders

2018 ◽  
Vol 77 (2) ◽  
pp. 187-195 ◽  
Author(s):  
Brian E. McGarry ◽  
David C. Grabowski
Keyword(s):  
Long Term Care ◽  
Market Reforms ◽  
Insurance Policy ◽  
Term Care ◽  
Design Decisions ◽  
Percentage Points ◽  
Long Term Care Insurance ◽  
Selection Of

Given the rising cost of long-term care (LTC) services, the selection of a private long-term care insurance (LTCi) policy with inflation protection has critical implications for the ability of this coverage to protect against potentially catastrophic LTC expenses. This study examines the effect of consumers’ numeric abilities on the decision to add inflation protection to private LTCi policies. Over 40% of current LTCi policies lack inflation protection. Higher scores on a three-question numeracy scale are associated with increases in the probability of choosing inflation protection at the time of policy purchase, with households answering all three questions correctly being 12 percentage points more likely to have this benefit type relative to those with a numeracy score of 0 ( p = .002). Market reforms that simplify the task of evaluating LTCi plans and assessing the value of indexed benefits may be needed to ensure that LTCi policy purchasers are selecting adequate protection against future LTC costs.

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