Examining Antecedents of Health Insurance Literacy: The Role of Locus of Control, Cognitive Style, and Financial Knowledge

O’Connor, Genevieve E.; Kabadayi, Sertan

doi:10.1111/joca.12266

Cited by 25 publications

(18 citation statements)

References 91 publications

(117 reference statements)

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The small difference in HIL by annual deductible may be a reflection of the knowledge and experiences of newly insured people who tend to have problems navigating the health care system and health insurance networks ( Garfield & Young, 2015 ). Newly insured people are often younger, less educated, have poor HIL, and tend to enroll in high cost-sharing plans ( Bhargava et al, 2017 ; Garfield & Young, 2015 ; O'Connor & Kabadayi, 2020 ). They also use more and inappropriate health care services ( Finkelstein et al, 2016 ).…”

Section: Discussionmentioning

confidence: 99%

Health Insurance Literacy and Medical Debt in Middle-Age Americans

Wiltshire¹,

Liu²,

Dean³

et al. 2021

HLRP: Health Literacy Research and Practice

View full text Add to dashboard Cite

Background: Health insurance literacy (HIL) may influence medical financial burden among people who are sick and the most vulnerable. Objective: This study examined the relationships between HIL, health insurance factors, and medical debt among middle-age Americans, a population with an increasing prevalence of illnesses. Methods: Linear and generalized linear regression analyses were conducted on data drawn from the 2015–2016 waves of the Health Reform Monitoring Survey, a national, internet-based sample of Americans age 18 to 64 years. The analytical sample included 8,042 people age 50 to 64 years. Key Results: Adjusted mean HIL scores did not differ by private versus public insurance or by out-of-pocket costs. Mean HIL scores were lower with higher deductibles; however, differences in mean scores were small. Higher HIL was associated with lower medical debt (odds ratio = 0.97; 95% confidence interval [0.96, 0.98]), but at the highest HIL score, the risk of having medical debt was still 13.8%. Public coverage, higher annual deductibles, and out-of-pocket costs were associated with higher risks of having medical debt. Conclusions: The findings suggest that HIL plays an important role in medical debt burden. However, with the shift toward high cost-sharing insurance plans, addressing health care affordability issues along with HIL are critical to eliminate medical debt problems. [ HLRP: Health Literacy Research and Practice . 2021;5(4):e319–e332.] Plain Language Summary: Understanding and using health insurance (also defined as health insurance literacy) may influence the ability to pay medical bills among people who are sick and vulnerable. This study examined the relationships among health insurance literacy, health insurance factors, and difficulty paying medical bills (i.e., medical debt) in Americans age 50 to 64 years using data from the Health Reform Monitoring Survey. People with higher health insurance literacy reported lower medical debt. Type of insurance coverage did not influence medical debt. Those with annual deductibles and out-of-pocket health care costs were more likely to report having medical debt.

show abstract

Section: Discussionmentioning

confidence: 99%

Health Insurance Literacy and Medical Debt in Middle-Age Americans

Wiltshire¹,

Liu²,

Dean³

et al. 2021

HLRP: Health Literacy Research and Practice

View full text Add to dashboard Cite

show abstract

“…Education level positively correlates with debt literacy (Cwynar, Cwynar, & Wais, 2019). Insurance literacy (O'Connor & Kabadayi, 2020) is another emerging theme in this area of research.…”

Section: Mapping the Trends In Financial Literacy Research In The Lasmentioning

confidence: 99%

Financial literacy: A systematic review and bibliometric analysis

Goyal

Kumar

2020

Int J Consumer Studies

644

335

View full text Add to dashboard Cite

Given the paucity of comprehensive summaries in the extant literature, this systematic review, coupled with bibliometric analysis, endeavours to take a meticulous approach intended at presenting quantitative and qualitative knowledge on the ever‐emerging subject of financial literacy. The study comprises a review of 502 articles ‐ published in peer‐reviewed journals from 2000 to 2019. Citation network, page‐rank analysis, co‐citation analysis, content analysis and publication trends have been employed to identify influential work, delineate the intellectual structure of the field and identify gaps. The most prominent journals, authors, countries, articles and themes have been identified using bibliometric analysis, followed by a comprehensive analysis of the content of 107 papers in the identified clusters. The three major themes enumerated are—levels of financial literacy amongst distinct cohorts, the influence that financial literacy exerts on financial planning and behaviour, and the impact of financial education. Additionally, content analysis of 175 papers has been conducted for the last four years’ articles that were not covered in the co‐citation analysis. Emerging themes identified include financial capability, financial inclusion, gender gap, tax & insurance literacy, and digital financial education. A conceptual framework has been modelled portraying the complete picture, following which potential areas of research have been suggested. This study will help policy‐makers, regulators and academic researchers know the nuts and bolts of financial literacy, and identify the relevant areas that need investigation.

show abstract

“…Locus of control refers to person's perception of life and relates to the degree to which success or failure is a result of their action (Chiu, 2003; O'Connor and Kabadayi, 2019) Rotter (1966) introduced the topic of locus of control, which is a measure of an individual's belief about cause and effect within the life. Locus of control is divided into the external and internal locus of control.…”

Section: Theory and Conceptual Frameworkmentioning

confidence: 99%

Antecedents to responsible financial management behavior among young adults: moderating role of financial risk tolerance

Bapat

2020

IJBM

View full text Add to dashboard Cite

PurposeThe study examines the antecedents of responsible financial management behavior among young adults in India and explores the role of financial risk tolerance as a moderating variable.Design/methodology/approachThe sample includes young adults in the age group of 18–35. The analysis uses a two-step approach via standard partial least squares structural modeling (PLS-SEM) and ordinary least square (OLS) regression.FindingsStructural modeling results show that financial attitude fully mediates the relationship between financial knowledge and responsible financial management behavior, and locus of control influences responsible financial management behavior. Financial risk tolerance moderates the relationship. Among demographic factors, age and occupation influence responsible financial management behavior.Research limitations/implicationsThe financial knowledge used in the survey are based on self-reported responses. The future study can include participants from both developed and emerging countries to assess similarities and differences.Practical implicationsDespite the growing focus on improving financial literacy, there are growing concerns regarding responsible financial behavior. Since financial services is related to fiduciary responsibility, managers and policymakers need to ensure that financial knowledge results in improving financial attitude, which further leads to responsible financial behavior.Originality/valueThe present study from an emerging country will add value to the literature.

show abstract

Examining Antecedents of Health Insurance Literacy: The Role of Locus of Control, Cognitive Style, and Financial Knowledge

Cited by 25 publications

References 91 publications

Health Insurance Literacy and Medical Debt in Middle-Age Americans

Health Insurance Literacy and Medical Debt in Middle-Age Americans

Financial literacy: A systematic review and bibliometric analysis

Antecedents to responsible financial management behavior among young adults: moderating role of financial risk tolerance

Contact Info

Product

Resources

About