Most financial products have seen complexity rising over the years. As we spend some time in the financial services, there is an itch for innovating. many innovations end up as complexities. Now a research conducted in the US finds that majority of consumers choose the wrong plan for their financial and health needs because they do not understand basic health insurance concepts. The study recommends standardisation and simplification of health insurance plans.
In the absence of any regulation doing so, at least the consumers should stick to simple plans – to what they understand – be it health insurance or investment products. Simple is beautiful, at least it is less risky.
#RidingTheRollerCoaster – 227