Many people (41%) spent 15 minutes or less researching their health insurance plan options during the 2013 open enrollment period, according to an Aflac survey, out Thursday.
That's far less time than they take on other major purchases. Other data show that people spend an average of 10 hours researching a new car purchase; five hours planning a vacation; four hours shopping for a new computer and two hours buying a TV.
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Health insurance is "a significant portion of people's budget, but they don't spend a whole lot of time looking into it," says Matthew Owenby, vice president of human resources for Aflac, a provider of supplemental insurance, such as accident, cancer, critical illness, dental and vision. Other research shows they pay an average of $4,500 a year on premiums for employer-sponsored plans.