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Table 1 Potential Domains of Financial Health Literacy and Related Conceptual Skills

From: The growing need for resources to help older adults manage their financial and healthcare choices

Domains of FHL Conceptual Skills
Manage Healthcare Expenses Budget effectively for monthly healthcare expenses
  Manage healthcare and household bills simultaneously
Pay Medical Bills Understand and pay medical bills, household bills, and other living expenses
Determine Health Needs and Understand Treatment Options Determine amount of savings and income needed for monthly expenses, including health care and other expenses
  Understand medical care options
  Determine estimated long-term healthcare expenses
  Understand premiums, deductibles, copayments, and coinsurance
  Determine prescription drug coverage and other insurance needs
  Understand the implications of end-of-life care options
Make Sound Healthcare Decisions with Financial Resources Available Independently choose appropriate Medicare, Supplement, and drug plans as needed
  Change insurance plans as needed
  Independently choose appropriate treatment and medical care options
  Plan for end-of-life care choices
  1. Note: Each conceptual skill in Column 2 would potentially generate a question or set of questions for a scale for FHL