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 |
| Â | 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 |
| Â | Understand medical care options |
| Â | Determine estimated long-term healthcare expenses |
| Â | Understand premiums, deductibles, copayments, and coinsurance |
| Â | Determine prescription drug coverage and other insurance needs |
| Â | 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 |
| Â | Change insurance plans as needed |
| Â | Independently choose appropriate treatment and medical care options |
| Â | Plan for end-of-life care choices |