CONSUMER BEHAVIOUR AND DECISION MAKING IN HEALTHCARE PURCHASES
Parul Sharma1, Rakhi Kumari2, Kawalpreet kour3, Ligin Lalu4, Md Asif5
Lovely Professional University1,2,3,4,5
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Abstract - In the complicated healthcare environment of today, obtaining health insurance is essential to guaranteeing both financial stability and access to high-quality medical care. However, there are still many unknowns when it comes to consumer behaviors while choosing health insurance, which affects market dynamics and decision-making procedures. By combining knowledge from the fields of economics, psychology, marketing, and public policy with a thorough investigation of consumer behaviors in the healthcare insurance market, this study seeks to close these gaps. The research attempts to elucidate the elements influencing decision-making, the complexities of choosing insurance, and the implications for market dynamics, consumer welfare, and policy development through theoretical investigation, empirical analysis, and practical implications. Important conclusions highlight the need for focused marketing and governmental interventions by revealing the intricate interactions between social, marketing, and personal aspects in decision-making. The study emphasizes how crucial decision support tools and consumer education are to enhancing consumer comprehension and decision-making. Furthermore, it highlights how important it is to have regulatory frameworks that support competition, consumer welfare, and market efficiency that are based on a deeper understanding of consumer behaviour. Through the utilisation of these insights, interested parties can endeavor to establish a healthcare insurance market that is reasonably priced, easily accessible, and adaptable to the various requirements of people and communities, guaranteeing access to top-notch medical care while upholding financial stability.
Key Words: health insurance, consumer behaviours, decision-making, market structure, policy formulation, safety of consumers, regulatory frameworks, affordability, access, quality care.
