Chief Marketing Officer, HSA Bank,
Amidst a pandemic, healthcare and finances top the minds of many. Yet prior to its onset, the third annual HSA Bank Health & Wealth IndexSM revealed varying levels of consumer health plan understanding or savings to cover healthcare costs.
What we have learned:
- Consumers are unfamiliar with important aspects of their health plan. Only nine percent of the age group newest to the workforce (Generation Z) knew their out‐of‐pocket maximum.
- Consumers can ease financial worry by taking small steps to improve financial health. Only 15 percent of consumers frequently save money specifically for future healthcare expenses. However, 52 percent of consumers said that they frequently or occasionally worry about current or future medical bills.
- Consumers are less confident in their physical health and their ability to manage their health needs. Only 21 percent of consumers said they made changes to improve their finances related to healthcare. Fortunately, 87 percent agree their health insurance plan helps them attain medical services needed while managing costs.
Understanding the obstacles of health and wealth engagement can help you better tailor your employee communications and health benefits offerings.