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WEX Health Survey Finds Many Americans Need Help Making Better Health Benefits Choices
Through a survey conducted by Zogby Analytics,
The report includes specific calls to action to guide
“As a leader in healthcare financial technology platforms, we are
invested in not only understanding how consumers think about and access
their healthcare benefits, but also in aiding our partners to better
address consumers’ concerns,” said
Key findings from the survey include:
- Education on the tax benefits of health savings accounts (HSAs) is lacking: Nearly half of respondents perceived 401(k) accounts as offering the most pre-tax savings advantages; most were not aware that they could invest their HSA funds in stocks and other investment vehicles. Three-quarters said they see their HSA as a way to pay for healthcare expenses “this year,” suggesting that they may not be aware that funds can be carried over.
- Consumers need help to determine how much money to put aside: Asked about the biggest challenge in using a high-deductible health plan, respondents cited having enough money set aside to cover deductibles as well as figuring out how much money to put in the account overall. Consumers also want help managing the bills they get from physicians and finding the best deals on healthcare services.
- Personalized online and mobile tools are best for education and engagement: Respondents indicated a preference for emails, text messages, and online goal trackers as resources to help them make better health choices—all things that can be automated and personalized.
The WEX Health Clear Insights report also reveals that, despite
improvements in confidence about their healthcare choices, consumers are
worried about unexpected out-of-pocket costs, with a quarter saying they
forgo healthcare services often or all the time due to the expense. In
“We see the important role that employers, technology, and analytics play in raising employees’ financial confidence,” Young said. “Armed with the survey insights and by working with CFSI, we can work to leverage our collective resources to help employees be better prepared for healthcare expenses.”
To see a summary of the 2018 WEX Health Clear Insights report, go to www.wexhealthinc.com/clearinsights.
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Tiffany Wirth, 701-461-6473