SCOTTSDALE, Ariz.--(BUSINESS WIRE)--May 1, 2018--
WEX
Health an award-winning healthcare financial technology platform
provider, today unveiled research findings from its first-ever Clear
Insights report. The report, which reveals how consumers view and engage
with their healthcare benefits, will help guide innovative and improved
education programs for WEX Health partners. These
partners—industry-leading third-party administrators, health plans,
financial institutions, exchange partners, and payroll providers—connect
WEX Health to more than 300,000 employers and more than 25 million
consumers across the United States and Canada.
Through a survey conducted by Zogby Analytics, WEX Health asked
approximately 1,100 American workers questions about their
employer-sponsored health insurance, decision-making processes,
healthcare spending habits and challenges, and preferred tools for
learning about plans, among other topics. The results were shared, via
the Clear Insights report, with attendees of WEX Health’s Partner
Conference 2018.
The report includes specific calls to action to guide WEX Health
partners in addressing consumers’ needs and concerns through the WEX
Health Cloud technology platform. New capabilities in personalization,
messaging, mobile, and health savings account (HSA) investment and
savings goal tracking, among other areas, will be demonstrated at the
conference, culminating with the closing product keynote.
“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 Jeff Young, president, Health, WEX
Inc. “Now that we have a benchmark for where the gaps are in employee
education around health benefits, we and our partners are better
positioned to help them more effectively use their health benefits.”
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
response, WEX Health has joined the Financial Health Network of the
Center for Financial Services Innovation (CFSI), a group established to
let companies share ideas for improving consumers’ financial health.
CFSI Chief Strategy Officer Sarah Gordon will join the inaugural
financial health keynote at Partner Conference 2018 to discuss the
relationship.
“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.
About WEX Inc.
Powered by the belief that complex payment systems can be made simple,
WEX Inc. (NYSE: WEX) is a leading provider of payment processing and
business solutions across a wide spectrum of sectors, including fleet,
travel and healthcare. WEX operates in more than 10 countries and in
more than 20 currencies through more than 3,000 associates around the
world. WEX fleet cards offer 11.3 million vehicles exceptional payment
security and control; purchase volume in its travel and corporate
solutions grew to $7.4 billion in 2017; and the WEX Health financial
technology platform helps 300,000 employers and more than 25 million
consumers better manage healthcare expenses. For more information, visit www.wexinc.com.
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Source: WEX Inc.
WEX Health
Tiffany Wirth, 701-461-6473
twirth@wexhealthinc.com