Pension & Benefits News Opportunity exists to improve consumers' limited health plan knowledge, survey finds
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Tuesday, April 2, 2019

Opportunity exists to improve consumers' limited health plan knowledge, survey finds

By Pension and Benefits Editorial Staff

The average consumer remains highly engaged in their health and wealth, according to the annual HSA Bank Health& Wealth IndexSM for 2019. The report explores how consumers are faring when it comes to their financial and physical health.

More than 2,000 U.S. adults were surveyed about their health plan enrollment status, health practices, ability to pay for health care, and confidence in their own health and wealth. Each consumer received a combined health and wealth score between zero and 100. The average average index score was 62.3 in 2019, compared to 62.4 in 2018.

Key findings from this year's HSA Bank Health & Wealth Index found that consumers remain focused on their physical health and often report high levels of confidence in their physical and financial health, but there is still an opportunity to improve engagement related to consumers' limited health plan knowledge and financial behaviors. The three overall themes the survey revealed include:

  • Consumers are unfamiliar with important aspects of their health plan. About 15 percent of consumers were unable to identify their health insurance plan type, and another 3 percent mistakenly identified their insurance carrier as the type of plan. That's roughly one in five consumers who are unsure about the basics of their health insurance plan.
  • Physical health engagement is a priority for consumers. For the second year, 86 percent of consumers believe they made lifestyle changes to improve their health in the past year, and over 90 percent receive at least one preventative health exam each year.
  • Financial best practices are not being implemented. Saving and considering cost are two fundamental aspects of financial responsibility, but 40 percent of consumers never save specifically for future healthcare expenses, and 30 percent never consider cost when selecting health care services.

SOURCE: hsabank.com.

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