MILWAUKEE, June 26, 2019 /PRNewswire/ -- HSA Bank, a
division of Webster Bank, N.A., released a breakout report
from the 2019 Health and Wealth IndexSM, addressing
the generational differences in health and wealth engagement.
According to the report, millennials are the most uncertain about
healthcare basics and least likely to know what type of health plan
they have when compared to Generation X and baby boomer
respondents.
The report also shows that confidence outweighs knowledge. Only
13 percent of millennials knew the cost-saving amounts associated
with their health insurance, including copay, deductible, monthly
premium, out-of-pocket maximum, and coinsurance. Conversely, 37
percent of millennials surveyed are confident in their ability to
cover unexpected medical expenses. Nearly half of the Generation X
and baby boomer audiences reported they are confident in covering
unexpected medical expenses; however, roughly 80 percent don't know
all five of their cost-sharing amounts.
The report indicates that whereas all generations prioritize
physical health, the likelihood of them participating in each
preventive visit (dental, physical exam, biometric screening,
health assessment, flu shot, and provider-recommended exams)
varies. Baby boomers reported utilizing preventive care the most,
while millennials reported utilizing preventive care primarily for
dental visits.
"Bottom line: More education needs to take place. In every
generation we found a gap in knowledge bridging their health and
wealth," stated Chad Wilkins,
president of HSA Bank. "Managing health and simply equipping
consumers with an HSA to finance it is not enough. The index
breakout report sheds light on a big opportunity to educate
consumers — mainly millennials — on how HSAs prove beneficial well
into the future."
To learn more about how employees engage in their health and
wealth by generation, download the breakout report or watch the
video.
About the Health and Wealth IndexSM
Survey:
A survey of 2,000 randomly selected U.S. adults ages
18+ was conducted in order to gauge physical and financial health
across the country. It was designed to provide participants with an
overall health and wealth consumer index score. The survey was
commissioned by HSA Bank and executed by a third-party
organization. The margin of error for this sample size is +/- 2.18%
at the 95% confidence level. Smaller subgroups have larger margins
of error. The report is available online at
hsabank.com/healthandwealthindex2019.
About HSA Bank:
HSA Bank is a trusted leader in
consumer-directed healthcare (CDH), focusing on Health Savings
Accounts (HSAs) for over two decades and serving as both the bank
and administrator. Discover how we can support your benefits
strategy with our comprehensive account-based health benefit
solutions that include HSAs, Flexible Spending Accounts (FSAs),
Health Reimbursement Arrangements (HRAs), and Commuter Benefits.
With a reputation for outstanding service and thought leadership in
the CDH space, we offer one platform and one portal for all of our
members. HSA Bank inspires 2.7 million members and more than 35,000
employer groups to own "your" health by making it easy to access,
understand, and afford healthcare. As of March 31, 2019, HSA Bank has $7.9 billion in total footings comprising
$6.2 billion in deposit balances and
$1.7 billion in assets under
administration through linked investment accounts, and is a
division of Webster Bank, N.A.,
Member FDIC.
Media
Contact:
|
Media
Contact:
|
Alice
Ferreira
|
Jennifer
Dean
|
Webster
Bank
|
HSA Bank
|
(203)
578-2610
|
(920)
453-5286
|
acferreira@websterbank.com
|
jedean@hsabank.com
|
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SOURCE HSA Bank