Press Release: HSA Bank Report Shows that Age Is a Significant Factor in Health and Wealth Engagement
Milwaukee, June 26, 2019 — 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."
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), Commuter Benefits, COBRA Administration, and HSA investment solutions such as HSAdvisor+. 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 nearly 3 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 September 30, 2019, HSA Bank has $8.2 billion in total footings (assets) comprising $6.3 billion in deposit balances and $1.9 billion in assets under administration through linked investment accounts, and is a division of Webster Bank, N.A., Member FDIC