Press Release: HSA Bank Survey Finds Health Plan Education, Cost, and Congress Top of Mind for Industry Professionals
According to HSA Bank survey, industry professionals aren’t convinced Americans understand their health plans
Milwaukee, August 24, 2017 — An HSA Bank survey of more than 300 health plan professionals found that the majority (71 percent) believe Americans don’t understand their health plan coverage, signaling there is significant work to do when it comes to educating health plan owners on their healthcare options.
HSA Bank conducted the survey at a national conference to gauge industry sentiment on key issues focused on the U.S. healthcare system from the state of the industry to healthcare reform.
According to the survey, 56 percent of respondents reported a reduction in costs for individuals and their families as the most important improvement that must be represented in healthcare reform. Approximately a quarter of respondents (26 percent) feel that increased personal control is the most important improvement that needs to be made. Furthermore, 57 percent of the respondents are “not confident at all” that Congress can amend and approve a new healthcare reform bill, while 36 percent said they are “somewhat confident.” The overall sentiment of the survey showed that respondents are weary of the proposed changes. More notably, consumers are in need of education on their current health plan options and any new updates that may impact their spending.
Specific to Health Savings Accounts (HSAs), the survey found that 45 percent of health plan professionals believe that consumer understanding of their health plan coverage changes for the better when consumers have an HSA-based plan vs. a non-HSA-based plan.
"The findings reinforce the premise that consumer-directed healthcare makes Americans better healthcare consumers improving the way they manage their health and healthcare spending, due to a greater understanding of their plan,” said Chad Wilkins, EVP, Webster Bank, Head of HSA Bank. “Although there is significant improvement that needs to be made to Americans’ understanding of healthcare, we are optimistic that HSAs and CDH plans, when combined with ongoing education and tools that compare cost, quality and value, can close this gap.”
Note to Editors
HSA Bank conducted a proprietary survey at a national industry conference in June 2017. Survey participants included health plan professionals. Percentages are based on 326 responses.
About HSA Bank
At HSA Bank, we’re working toward a world where everyone is empowered to save for a healthy future. By providing the right tools and resources, we make it simple for our 3 million members nationwide to maximize their savings for healthcare and long-term goals. As a leader in health accounts for over two decades, we continue to innovate. Our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for consumers, health plans, partners, and advisors. As of September 30, 2020, HSA Bank had $9.4 billion in total footings comprising $7.0 billion in deposit balances and $2.4 billion in assets under administration through linked investment accounts.