MILWAUKEE, Sept. 26, 2019 /PRNewswire/ -- HSA Bank, a division of Webster Bank, N.A., released a report today addressing how health plan understanding differs for consumers based on generation, income and education level. According to the breakout report titled, "Health Plan Knowledge Is Power," of the 2,000 individuals surveyed in the HSA Bank Health & Wealth IndexSM, millennials trail baby boomers by over 25 percent knowing what type of health plan they are enrolled in.
Key findings from the report show that 18 percent of consumers understand what they pay in their monthly premium, copay, coinsurance, deductible and out-of-pocket maximum. "This lack of understanding when it comes to health plans and cost-sharing amounts presents a worrisome statistic yet important opportunity for health plan education," said Chad Wilkins, executive vice president of Webster Bank and president of HSA Bank.
The breakout report also shows that whereas 83 percent of college graduates know what type of health plan they have, only 68 percent of individuals with a high school education or less understand their health plan type, possibly putting them at a disadvantage when they try to access healthcare services since they may not understand the coverage and cost requirements associated with their health plans.
"There's a direct link between health plan understanding and engagement. If we educate consumers on their healthcare coverage, we're not only increasing involvement in their health, but also promoting financially responsible decisions," stated Wilkins. "Health and wealth are absolutely influenced by health plan understanding."
About the Study
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.
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. 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 June 30, 2019, HSA Bank has $8 billion in total footings comprising $6.2 billion in deposit balances and $1.8 billion in assets under administration through linked investment accounts, and is a division of Webster Bank, N.A., Member FDIC.
SOURCE HSA Bank