2019 Health and Financial Wellbeing Mindset Study
: The Advantages of Health Savings Accounts (HSAs): Employees find balance between health and wealth
Our 2019 Health and Financial Wellbeing Mindset study examines employee wellbeing across five different dimensions and reveals startling findings—wellbeing is getting worse, not better.
Below we’ve highlighted some of the challenges that employees are facing when it comes to healthcare costs and their financial wellbeing. Download the full report to learn what other factors play a role in employee wellbeing, where trending inadequacies ensue, and how employers can improve their overall employee wellbeing outlook.
Employees overall are struggling to cover out-of-pocket healthcare costs.
2 out of 5 are saving nothing for healthcare expenses not covered by insurance
41% have reduced or stopped saving for the future (for retirement or other goals) to pay for healthcare costs
And high healthcare costs are driving poor health behaviors.
37% have not gotten care for themselves or another family member because they could not come up with the out-of-pocket costs required to pay for the care
36% have stopped taking or taken less medication (either less frequently or fewer in number), or delayed filling a prescription to save money
36% have declined other types of insurance or benefits, like dental or vision, to be able to pay for health insurance
But HSAs are helping drive better financial decisions.
“How much are you saving or setting aside this year for healthcare expenses not paid by insurance?”
Even so, while 80% of employers highlight the long-term savings appeal of the HSA in their communications, the percentage of employees making the maximum annual contribution remains low.
“How do you decide how much to save to your HSA versus your Retirement Savings plan?”
save the maximum amount allowed in the HSA and retirement savings plans
figure out how much they need and put some in each accordingly
figure out what they can afford and put some in each accordingly
don’t really have a specific or regular plan and decide as they go along
Saving in an HSA or defined contribution plan, generationally speaking:
41% of established Millennials say they figure out what they can afford and put some in both accounts
Gen Xers most often figure out what they can afford (30%) or save the maximum amount allowed in both accounts (30%)