Waltham, MA — February 7, 2017 — Consumers are optimistic when it comes to the future of their healthcare finances, yet frustrated with reality: their lack of knowledge and control greatly inhibits them from making savvy decisions on healthcare saving and spending. These findings are part of a report released today by consumer-directed healthcare (CDH) solutions provider Alegeus. The survey results reflect a growing problem – consumers are assuming more responsibility, yet they are unprepared and, in some cases, unwilling to take accountability.
Despite year-over-year increases between 2014 and 2016 in the number of U.S. workers enrolled in a high-deductible health plan (HDHP) with a savings component, 63 percent of consumers don’t know the benefits of a health savings account (HSA), and nearly one in three feel no better today about managing their healthcare finances than when they first got healthcare on their own. Consumers’ low confidence seems to stem from a lack of institutional trust and understanding about their coverage and how to maximize insurance benefits. When asked what words reflected survey respondents’ feelings about healthcare, only 17 percent described feeling hopeful. Most consumers reported feeling frustrated, confused, overwhelmed, skeptical and powerless.
“Alegeus’ findings echo what we consistently hear in the market,” said John Young, Consumerdriven CEO. “It’s clear there’s work to be done to bridge the gap between what consumers say they want and what they’re properly equipped and motivated to do.”
Survey findings revealed interesting parallels between what people think and how they behave:
“This research affirms that consumers feel the impact of the consumerism movement in healthcare and they need help to manage their increased financial responsibilities,” said Steven Auerbach, Alegeus CEO. “There is tremendous opportunity for the future winners in healthcare to create a real environment that supports and guides consumers. At Alegeus, we engage consumers through account-based benefits (such as HSAs, FSAs and HRAs) during critical healthcare spending and saving “moments of truth” with programs and support designed to empower informed decision-making and more active involvement that maximizes the value of consumers’ healthcare dollars.”
Learn more about the Alegeus research:
Alegeus is the market leader in consumer directed healthcare solutions, offering the industry’s most comprehensive platform for the administration of healthcare benefit accounts (including FSAs, HSAs, HRAs, wellness incentive, dependent care, and commuter accounts), the industry’s most widely-used benefit debit card, and powerful engagement solutions to help consumers maximize savings and optimize spending for their healthcare. Over 300 clients – including health insurance plans, third party administrators and financial institutions – leverage Alegeus’ deep expertise and proven technology to administer benefit accounts for more than 30 million members and process more than $9.1 billion in consumer healthcare payments annually. As the healthcare and benefit markets continue to evolve, Alegeus delivers solutions that enable clients to evolve their service offerings, operate their businesses more efficiently, and focus on their customers. The company is headquartered in Waltham, MA with operations in Orlando, FL and Milwaukee, WI.