Waltham, MA — September 24, 2019 — Alegeus, the market leader in consumer-directed healthcare (CDH) solutions, today unveiled the results of its 2019 Open Enrollment Exit Poll, which found employers need to work more closely with their benefit broker and health plan partners to provide year-round education and decision support so that employees can be confident in the healthcare benefits they choose during open enrollment. According to results, close to half (46 percent) of consumers had an average, or less than average, open enrollment experience and 22 percent lacked confidence in the health plans and benefit accounts they ultimately selected.
Additional findings indicated:
Given that HSAs were created to help consumers save on their out-of-pocket healthcare expenses, these results confirm that there’s a significant lack of consumer fluency and understanding around healthcare benefit accounts and signals the need for employers to provide ongoing education, proactive guidance, and personalized support for their workforce.
“As consumers take on more responsibility for their healthcare costs, it’s important that they are supported and guided to make informed decisions,” said Steven Auerbach, Alegeus CEO. “It’s up to the CDH industry to ensure employers and consumers are not leaving billions of dollars in unused tax savings on the table each year. While open enrollment is an annual selection period, education initiatives should be a year-round focus for all employers.”
As data indicates the need for more advanced consumer education and assistance during the open enrollment process, Alegeus recently announced a Smart Account initiative that features machine learning and artificial intelligence (AI) to deliver a more intuitive, personalized and self-guided account experience. Leveraging these advanced technologies, Alegeus provides broader support for the benefits lifecycle, guides employers and brokers to create smart plan designs, and helps consumers select the plans and/or accounts that best fit their needs by predicting conditions and costs of healthcare expenses and more.
To learn more, click here to view an infographic with additional insight into this Alegeus research, and for more information on the lack of consumer health and financial fluency that exists today, click here.
About Alegeus Contact: Jennifer Irwin
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 350 clients – including health insurance plans and third party administrators – 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.