SCOTTSDALE, Ariz.--(BUSINESS WIRE)--WEX Health an award-winning healthcare financial technology platform provider, today unveiled research findings from its first-ever Clear Insights report. The report, which reveals how consumers view and engage with their healthcare benefits, will help guide innovative and improved education programs for WEX Health partners. These partners—industry-leading third-party administrators, health plans, financial institutions, exchange partners, and payroll providers—connect WEX Health to more than 300,000 employers and more than 25 million consumers across the United States and Canada.
Through a survey conducted by Zogby Analytics, WEX Health asked approximately 1,100 American workers questions about their employer-sponsored health insurance, decision-making processes, healthcare spending habits and challenges, and preferred tools for learning about plans, among other topics. The results were shared, via the Clear Insights report, with attendees of WEX Health’s Partner Conference 2018.
The report includes specific calls to action to guide WEX Health partners in addressing consumers’ needs and concerns through the WEX Health Cloud technology platform. New capabilities in personalization, messaging, mobile, and health savings account (HSA) investment and savings goal tracking, among other areas, will be demonstrated at the conference, culminating with the closing product keynote.
“As a leader in healthcare financial technology platforms, we are invested in not only understanding how consumers think about and access their healthcare benefits, but also in aiding our partners to better address consumers’ concerns,” said Jeff Young, president, Health, WEX Inc. “Now that we have a benchmark for where the gaps are in employee education around health benefits, we and our partners are better positioned to help them more effectively use their health benefits.”
Key findings from the survey include:
- Education on the tax benefits of health savings accounts (HSAs) is lacking: Nearly half of respondents perceived 401(k) accounts as offering the most pre-tax savings advantages; most were not aware that they could invest their HSA funds in stocks and other investment vehicles. Three-quarters said they see their HSA as a way to pay for healthcare expenses “this year,” suggesting that they may not be aware that funds can be carried over.
- Consumers need help to determine how much money to put aside: Asked about the biggest challenge in using a high-deductible health plan, respondents cited having enough money set aside to cover deductibles as well as figuring out how much money to put in the account overall. Consumers also want help managing the bills they get from physicians and finding the best deals on healthcare services.
- Personalized online and mobile tools are best for education and engagement: Respondents indicated a preference for emails, text messages, and online goal trackers as resources to help them make better health choices—all things that can be automated and personalized.
The WEX Health Clear Insights report also reveals that, despite improvements in confidence about their healthcare choices, consumers are worried about unexpected out-of-pocket costs, with a quarter saying they forgo healthcare services often or all the time due to the expense. In response, WEX Health has joined the Financial Health Network of the Center for Financial Services Innovation (CFSI), a group established to let companies share ideas for improving consumers’ financial health. CFSI Chief Strategy Officer Sarah Gordon will join the inaugural financial health keynote at Partner Conference 2018 to discuss the relationship.
“We see the important role that employers, technology, and analytics play in raising employees’ financial confidence,” Young said. “Armed with the survey insights and by working with CFSI, we can work to leverage our collective resources to help employees be better prepared for healthcare expenses.”
To see a summary of the 2018 WEX Health Clear Insights report, go to www.wexhealthinc.com/clearinsights.
About WEX Inc.
Powered by the belief that complex payment systems can be made simple, WEX Inc. (NYSE: WEX) is a leading provider of payment processing and business solutions across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 3,000 associates around the world. WEX fleet cards offer 11.3 million vehicles exceptional payment security and control; purchase volume in its travel and corporate solutions grew to $7.4 billion in 2017; and the WEX Health financial technology platform helps 300,000 employers and more than 25 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.