Fifth Annual HSA Bank Health and Wealth Index(SM) Reveals Americans Value Benefits Supporting Financial, Physical and Mental Wellness
HSA Bank, a division of Webster Bank, has released its fifth annual Health & Wealth Index, revealing critical insights into American healthcare behaviors, particularly regarding mental health. Key findings indicate that over half of Generation Z would switch jobs for better healthcare benefits, while many feel unprepared for future healthcare costs. Notably, the new mental wellness index shows significant engagement disparities, with younger employees accessing mental health services more than older generations. Despite progress, Chad Wilkins emphasizes the need for employers to enhance mental health support.
- Strong interest from Generation Z in better healthcare benefits indicates a potential market for employers.
- The introduction of the mental wellness index can help employers gauge and improve employee mental health engagement.
- One in five respondents reported low confidence in their overall mental health.
- 30% of respondents are uncertain about their ability to afford future healthcare costs.
Inaugural mental wellness score shows younger employees are pursuing and obtaining mental healthcare support significantly more than older colleagues
MILWAUKEE, June 9, 2022 /PRNewswire/ -- HSA Bank, a division of Webster Bank, N.A., today released its fifth annual HSA Bank Health & Wealth Index℠, a report that explores trends in consumer financial and physical health, and for the first time, mental health.
Key findings from the report include:
- Healthcare benefits are one of the reasons leading "the Great Resignation" for Generation Z. More than half of Gen Z respondents indicated they would change employers to receive better healthcare benefits.
- There is room for improvement when it comes to mental health. One in five respondents indicated they were not very or not at all confident about their overall mental health.
- Americans are feeling uncertain about their ability to pay for future healthcare costs. Thirty percent of respondents were not sure if they could afford healthcare costs in the near-term or in retirement.
- Families with children continue to see the value of telehealth services. Sixty-one percent of respondents with children reported using telehealth services compared to
Additionally, the new mental wellness index score is intended to help employers gauge the mental health of employees as they continue to manage the stress and challenges of the world we live in today. The survey found a large divide around engagement and perceived value of the mental health benefits available, with
"We're pleased to see that engagement in health and wealth continues to be a priority for Americans," said Chad Wilkins, president of HSA Bank. "There is still room for improvement, however, and employers can lead the way by providing tools, resources, education and opportunities to empower Americans to make even better decisions when it comes to their health and wealth."
Wilkins continued: "HSA Bank works with employers every day on revisions to plans, such as adding wellness incentives, promoting preventive care and adjusting educational initiatives to account for virtual engagement. We're excited to see how we can help employers continue to improve engagement using the tools and resources we offer."
About the Study:
A survey of more than 2,000 randomly selected U.S. adults 18+ was conducted in November 2021 to gauge their health plan enrollment status, health practices, ability to pay for healthcare, and confidence in their own physical and mental health and wealth. Each consumer received a combined health and wealth score between zero and 100. The average consumer was found to be moderately engaged in their health and wealth with an average index score of 56.6. 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 percent at the 95 percent confidence level. Smaller subgroups have larger margins of error.
About HSA Bank:
At HSA Bank, we're working toward a world where everyone is empowered to save for a healthy future. By providing the right tools and resources, we make it simple for our over 3 million members nationwide to maximize their savings for healthcare and long-term goals. As a leader in health accounts for over two decades, we continue to innovate. Our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for consumers, health plans, partners, and advisors. As of March 31, 2022, HSA Bank had
Media Contact:
Alice Ferreira
Webster Bank
(203) 578-2610
acferreira@websterbank.com
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SOURCE HSA Bank
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