HDHPs: Good for More than Physical Health

HDHPs: Good for More than Physical Health

05/17/2018

by Chad Wilkins, executive vice president of Webster Bank and president of HSA Bank

 

At HSA Bank, a division of Webster Bank, N.A., our goal is to empower consumers to make the most of their healthcare dollars. We work to inspire consumers to own their health by simplifying the health account experience and utilizing cutting-edge technology and innovation to help them make sure they’re on their way to a healthy financial future.

 

To that end, we recently released the HSA Bank Health & Wealth IndexSM for 2018, a new report that measures consumers’ financial and physical health. More than 1,000 U.S. adults were surveyed about their health plan enrollment status, health practices, ability to pay for health-related expenses, and confidence in their own health and wealth.

 

The results showed that while consumers are taking a more proactive approach to their physical health, that’s not necessarily the case with their financial health. In fact, 41 percent never save money for future healthcare expenses, and 35 percent never consider cost when selecting health services.

 

The good news is that consumers enrolled in high deductible health plans (HDHP) scored in the optimally engaged category. This was largely due to these consumers being more likely to frequently save speci­fically for future healthcare expenses and consider cost when selecting health services.

Consumer-directed health plans can play a role in keeping consumers both physically and financially healthy.

 

Are you enrolled in an HDHP? Do you have a health savings account (HSA)? What is your health and wealth index score? Find out here.

 


Chad Wilkins HSA Bank

Chad Wilkins

Executive vice president of Webster Bank and president of HSA Bank

Chad Wilkins serves as an executive vice president of Webster Bank and president of HSA Bank where he is responsible for leading the organization and its people toward sustainable growth well into the future. Chad joined HSA Bank in 2014, bringing with him more than 25 years of experience in the banking and health insurance industries.

 

Read the full HSA Bank Health & Wealth Index here.