by Jeff Bakke
Last week at WEX Health Partner Conference 2018, I had the opportunity to take part in a very important conversation with the industry’s leading benefits administrators, health plan providers, financial institutions and employers—and it wasn’t about technology. It was about the state of financial health in our nation, why it matters to us and all the tools we have available today to empower employers as they take on a bigger role in helping their employees achieve financial stability.
In our new WEX Health Clear Insights report on Easing Workers’ Concerns about the Rising Cost of Healthcare, we found that two-thirds of those surveyed are somewhat or very worried about unexpected out-of-pocket costs associated with their current healthcare needs or illnesses. Nearly half of those people are also worried about the cost of healthcare in retirement. And a quarter of respondents said they forgo healthcare services all the time or often due to out-of-pocket expenses.
To help us better understand the financial stressors faced by U.S. workers, we asked Sarah Gordon, chief strategy officer with the Center for Financial Services Innovation, to join our conversation. Sarah revealed a few key findings from their 2017 study on employee financial health.
- One in three employees reports that issues with personal finances have been a distraction at work.
- Workers with high financial stress are two times as likely to use sick time when not ill.
During his opening keynote at Partner Conference, Jeff Young, WEX’s president of Health, played a video featuring Jan Pynappel, vice president of consumer directed health at Fifth Third Bank, who shared many ways employers find value in the WEX Health Cloud Employer Dashboard. Jan reported that employers like to offer employees tools like the HSA Healthcare Savings Goal Calculator because they want their employees to be successful when they retire in their later years. It’s assuring to them to see that their employees are saving toward their established goals.
Other employers may feel that delving into workers’ financial matters is too personal. However, we found in our Clear Insights survey results that employees want and are open to more help from their employers, especially in the areas of determining the amount of money to set aside each month to cover deductibles and to put into their accounts overall.
Register for our upcoming 30-minute webinar on Tuesday, June 12, at 1 p.m. Central to learn more about our 2018 WEX Health Clear Insights report findings and calls to action based on the types of experiences and communications employees expect and prefer as they work to better manage their healthcare benefits and expenses.
Chief Strategy Officer at WEX Health
At WEX Health, Jeff oversees corporate strategy, distribution strategy, and strategic partnerships. A specialist at identifying and capturing business opportunities, Jeff has built and led innovative high-performance teams, developed new products and markets, and developed large strategic clients with exceptional recurring revenue results. He has been instrumental in WEX Health’s focus on the emerging exchange market as well as a continued emphasis on HSA market opportunities.
Jeff’s career includes working at SafeNet, Blue Cross and Blue Shield of Minnesota, Medica Health Plans, Allianz and American Express. He earned a degree in electrical engineering from University of Minnesota-Twin Cities.