Study Finds Millennials and Oldest Workers Most Focused on Saving for Health Care

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Americans of all ages are thirsty for more information as well as consumer-friendly cost-savings vehicles. This study reinforces the need for a comprehensive benefits plan coupled with a communication strategy that addresses and supports employees in all stages of their lives.

BALTIMORE

ConnectYourCare (CYC) – a national leader in consumer-directed health care account solutions (CDH) – released a report showing that those under age 25 and over age 65 are most likely to preserve their Health Savings Account (HSA) funds, with 25% and 22% of these age groups, respectively, categorizing themselves as HSA “savers.”

CDH Participant Trends: Tax-Advantaged Account Perceptions – 2017 Mid-Year Research Snapshot profiles key findings from a study of over 23,000 respondents from across the nation and all employer sizes. The study reflects perceptions and trends covering Health Savings Accounts (HSAs), Health Care Flexible Spending Accounts (FSAs), Dependent Care Flexible Spending Accounts (DCAPs), and Health Reimbursement Arrangements (HRAs).

One of the most insightful trends revealed in the study is the variances among generations. While mid-career workers are the most concerned about increased premiums and rate themselves as fairly knowledgeable on how these accounts benefit them and their families, they are also the greatest spenders of their health care account balances.

Nearly all respondents are focused on near-term health care costs, with more than 30% citing increasing insurance premiums as their primary health care concerns. Health care reform legislation is a primary concern to only 12% of respondents across all ages.

Additional findings from the study include:

  • One-fifth of accountholders (20%) rate themselves as only somewhat knowledgeable or not knowledgeable at all about how their accounts work.
  • Those under 25 rate their own account knowledge the lowest, and are also the least likely to rate their employers as effective communicators.
  • FSA participants rate themselves as the most knowledgeable while HRA participants rate as the least knowledgeable.
  • 75% say their employer is effective at communicating the benefits of tax-advantaged accounts.
  • HSA plans are the best-communicated plan type, with 79% of HSA respondents rating their employers as effective communicators. HRA plans require additional communication, with only 68% of respondents rating their employers as an effective communicator.

“The findings show that Americans of all ages are thirsty for more information as well as consumer-friendly cost-savings vehicles to fund their health care today and in retirement,” said Trisha Paine, Chief Marketing Officer at ConnectYourCare. “This study reinforces the need for a comprehensive benefits plan coupled with a communication strategy that addresses and supports employees in all stages of their lives.”

Download the full report, CDH Participant Trends: Tax-Advantaged Account Perceptions – 2017 Mid-Year Research Snapshot at http://www2.connectyourcare.com/2017-Mid-Year-Trends-Report.

Earlier this year, ConnectYourCare published Consumer-Driven Health Plan Enrollment & Usage Trends reflecting views from over 14,000 employees and 249 company stakeholders that purchase, implement, and/or administer employee benefits. Download this full report at http://www2.connectyourcare.com/cdh-survey-report-2017.

About ConnectYourCare
As one of the largest and most responsive providers of health care savings accounts and award-winning solutions, ConnectYourCare is rooted in creating better, more efficient connections among the people who provide benefits, the people accessing services, and the people who deliver services. Blue chip organizations across the country turn to ConnectYourCare for our highly rated customer service and best-in-class member experience, advanced educational tools for better-informed choices, acceleration of savings with ROI efficiencies, and simplification of processes with brilliant customer-focused solutions. There is a unique solution for every company and employee, and we won’t stop working until we connect you with the perfect one. For more information, visit http://www.ConnectYourCare.com or follow us on Twitter @ConnectYourCare.

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Brad Bennett

Brad Bennett

Brad grew up in a small town in northern Iowa. He studied chemistry in college, graduated, and married his wife one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children.
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