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lively’s third annual Wellness and Welfare Report shows the impact of economic uncertainty, rising health care costs and inflation

SAN FRANCISCO, June 15, 2022–(BUSINESS WIRE)–lively, OOOLively, the top-rated solution provider known for creating the Modern Health Savings Account (HSA), today published its third annual Wealth and Wealth Report provides insight into US health care trends for employers making benefit decisions. A study commissioned by Lively by CITE Research reveals the frightening economic reality of individuals and families in 2022: Rising health care costs, combined with widespread economic uncertainty, have seen more than half of Americans (52 percent) struggle to pay for health care. expenses. leading to 50 percent ignoring doctor’s advice and 46 percent delaying and skipping medications.

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Lively’s 2022 Wealth and Wealth Report (Graphic: Business Wire)

While uncertainty about the future affects the physical well-being of Americans, it has also sparked a mental health crisis across the country. According to US Census Bureau Household Heart Rate Survey, at the end of 2021, 32 percent of adults reported symptoms of anxiety or depression, and one in five adults reported suffering from a mental illness. However, the survey results show that the majority of Americans (60 percent) have not accessed mental health services in the past year, and 40 percent have no savings for mental health costs.

Now more than ever, employers must offer personalized health care and employee training, especially when it comes to mental health and financial wellness services.

“As health care costs and inflation rise, Americans should not put their physical and mental health on the back burner,” says Shobin Uralil, co-founder and COO of Lively. Employers should consider offering different plans and savings options. for example, the Health Savings Account (HSA) enables employees to invest in their health and reduce their financial burden.”

The key takeaways from Lively’s 2022 Wellbeing and Wealth Report:

#1: Access to mental health services is low, but likely to be accessed, if covered, high.

  • Despite the increased focus on mental health, the majority of Americans (60 percent) have not accessed mental health services in the past year, and 40 percent have no savings set aside for mental health expenses.

  • However, 58 percent of Americans are more likely to seek mental health services if they are included in health benefit packages, and 61 percent are willing to use their HSA and FSA dollars to offset costs.

#2: Rising health care costs = less savings, less care and less leisure.

  • Most Americans do not have significant savings for medical emergencies. Half (52 percent) saved between $0 and $250.

  • Rising health care costs are preventing most Americans from reaching financial goals, including; buying a house (80 percent), saving for retirement (79 percent), paying off debt or going on vacation (61 percent), and spending time on leisure activities (33 percent).

  • Despite ongoing exposure to COVID-19, more than half of Americans (52 percent) miss treatment due to cost.

#3: There is scope for better understanding of health and employer benefits.

  • While most Americans understand 401(k), HMOs, and PPOs, there has been a sharp decline in understanding (-11 percent) when it comes to other general health benefits such as high deductible health plans (HDHPs).

  • Comparison of understanding 2022 and 2021:

    • HDHP: 56 percent (2022) vs. 65 percent (2021)

    • HRA: 51 percent (2022) vs. 59 percent (2021)

    • HSA: 63 percent (2022) vs. 66 percent (2021)

    • FSA: 61 percent (2022) vs. 63 percent (2021)

#4: Health care is paramount when planning for future employment. Health insurance is the most important benefit offered to employees besides wages.

  • Health insurance is ranked by most (70%) Americans as the #1 benefit when they think about changing jobs. However, 31% of Americans do not receive health benefits from their employer.

  • HSAs are a vital healthcare benefit equally important for personal finance, health care and retirement financial planning and savings.

“This is the most difficult economic time since 2008, and many Americans are rightfully nervous. For employees to feel safe both at work and in everyday life, employees must prioritize the provision of quality medical benefits and the necessary savings tools,” continued Uralil.

Strategies consumers can use to prepare for future financial success and more insights from 2022 Wellness & Wealth: Employer Results Report.

Full study results are available upon request.

Methodology

A survey of 1,000 randomly selected Americans (aged 18 and over) was conducted in April 2022 to assess physical and financial health decisions in the US. Respondents were asked ten questions about their personal finances and knowledge about health care, health care practices, ability to pay health-related costs, and insurance coverage. The survey was commissioned by Lively and conducted by CITE Research and is part of a series of studies on employee well-being and wellbeing. This is our second annual wellness and wellness report.

About living

Lively is a value-for-money solution provider that does things right. We have designed our solutions to take the guesswork out of managing your benefits. And our innovative features are based on your daily needs and circumstances. That’s why our experience is optimized so you can be in control every step of the way. Managing your well-being and wealth requires more than just a series of transactions. Combining reliable features with unrivaled service, we deliver effortless benefits, even when your time and energy are limited. With Lively, maximizing your benefits is as easy as it should be. Lively is headquartered in San Francisco, California with additional offices in Boise, Idaho. For more information please visit livelyme.com or follow us on twitter@LivelyHSA).

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Contacts

Jennifer Parson
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