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2019 Wellness & Wealth Report

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Lively Wellness & Wealth Report: Wellness & Wealth INSIGHTS FOR EMPLOYERS Individuals and families across America are feeling the impact of rising medical costs. From choosing a health insurance plan, to postponing a doctor’s visit or foregoing a recommended medical treatment, adults are making tough financial decisions that directly impact their physical health. These costs…

Lively Wellness & Wealth Report: INSIGHTS FOR EMPLOYERS

Individuals and families across America are feeling the impact of rising medical costs. From choosing a health insurance plan, to postponing a doctor’s visit or foregoing a recommended medical treatment, adults are making tough financial decisions that directly impact their physical health. These costs are projected to rise over the next decade.

Lively’s inaugural Wellness & Wealth Report provides greater understanding of how American healthcare and financial health correlate, and gives powerful insight to employers about employee health and wellness preferences.

2019 Wellness & Wealth Report

Report Details: A survey of 1,000 randomly selected U.S. Adults (ages 18 and older) was conducted from June 5-6, 2019 to gauge physical and financial health decisions across the U.S. Respondents were asked ten questions about their personal finances and knowledge as they pertain to healthcare, health practices, ability to pay for health- related expenses, and insurance coverage. The survey was commissioned by Lively and executed by CITE Research, and is part one of a series of findings about employee wellness and wealth. Part two of the results will be released later this year.

2019 Wellness & Wealth Report

Key Findings

Healthcare coverage is by far the most important employee benefit when it comes to choosing or staying with an employer.

  • Out of 11 popular employee benefits, including competitive salary and 401(k), almost 40 percent of employees chose healthcare as the most important benefit when thinking of switching jobs or staying at a job.
  • The majority of Americans (76 percent) rank healthcare in their top three priorities when considering workplace benefits. 

Only half of adults go to the doctor regularly or preventatively.  

  • As US adults get older they are more likely to go to a doctor regularly or preventatively – and conversely, younger adults are more likely to only go to a doctor when something catastrophic happens.
  • Men, married people, and wealthier consumers are more likely to see a doctor preventatively, while people with children are more likely to only go to the doctor when they are sick.

Medical and healthcare costs come as a surprise to a large portion of employees.

  • Three in four Americans are surprised by how high their medical bills are when they receive them.
  • One in three employees are unsure how much of their paycheck goes to healthcare costs (including health insurance and out-of-pocket costs).  

Employees have a mixed understanding of their employer benefits, and understanding decreases with younger generations.

  • While close to a third of people surveyed do not have health benefits through an employer, the majority of those who do say they understand their benefits.
  • Although employees report the best understanding of 401(k)s as a benefit, less than 50 percent completely understand them. 
  • Less than 1 in 3 Americans completely understand any of the following healthcare terms:
    • Flexible Spending Account (FSA)
    • Health Maintenance Organization (HMO)
    • Health Reimbursement Arrangement (HRA)
    • Health Savings Account (HSA)
    • High Deductible Health Plan (HDHP)
    • Preferred Provider Organization (PPO)

Healthcare costs are the highest expense for many U.S. households, making them top of mind for your employees. This, coupled with the fact that healthcare is a top priority for employees when choosing a job, gives employers the unique opportunity to provide more resources and more favorable health benefits in order to attract top talent. As employers, there is a lot to be done to help build knowledge about healthcare, financial preparation, and tools to build wealth.

Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.

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