A survey of 1,000 randomly selected adults was conducted to gauge physical and financial health decisions across the United States. Rising healthcare costs and the short-term financial impact from COVID-19 have reinforced healthcare as a top priority for employees. Even with massive fluctuations in care and access, the top benefit concerns for most Americans remain the same—cost and savings.
Healthcare costs are the largest area of both spend and saving after basic livelihood costs. And what is not a surprise is that COVID-19 has had an increased adverse impact on financial well-being and outlook.
The short-term financial impact of COVID-19 has been swift and damaging to many Americans. We know that COVID-19 has increased the retirement gap, and new data shows the extent of this impact: 60% of Americans withdrew funds from their IRA or 401(k) in 2020. An additional 27% borrowed against their 401(k) during COVID-19. A staggering 41% of these account holders did so to pay medical expenses.
Key findings of Lively’s 2021 Wellness & Wealth Report show:
A clear requirement for employers is to address financial concerns head on—it’s in everyone’s best interest. Financial stress has a direct and real impact on employee productivity. The most important step is to ensure healthcare benefits bundles address a range of coverage and long-term financial concerns. Employers will come out on top by positioning their existing benefits to better address these concerns. This means introducing savings options like an HSA before health plan selection.
Note: The Alliance Premium Health Plan bundle includes medical, HSA, telemedicine, pharmacy, dental, vision, wellness and employee assistance programs (which include HSA dollar incentives), life insurance, and long-term disability coverage. If your employees are not currently enrolled in the and you would like more information or a price comparison to your current plan, feel free to contact Alliance Benefits by calling (800) 700-2651 or emailing firstname.lastname@example.org. We welcome the opportunity to be a resource and are more than willing to help answer any questions you may have.
Lively, the #1 user-rated HSA provider, currently administers health savings accounts for Alliance Health Plan participants. Their team is dedicated and passionate about simplifying and improving how people save and spend their healthcare funds. They put customers’ needs first, providing exceptional customer support and bringing HSAs into the modern era. Lively’s goal is to make it easy to save on the costs of healthcare today and plan for the costs of tomorrow.