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The Importance of Financial Wellness

A few days ago our founder and CEO, Susan Lang, sat down with the Institute for Healthcare Consumerism to discuss financial wellness in healthcare and it growing importance to employers.

If you missed the broadcast, you can listen here or we’ve pulled together some highlights to jump start your own conversations. As Susan points out in the discussion: NOW is the time to start talking about financial wellness.

Financial Wellness

  • Financial wellness is absolutely necessary. The healthcare market is in flux. With the shift and change in the market, NOW is the time to talk about financial wellness for employers and their employees. Financial wellness reduces the cost of medical care and reduces the stress associated with the healthcare system.
  • The timeline for behavioral changes is an important consideration. Benefit literacy is really poor in the marketplace. And the market is getting more complex. Employers preparing for a shift to a HSA or a higher deductible plan are seeking out financial wellness solutions now because employee behavior changes take 2 – 3 years.
  • There are 3 keys to financial wellness.
    • Engage. Employee engagement in the utilization of their health benefits is crucial to saving.
    • Transparency. Consumers need to know the price of a procedure to make informed decisions.
    • Personal Advocacy. There is a tremendous amount of waste in healthcare including the misappropriation of benefits, medical billing errors, etc. To avoid overpaying, consumers need an advocate to act on their behalf. HooPayz acts as that advocate, with consumer access to Personal Advisors online or by phone, to help cut through the complexity and confusion and save members real dollars.
  • Financial wellness saves.
    • Personal Advisor Savings: $850 per interaction
    • Online Pricing Tool Savings: $600 per search

Start Your Own Conversations!

Financial wellness is a way to access true savings in the healthcare market. Have a question? Comment below. Or tweet us at @HooPayzSays using #financialwellness.

 

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