Lively, Inc., Lively, the top-rated benefit solutions provider known for creating the modern Health Savings Account (HSA), today released its third annual Wellness & Wealth Report giving a view into American healthcare trends for employers making benefits decisions. The study, conducted by CITE Research on behalf of Lively, reveals the frightening economic reality of individuals and families in 2022: Rising costs of healthcare coupled with widespread economic uncertainty have resulted in over half of Americans (52 percent) struggling to pay for medical expenses leading 50 percent to ignore doctor recommendations and 46 percent to delay and skip medications.
While uncertainty about the future impacts Americans' physical well-being, it has also sparked a mental health crisis nationwide. According to the US Census Bureau's Household Pulse Survey, at the end of 2021, 32 percent of adults reported symptoms of anxiety or depression, and 1 in 5 adults disclosed suffering from a mental illness. However, survey findings show that most Americans (60 percent) have not accessed mental health services within the last year, and 40 percent have no savings for mental health costs.
Now more than ever, employers need to offer personalized healthcare coverage and education to employees, particularly when it comes to mental health services and financial wellbeing.
"As healthcare costs and inflation rates rise, Americans should not be forced to put their physical and mental health on the back burner, says Shobin Uralil, co-founder and COO of Lively. "Employers must consider offering a variety of plans and savings options like a health savings account (HSA) ? empowering employees to invest in their health and lessen financial strain."
Key Findings of Lively's 2022 Wellness & Wealth Report Show:
#1: Access to mental health services is low, but the likelihood of accessing them if covered is high.
#2: Rising healthcare costs = less savings, less care, and less leisure.
#3: There is room for improvement in understanding healthcare and employer benefits.
#4: Healthcare is top-of-mind when planning for future employment: Healthcare coverage is the most important benefit offered for employees, above salary.
"This is the most challenging economic time since 2008, and many Americans are justifiably nervous. To make employees feel secure both at work and in their day-to-day lives, employees must prioritize providing quality health benefits and the necessary savings tools," continued Uralil.
For strategies consumers can use to help prepare for future financial success and additional findings from the 2022 Wellness & Wealth: Employer Insights Report.
Complete survey findings are available upon request.
Methodology
A survey of 1,000 randomly selected U.S. Americans (ages 18 and older) was conducted in April 2022 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 research about employee wellness and wealth. This is our second annual Wellness and Wealth Report.
About Lively
Lively is the benefit solutions provider that gets it right. We designed our solutions to take the guesswork out of managing benefits. And our innovative features are grounded in your everyday needs and circumstances. That's why our experience is optimized to put you in control at every step. Managing your wellness and wealth takes more than a series of transactions. By combining robust features with unparalleled service, we make benefits effortless, even when your time and energy are limited. With Lively, maximizing your benefits is as simple as it should be. Lively is headquartered in San Francisco, CA with additional offices in Boise, ID. For more information, please visit livelyme.com or follow us on Twitter (@LivelyHSA).
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