Segment 3 - The Persona Blog by ExperienceLab

Segment 3 – Satisfied & Uninterested

I’m moderately educated with a good job and a good health plan. I feel very financially secure, but I don’t enjoy dealing with finances. I’m really not interested in HDHP/HSA because I have a good plan already, and I’m not interested in managing health expenses. Furthermore I don’t want to price shop for medical care, I don’t like taking risks, and I’m not familiar enough with tax finance to know if HSAs are even worth it. I rely on my doctor for health advice, and I wouldn’t accept a plan that made me switch my primary care provider. I’d need someone to sit down and explain all the advantages of HDHP/HSA before I would consider that type of care, but I don’t think it’s the best fit for me. When it comes to health and finance, I probably don’t do as much research online as others do, and I’m not that interested in receiving alerts from my financial institution.

Demographics	#	Financial	#
Age	57.1	% preparing own taxes	37%
HH Income (Index)	98	% with retirement plan	87%
% Male	37%	% pays cc balance ea. mo.	65%
% Married	64%	% with any credit card debt	54%
% College Graduate	48%	% owns stocks/mutual funds	32%
With Kids	20%	% in company w 500+ workers	50%

Health Ins. Characteristics	#	Health Behavior	#
% HMO	31%	% in very good to excellent health	75%
% PPO	54%	% very/extremely satisfied with plan	71%
% with HSA	11%	% actively managing weight	50%
Single coverage	43%	% used uncovered health care	31%
Av Deductible	$976	% smoke cigarettes	9%
Total Health Spending	$893	% exercising weekly	64%

Financial Confidence & Knowledge	Low interest in lowering income taxes, doesn’t understand tax deferral Not enthusiastic about financial matters, services, or products Not sophisticated consumer of financial products/services Not very willing to move funds around to get higher return
Health Confidence & Knowledge	Reasonably confident in decisions about health care and health insurance Understand health products but rarely does health research on web Only occasionally gets second opinion or exerts effort to see specialists
Financial Discipline & Control	About half stick to a budget and usually pays monthly credit card balance Almost never uses financial websites but nearly half have long-term financial plan Sometimes prepares own tax return
Health Discipline & Control	About half renew plan each year out of convenience Eats moderately healthy, not looking for more responsibility with med decisions Least likely to think about and save for future health care costs – only about 1 in 3
Perceived Financial Security	Very secure with about 20% insecure Not worried about job or finances Feels no better or worse off than friends/acquaintances
Perceived Health Security	Quite secure, only 14% worried about affording health care Worry less than peers, confident in future choice, coverage, costs Not worried about increasing OOP costs or about losing insurance due to chronic illness
HDHP Interest & Knowledge	Least interested, only 28% even somewhat interested, only 21% somewhat familiar About 74% against HDHP b/c don’t want to think about costs of each medical visit About 66% unsure how to select HDHP without advisor, same number expect health costs to increase
Risk Management	Slightly financially cautious: only 26% accept risk for higher return Cautious with health finance: 59% would accept higher premium for better coverage, only 16% would accept the reverse. Only 21% would be willing to accept higher deductible to lower premium.
Price/Premium Sensitivity	Not price sensitive: 76% don’t worry about costs since copay is low Not a shopper: only 14% compare costs of medical services/drugs Only 23% would cut dosage to cut costs; only 36% think diagnostics not worthwhile Only 29% would accept fewer doctors in network if it would lower premium
Plan Satisfaction	Very satisfied; 71% satisfied, only 2% report being unsatisfied Level of Deductible has greatest impact on satisfaction Less differentiated on one aspect would lower: premium (37%), but also co-pay (24%) and deductible (26%)
Decision Making	Advice seeking: 30% handle investments w/o advisor, 38% would use benefits mgr Fewer than half have a preferred financial supplier Attached to provider: 65% won’t switch plan if requires switching primary provider
Engagement Preference	After Dr. and Health website, most preferred sources: Friends / relatives (26%) Uses slightly fewer info sources than other segments Under half would want to receive alerts from financial institutions

Segment 3 in brief
Segment 3s have little knowledge of health and finance, but that doesn’t bother them. They stick to a budget, pay their bills on time, and tend to choose health plans that minimize out of pocket expenses.

What if you could:
Predict which employees will
engage with and which will reject
the health and financial benefits you offer?

Segment 3s like the status quo but not finances:
>Only 2.2% would want an investment account.
>Only 2.7% save money for taxes or health expenses.
>71% are extremely satisfied with their existing health plan.

What if you could:
Cost effectively target and personalize communications to
change the minds of “non-engagers”

Contact Persona^tm for a list of your Segment 3s
You can be in the mail to just your segment 3s in a week or two.
Click here to contact us with questions or call us at 978-290-5785

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