Segment 5 - The Persona Blog by ExperienceLab

Segment 5 – Knowledgeable and Content

I am educated with a good job and a very good health plan. Since I’m quite satisfied with my current plan, I’m not very interested in HDHPs and see no need to raise my deductible from its current low level. The idea of an HSA is interesting, and I do understand finances a bit. However, I’m not an expert, and I would want someone to advise me on which HDHP to take. I’m not a risk taker, and I should investigate CDH as an alternative to traditional health plans.

Demographics	#	Financial	#
Age	58.9	% preparing own taxes	49%
HH Income (Index)	119	% with retirement plan	96%
% Male	56%	% pays cc balance ea. mo.	85%
% Married	70%	% with any credit card debt	37%
% College Graduate	70%	% owns stocks/mutual funds	60%
With Kids	16%	% in company w 500+ workers	54%

Health Ins. Characteristics	#	Health Behavior	#
% HMO	25%	% in very good to excellent health	81%
% PPO	63%	% very/extremely satisfied with plan	75%
% with HSA	13%	% actively managing weight	62%
Single coverage	38%	% used uncovered health care	35%
Av Deductible	$1,101	% smoke cigarettes	8%
Total Health Spending	$1,032	% exercising weekly	76%

Financial Confidence & Knowledge	Only moderately interested in lowering income taxes, familiar with tax deferral Willing to deal with financial matters, moderately sophisticated Only sometimes worth their time to move funds around for higher return
Health Confidence & Knowledge	Confident in decisions about health care and health insurance Understands health products/services but just under half do research on web Only occasionally gets second opinion, but somewhat more motivated to see specialists
Financial Discipline & Control	Most stick to a budget, majority pays credit card balance each month Over half use websites to manage money and have a long-term financial plan Often prepares own tax return
Health Discipline & Control	Mostly chooses plan with care but about a third simply choose out of convenience Eats healthy, not looking for more responsibility with med decisions About half think about & saves for future health care costs (middle of segment spectrum)
Perceived Financial Security	Very financially secure with only 8% insecure in segment Tends to feel better off than friends and acquaintances Does not spend much time worrying about finances
Perceived Health Security	Most secure, only 5% worried about affording health care Not worried about future expenses, choice, or coverage Worried less than peers about health expenses and cost increases
HDHP Interest & Knowledge	Only 33% even somewhat interested, over half at least somewhat familiar with HDHPs About 63% against HDHP because don’t want to think abt costs of each medical visit Able to manage HSA but expects to spend more on health care with HDHP
Risk Management	Cautious risk-taker: 59% willing to invest in stock market, half willing to risk losing some money to get higher return Only 26% would rather have more benefits and lower pay Only 15% would take lower premiums/lower coverage, only 24% would take higher
Price/Premium Sensitivity	Not price sensitive: 73% don’t worry about medical costs since copay is low Doesn’t shop: only 17% price shop medical services/drugs Only 28% think diagnostics not worthwhile; only 11% would cut dosage to cut costs
Plan Satisfaction	Most satisfied overall; 76% satisfied (only 1% report being unsatisfied) OOP expenses has greatest impact on satisfaction If could lower one aspect would lower: premium cost (45%)
Decision Making	Somewhat indpndnt: 55% handle investments w/o advisor, 29% wld use benefits mgr Most have preferred financial supplier (62%) Attached to provider: 67% won’t switch plan if requires switching primary provider
Engagement Preference	After Dr. and Health website, most preferred sources: Health plan portal (28%), Info from health plan (25%), friends / relatives (23%) About half would want to receive alerts from financial institutions

Segment 5 in brief:
Financially savvy but somewhat risk-averse, Segment 5 tend have a solid financial plan and select the health insurance options that best fits that plan.

Segment 5 research insights
>76% are extremely satisfied with their health plan (most satisfied segment).
>85% pay off their credit card in full each month.
>79% are open to opportunities to save on taxes.
>80% have a long term financial plan.
>87% don’t have HSAs.

Read how Segment 5’s are untapped HDHP prospects.
How to increase HDHP/HSA uptake

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You can be talking to just your segment 5s in a week or two.
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