Segment 6 - The Persona Blog by ExperienceLab

Segment 6 – Worried about Healthcare

I’m reasonably educated with a pretty good job, but I’m not so thrilled with my current plan. I definitely wouldn’t mind lowering my health expenses. The idea of an HDHP is intriguing if it will lower my premiums, but I’m worried that it will end up costing me more money. I’m also interested in an HSA, but I’m not a whiz with finances, and I would prefer to discuss financial issues with an advisor. I’m in reasonably good health, but I am still worried about rising health care expenses. I am moderately price-sensitive and might skimp on medication to save money. I would like to save money, but I don’t know enough about health or finance to be really attracted by an HDHP, and I’m concerned about managing an HSA.

Demographics	#	Financial	#
Age	43.5	% preparing own taxes	35%
HH Income (Index)	90	% with retirement plan	80%
% Male	50%	% pays cc balance ea. mo.	47%
% Married	59%	% with any credit card debt	59%
% College Graduate	54%	% owns stocks/mutual funds	26%
With Kids	38%	% in company w 500+ workers	44%

Health Ins. Characteristics	#	Health Behavior	#
% HMO	32%	% in very good to excellent health	62%
% PPO	43%	% very/extremely satisfied with plan	31%
% with HSA	29%	% actively managing weight	51%
Single coverage	43%	% used uncovered health care	54%
Av Deductible	$1,937	% smoke cigarettes	13%
Total Health Spending	$1,457	% exercising weekly	69%

Financial Confidence & Knowledge	Somewhat interested in lowering income taxes but not very familiar with tax deferral Not enthusiastic about financial matters, moderately sophisticated Only somewhat worthwhile to move funds around for higher return
Health Confidence & Knowledge	Not very confident in decisions about health care and health insurance Fairly sophisticated consumer, about half use websites to research doctors More often gets a second opinion
Financial Discipline & Control	About half pay off credit card each month, though fewer than half can stick to a budget Doesn’t often use financial websites, only 1/3 have long-term financial plan Sometimes prepares own tax return
Health Discipline & Control	About half simply choose out of convenience each year Eats moderately healthy, many feel more responsibility for medical decisions would improve health Only about 1/3 think about and save for future medical expenses.
Perceived Financial Security	Mostly secure overall, though over half at least occasionally live paycheck to paycheck Reasonably confident about job security and status compared to friends, but 30% struggle with debt Some worry a lot about finances
Perceived Health Security	Somewhat insecure, 56% worried about affording health care Moderately anxious about future coverage, worry about health expenses more than peers 38% worry about losing insurance due to chronic illness
HDHP Interest & Knowledge	About 46% very to extremely interested and 58% at least somewhat familiar w HDHP About half able to select an HDHP without an advisor and almost as many think HDHP raises health expenses Not confident in ability to manage HSA
Risk Management	Not risk tolerant but not particularly risk averse 35% would take higher deductible/lower premium; 32% want lower premiums/lower coverage Most likely to prefer more health benefits with lower pay (41%)
Price/Premium Sensitivity	Moderately price sensitive, many price shops drugs/services (39%) 46% would cut dosage to cut costs, 45% think diagnostics not worthwhile 56% delay purchases to save money
Plan Satisfaction	Not very satisfied; 18% unsatisfied, only 30% satisfied OOP expenses has greatest impact on satisfaction Less differentiated on one aspect would lower: premium (36%), but also co-pay (26%) and deductible (23%)
Decision Making	Advice seeking: only 22% handle investments w/o advisor, 50% wld use benefits mgr Fewer than half have preferred financial supplier Moderately attached to provider: 57% won’t switch plan if requires switching primary provider
Engagement Preference	After Dr. and Health website, most preferred sources: Health plan portal (27%), Friends / relatives (28%) About half would want to receive alerts from financial institutions

Segment 6 in brief:
Being less knowledgeable about both health and finance than some other segments, Segment 6 tends to worry about both topics. Many are receptive to receiving financial education and advice.

Segment 6 research insights:
>58% would price shop for healthcare if they knew how.
>73% delay checkups due to cost.
>37% compare prices of doctors and prescriptions before they decide.
>64% report spending a significant amount of time worrying about their finances.

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