The financial and physical health of many Americans is alarming. About 40 percent of U.S. adults cannot cover a $400 emergency expense, and less than three percent of Americans live a “healthy lifestyle”. In addition, according to the , most U.S. workers find healthcare confusing, spend less than 30 minutes annually making benefit decisions, and are increasingly concerned about out-of-pocket medical expenses today and in retirement. All of this can result in a vicious cycle of financial insecurity, leading to stress and chronic disease, and ending in devastating medical expenses and financial ruin. Frightening.
To help break this spiral, consumers need support in developing resilience against health and financial stress. According to the Center for Financial Services Innovation (CFSI), helping consumers use good judgement and a strategy to spend, save, borrow, and plan can help build financial health:
A tax advantaged, consumer-driven health account such as a health savings account (HSA), health reimbursement arrangement (HRA), or flexible spending account (FSA) accessed using mobile technology is one specific path to resilience. For instance, paying for qualified medical expenses with HSA funds can yield savings of 22 to 40 percent. And, with 79 percent of U.S. consumers now owning a smartphone, many consumers prefer using mobile apps to manage both their personal finances and health benefits.
The MEDSURETY Mobile App is an example of how key features can be delivered that help consumers use their consumer-driven health account to spend, save, borrow and plan.
With the MEDSURETY Mobile App, Consumers Can…
Spend: Use fingerprint login and enhanced authentication options to:
- Pay bills using HSA, HRA, or FSA funds
- Snap a photo of a receipt and submit with a new or existing claim
- Request an HSA distribution
- Contribute funds to an HSA or FSA to build savings
- View HSA investment details to gauge progress against savings goals
- Establish a safety net with HSA Advance, which is a MEDSURETY feature that allows employees to borrow against future scheduled HSA contributions to cover unplanned expenses
- Scan a product bar code to determine eligibility as a qualified medical expense
- View “Account Snapshot” graphics to assess status of account details
As consumers become more sophisticated and their digital expectations grow, opportunities exist to enhance and personalize the mobile experience even further with price transparency tools, calculators, targeted messaging, guidance tools, fitness resources, and more. By delivering mobile innovations that engage consumers in managing their financial and physical health, we empower better decision-making and accountability for millions of Americans.
Follow this link to see a quick video showing how MEDSURETY’s Benefits Mobile App can make managing your health benefits easy: MEDSURETY MOBILE APP.
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