Health and finance are more and more interconnected. Medical expenses are the number one reason for bankruptcy in the US and health is noted as the highest expense in retirement. We know that over half of Americans can’t afford a $400 emergency and yet more and more consumers have high deductible health plans which require more cash out of their pocket than before. The lack of transparency in the system can lead people to be unaware of expenses coming their way, not understand the bills when they come, and not understand their plan and their ultimate financial responsibility. This can lead people to fund medical debt on credit cards and even avoid treatment because they can’t afford the expense. Financial products like HSAs are designed to support consumers in planning for and affording health expenses and can even reduce their taxable income and provide a long-term savings and investment vehicle, but many people are not aware or do not use them as they are designed. In addition, the stress associated with financial volatility can add to an individual’s stress and can actually cause or exacerbate the health problems they face. This area is a crucial one to be aware of and to address in the work we do across the design and innovation community in health. There are many opportunities for those across the health system from payer to provider to benefits administrator and employer to help people understand and manage the financial aspects of health. This panel will help us to explore the concept of financial wellbeing as it pertains to health planning and navigation, opening our eyes to the obstacles and opportunities present.

1. We build solutions to make people financially secure.
In partnership
with

2. More than 60% of
Americans can’t cover a
$500 emergency with
savings
The average annual
deductible grew
125% from 2006 to
2015
47% of people
enrolled in HDHP
reported skipping
care due to costs

3. Where our insights come from
• Research
• Consumers
• Experts
• Participatory design workshop

4. Target Audience:
Financial, healthcare, and design community
Challenge Prompt:
Assuming an HDHP option, can you design an innovation to improve the health
insurance open enrollment experience so that it protects the financially
vulnerable from medical and financial hardship?
Additional Context:
Recognizing that the choices made during open enrollment have an impact
beyond that period, we also asked entrants to address on-going
financial challenges.
Design Challenge

5. Challenge #1:
Information overload upon plan selection
Challenge #2:
Don’t know how much to budget for healthcare
expenses
Challenge #3:
Confusion about HSA
Three Challenges

6. Challenge #1:
Information overload upon
plan selection
Solution:
Improve open enrollment

7. Challenge #2:
Don’t know how much to
budget for healthcare
expenses
Solutions:
Provide access to personalized
data
Make savings easy

8. Challenge #3:
Confusion about HSA
Solutions:
Features to meet real needs
Drive engagement

9. Opportunities for Action

10. Insurer
• Offer HSA/insurance bundle
• Make clear the benefits of HSA
Employers
• Make it easy and provide incentives to save
• Adjust premium contributions based on salary
• Link financial wellness & health benefits
HSA Administrator
• Make contributing to and using the HSA easier for lower income employees
Benefits Broker
• Bring these new innovative ideas to your clients
Opportunities for Action