Disciplined consumers focused on health care cost, value
Consumers, more confident they can shop for health care based on price, add value to their criteria.
Not only are consumers exercising discipline over saving for health care expenses, they’re focused on the cost of that care and the value they’re getting for their money.
Health care solutions firm Alegeus‘s 2019 Consumerism Index indicates that people are looking for overall value in health care, not just lower costs. In fact, they’re pushing themselves harder to get that value, with 70 percent “very focused” on getting the best value for their money.
Related: Transparency puts the consumer back into health care consumerism
In addition, 61 percent said they research physician and facility ratings and treatment information, while 71 percent say they research symptom, condition or treatment information.
That said, this new focus on overall value for the money is still higher in other areas than health care, with buying a TV ranked on the index at 69.8, as was buying a new car. Health care only came in at 57.9—higher than earlier scores but obviously still in need of work, considering the steady escalation of costs for both care and prescriptions.
Respondents also evaluated their attitudes and behaviors towards saving for various long-term costs, such as emergency funds, retirement and health care. The 2019 Health care Saving Index rose by 13 percent percent to 29.2, indicating that people are at least thinking more about saving for health care now and in days to come—although Alegeus says their responses are “likely overly optimistic.”
A substantial 38 percent of respondents say they currently make contributions towards health care savings each month; 33 percent of those claim to do so aggressively.
Even more—44 percent overall—claim that they understand what their long-term health care expenses will be in retirement, and 41 percent say they’re confident that they’re saving at an appropriate rate to cover their long-term health care needs—with 35 percent claiming to be investing those health care savings in stocks, bonds and/or mutual funds for growth.
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