NAPA Net - Polling Places 041621

Is COVID Fanning Financial Wellness Fervor?

The COVID-19 pandemic has magnified attention on American workers’ health and retirement – this week we’d like to know how/if this is impacting your practice(s).

More than a year ago – and pre-pandemic - the Plan Sponsor Council of America’s Health Savings Account (HSA) survey found that more than half of employers (51.5%) already position the Health Savings Account (HSA) as a retirement savings vehicle. And increasingly, there are signs that our increased awareness of health – and the economic uncertainty of the pandemic – has heightened interest not only in financial wellness programs, but more specifically in components like emergency savings accounts.

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* 1. Are you seeing an increased interest in financial wellness as a topic among your plan sponsor clients?

Yes.

No.

Not yet.

No, but then it was already pretty high.

No, if anything interest levels are down from what they were pre-pandemic.

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* 2. Are you seeing an increased interest in financial wellness topics/focus among participants/workers?

Yes.

No.

Not yet.

No, but then it was already pretty high.

No, if anything the interest is lower than it was pre-pandemic.

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* 3. Are Health Savings Accounts (HSAs) part of your practice?

Yes.

No.

Not yet.

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* 4. How many of the plans you work with offer an HSA?

0-5%

5%-10%

10%-20%

20%-30%

30%-40%

40%-50%

50%-60%

60%-70%

70%-80%

80%-90%

90% - 99%

All of them.

None of them.

Care to expand on that?

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* 5. If they are part of your practice, generally speaking, what has the participant take up rate been on the HSA option(s)?

0-5%

5%-10%

10%-20%

20%-30%

30%-40%

40%-50%

More than 50%

Care to expand on that?

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* 6. Are emergency savings accounts a topic of interest among your plan sponsor clients?

Yes - and have been for some time.

Yes, pretty recently.

No.

Not yet.

No, but I'm working on that.

It's all over the board.

Care to expand on that?

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* 7. What is THE financial wellness topic that your plan sponsor clients are most interested in these days? Including none, if that is the case...

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* 8. OK, last question; how're you doing (check all that apply today)?

I'm good.

I'm great.

I'm hanging in there.

There are good days & not-so-good days.

What day IS it, anyway?

I'm as good as can be expected.

want to expand on that?

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* 9. Other comments about financial wellness, financial wellness topic(s), take up in financial wellness topics, health savings accounts, lack of interest in health savings accounts, the surge in interest in health savings accounts, emergency savings accounts, lack of interest in emergency savings accounts, the recent surge in interest in emergency savings accounts, or life in general?

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* 10. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Wholesaler

Consultant

Other (please specify)

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* 11. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 12. Suggestions for future survey questions? Seriously - what would you like to know about/from your fellow NAPA-Net readers? Or what would you like to be asked?

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* 13. All responses are confidential, of course - but just in case you would like a response - or want me to know you responded - or just want to say hi - here's your chance to do so (don't forget your email)!