Connecting the dots between financial stress and mental health

Health and money were among the top significant sources of stress in adults’ lives last year, according to the American Psychological Association. That’s not surprising, considering even insured Americans are struggling to afford their healthcare. Traditional health plans often come with coverage limitations and significant out-of-pocket costs, leaving people feeling as unsupported as if they didn’t have insurance at all.

In fact, 40% of workplace-insured Americans reported that they delayed care due to costs last year, which negatively impacted their mental health, workplace culture and productivity, according to a Paytient study. Knowing this, we recently sat down with Paytient CMO Laura Cave and financial therapist Aja Evans on the It’s a Gravie Thing podcast to explore the major mental and physical impact this financial burden is having on individuals.

“What I’ve found with my clients is when people are stressed out about work and money,” said Evans, “it has a way of seeping into all aspects of their life.”

When employees are left to manage overwhelming medical bills on their own, they may not realize they’re carrying both physical and mental stress of that debt into the office and all aspects of their personal lives.

“Chronic stress is what keeps people feeling anxious and depressed and worried and stressed out,” said Evans. “With that comes high blood pressure, digestive issues, not sleeping well and not eating well – it begets more sickness.”

Thankfully, with comprehensive coverage and flexible payment options, Gravie makes it easier for members to keep their financial and mental wellness in check.

Knowing exactly what to expect from your health plan lessens the mental burden

Our innovative Comfort® plan is designed to eliminate cost barriers and promote better long-term health. Comfort provides complete coverage on 85% of the most common healthcare services – that includes no-cost preventive care, specialist visits, urgent care, generic prescriptions, physical therapy, mental health therapy, virtual care and more.

This kind of straightforward, day-one coverage means there is less of a headache involved when going to the doctor, and less financial stress over who’s going to foot the bill – and how large that bill will be. If someone doesn’t know what’s wrong with their body or if they’re fighting a serious illness, the last thing they need to worry about is whether accessing care will come at a cost. Peace of mind with your health benefits means less stress on your overall mental health.

Our goal is to make it easier for members to prioritize their mental health when they need support. With mental health office and clinic visits fully covered by Comfort, along with convenient virtual visits through Teladoc Health, members utilized 18% more mental health services than traditional plan members did last year.

Another way we’re putting members’ and employers’ minds at ease is with Gravie Pay®, a flexible, pay-over-time solution members can use to pay for out-of-pocket medical expenses, planned or unexpected. This virtual credit card powered by Paytient lets members pay for their healthcare expenses at their own pace, with no interest or fees.

“More and more we’re going to start seeing these forms of payment as a resource alongside the health plan,” said Cave. “It’s going to be the new standard – that if you don’t have something like that and you have out-of-pocket costs, you’re really exposing people to a lot of stress that’s going to keep them from going to the doctor.”

Mental health and the workplace

With such solutions in place, employers can have confidence that their employees will actually benefit from their health plan and get the help they need to heal and thrive, both at home and the workplace. The workforce will know their employer has their backs — and when people feel they’re being taken care of, they are often motivated to be more productive and fulfilled. Not to mention, competitive benefits like these keep those employees coming back to work.

“Happy people make better workers, they just do,” said Evans.

Want to learn more about the relationship between financial and mental wellbeing? Tune in to the complete conversation with financial therapist Aja Evans and Paytient CMO Laura Cave on the It’s a Gravie Thing podcast.