MENOMONEE FALLS, Wis. – Nov. 29, 2023 – Only half of consumers describe their dental and vision health as good or excellent, while the other half report it as less than optimal, according to findings from the inaugural SKYGEN 2023 Pulse Report. Yet, among the nearly 5,000 individuals who responded, only 72% have dental insurance and just 57% have vision insurance, suggesting there is an inherent misconception among consumers regarding the value of specialty benefits plans, as well as an opportunity for insurers to address these disparities.
As the leading software as a service (SaaS) technology and third-party administration (TPA) services company, SKYGEN is an industry thought leader in the vision and dental benefits space. The 2023 Pulse Report represents its commitment to bridging the gap within the payer, provider and member ecosystem by fostering a greater understanding of consumer perceptions about specialty care providers, the hurdles, if any, that might be holding them back from benefits utilization and the evolving landscape.
Key insights from the SKYGEN 2023 Pulse Report:
- Cost is the top reason consumers lack vision and dental insurance, consistently placing areas such as investing, cash and retirement savings higher on their list of financial priorities.
- 72% of respondents without vision insurance reveal that they or their dependents require vision correction or grapple with vision-related issues.
- While cost is a primary barrier to obtaining care, nearly half of consumers indicated as extremely or somewhat likely to purchase dental insurance in the next two years, suggesting dental care is still top-of-mind.
“As part of our commitment to being a strategic partner to our customers, we proactively keep a pulse on the industry, including current, future and emerging trends that might impact them,” said John Schaak, SKYGEN’s chief innovation and growth officer. “This report fulfills our mission to advance better quality care by providing insurers with actionable insights that can help them understand how consumers interact and engage with their benefits, or lack thereof, as well as the strategies that can be implemented to improve the larger consumer experience.”
Commissioned in coordination with Hanover Research, this survey is the first of a three-part series from SKYGEN focused on vision and dental specialty benefits. The findings reiterate the pressing need to address and recalibrate consumers’ perceptions in an ever-changing landscape. To download and view the report, please visit: https://www.skygenusa.com/knowledge/white-paper/unlock-secrets-dental-vision-insurance-consumer.
About SKYGEN 2023 Pulse Report: Consumer insights on vision and dental benefits
SKYGEN developed this report in coordination with Hanover Research. The survey was designed to collect data on consumer perceptions associated with dental and vision insurance coverage. The survey was fielded in June of 2023; data was cleaned and analyzed by Hanover Research. The study consisted of 4,992 qualified responses. The data was cut into cross tabs by coverage status, payer type, gender, race, geographical region, and income. Hanover performed statistical analysis with a 95% confidence level using Z-test and p=less than 0.05 and a margin error of +/-1% for the overall sample size.
SKYGEN transforms dental and vision benefits management and administration with flexible technology and services that connect and change lives for the better. Through partnerships with payers, providers and government agencies, SKYGEN helps its customers navigate dental and vision benefits management and administration. With its portfolio of third-party administration (TPA), intelligent Software as a Service (SaaS) automation, marketplace connectivity, risk management solutions and above-and-beyond services like Enhanced Benefit Management (EBM), Provider Select Suite platforms, mobile apps and portals, SKYGEN serves nearly 50 million members across all 50 states, more than 40 government and commercial insurers and process 3 million claims monthly. For more information, please visit www.skygenusa.com.
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Branigan Inc., On Behalf of SKYGEN