A 2018 EBRI survey of workers finds their top three worries about America are:
- Health care (26%)
- Immigration (18%)
- Role of the federal government (16%)
Diving into health care costs, the survey reveals the worrisome impact this has on many employees.
- 47% report increased out-of-pocket costs that contribute to a spiral of actions that may contribute to even higher costs for them and their employers
- 52% only see their doctor for serious conditions/ symptoms (avoiding well care visits and early detection of problems with low cost treatment)
- 45% delay going to the doctor (worsening medical conditions that then require higher cost treatment)
The financial impact to these workers is also serious:
- 41% decrease their contributions to retirement savings
- 39% have difficulty paying their bills
- 36% increase their credit card debt
For employers who wish to help employees manage these challenges, and possibly improve overall well-being and health outcomes, consider efforts such as:
- Personal finances education
- Improve budgeting and savings habits
- Funding alternatives to credit card debt
- Voluntary benefits
- Health care indemnity plans
- Accident, cancer and critical illness insurance plans
- Training on being a savvy health care consumer
Employers tempted to stop offering health care benefits should take note:
- 24% of workers would prefer higher wages and lower health care benefits
- 73% of workers consider health insurance to be the single most important benefit provided by their employer.
Employers Council offers members resources and expertise to balance strategic business objectives with employee benefits and wages. Contact us today for help.