Working Americans are feeling a financial pinch
3 in 5 working Americans say their employee benefits contribute positively to their financial security. It is evident they rely on the financial products and services available through the workplace. But, as employers focus on strategies to control benefits costs, such as implementing high deductible health plans (HDHPs) and increasing cost-sharing, the rise in out-of-pocket costs has workers feeling the financial pinch – and valuing their employee benefits less.
Increased out-of-pocket medical expenses are affecting working Americans’ financial well-being and health care behaviors
A majority of working Americans are unable to afford an unexpected medical expense of $3,000. Most would not be able to pay from a checking or savings account and would need to rely on a variety of other means.
An unintended consequence of this financial stress related to the cost of health insurance appears to be that employees are taking risks with their health, by skipping doctor visits, delaying recommended procedures and more. This raises issues not only about the potential long-term health impacts on employees but also long-term implications for workforce productivity and costs for employers. That is why the workplace and voluntary benefit programs are so important.
At FosterThomas, we understand that finding common ground between employers and employees when it comes to health insurance can be problematic. Our advisors are here to guide you and aid in implementing an employee wellness program that can be trusted among both parties for years to come.
Our team of advisors will work with you and your team and suggest a comprehensive approach to establish a program that is mutually beneficial. With years of experience in the industry, we have found that no two businesses look the same when it comes to their employee wellness programs.
FosterThomas Workplace and Voluntary Benefit Programs in Maryland, Virginia, and Washington, DC:
- Critical Illness and Accident Insurance
- Hospital and Medical Indemnity Insurance
- Supplemental Life and Disability Insurance
- Medical Risk and Management Programs
- Employee Wellness Programs
When developing custom workplace and voluntary benefit programs for your employees, we ask that you consider the above programs and coverages before implementing a policy. For additional information about how you can incorporate our employee wellness programs into your business model, reach out to an advisor today.