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.
Workplace and Voluntary Benefit Programs
- Critical Illness and Accident Insurance
- Hospital and Medical Indemnity Insurance
- Supplemental Life and Disability Insurance
- Medical Risk and Management Programs
- Employee Wellness Programs