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As medical costs rise in the United States, workers are placing an added value on the health benefits they receive from their employer.
According to Lively’s Wellness & Wealth survey of 1,000 U.S. workers, 76% ranked health care in their top three priorities when considering workplace benefits. What’s more, out of 11 popular employee benefits, including competitive salary and 401(k), 40% of employees chose health care as the most important benefit when considering switching jobs or staying with their current employer.
Another finding of the report was that as U.S. adults get older, they are more likely to go to a doctor regularly or preventatively. Conversely, younger adults are more likely to only go to a doctor when something catastrophic happens. Men, married people and wealthier consumers are more likely to see a doctor preventatively, while people with children are more likely to only go to the doctor when they are sick.
“The results of the report show that, despite a strong economy, Americans are not able to make the best health-care choices for themselves due to their financial situations,” said Shobin Uralil, co-founder and COO of Lively. “The fact that nearly half of Americans forego preventative care due to cost proves that something is lacking in our health-care system, and employers should take note. As the number one priority for employees when considering jobs, health-care benefits should be top of mind in every workplace.”
Additional findings from the Wellness & Wealth Report include:
- Three in four Americans are surprised by how high their medical bills are when they receive them.
- One in three employees are unsure how much of their paycheck goes to health-care costs (including health insurance and out-of-pocket costs).
- While close to a third of people surveyed do not have health benefits through an employer, the majority of those who do say they understand their benefits.
- Although employees report the best understanding of 401(k)s as a benefit, less than 50% completely understand them.
- Less than 1 in 3 Americans completely understand any of the following healthcare terms:
- Flexible Spending Account (FSA)
- Health Maintenance Organization (HMO)
- Health Reimbursement Arrangement (HRA)
- Health Savings Account (HSA)
- High Deductible Health Plan (HDHP)
- Preferred Provider Organization (PPO)