Thursday, August 14, 2014

Employee Benefit Research Institute Survey Sheds Light on Future of Employer-Based Insurance

Employers are likely to continue providing health coverage as long as they receive a federal tax exemption to do so.  It is one of the few tax free ways to compensate workers and economically, it is tough to overcome that economic advantage.  A recent survey from the Employee Benefit Research Institute illuminates the present satisfaction and future viability of employer insurance plans.
  • 70% of workers rate health coverage as the most important benefit and another 10% rate it as second most important. 
  • Of the 60% of workers who report rising health care costs, one-third reduced their retirement plan contributions, which means trading off retirement benefits to maintain health benefits.
  • When considering a specific job, 77% of workers say health benefits are the most important benefit while only 11% say retirement savings plans are most important.
  • 90% of workers are confident that their benefits are less expensive than what they could purchase on their own. 
  • 80% are confident that their employer had picked the best plan for them. 
  • 90% are satisfied with their health coverage. 
  • 75% are satisfied with the mix of health coverage and wages.

The full study can be found here.