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.