The highest expense for many U.S. households makes this top of mind for employees.
Benefits are important to prospective employees. But what perk is the most important? Paid time off? A flexible schedule? Retirement benefits?
None of the above.
Healthcare coverage is the most important employee benefit, according to a new report.
According to Lively's Wellness & Wealth Report, healthcare coverage is, by far, the most important benefit to U.S. adults when it comes to choosing or staying with an employer. For 37% of respondents, it is the most important benefit (more than any other benefit tested) and the majority of adults (76%) give it a top 3 ranking among benefits (again, more than any other benefit). Competitive salary and 401(k) follow.
“Healthcare costs are the highest expense for many U.S. households, making them top of mind for employees,” says Shobin Uralil, COO and co-founder of Lively, a company creating modern Health Savings Accounts (HSA), located in San Francisco. “This, coupled with the fact that healthcare is a top priority for employees when choosing a job, gives employers the unique opportunity to provide more resources and more favorable health benefits in order to attract top talent. As employers and healthcare executives, there is a lot to be done to help build knowledge about healthcare, financial preparation, and tools to build wealth.”
Other key findings include:
“Individuals and families across America are feeling the impact of rising medical costs,” Uralil says. “From choosing a health insurance plan, to postponing a doctor’s visit or foregoing a recommended medical treatment, adults are making tough financial decisions that directly impact their physical health.”
These costs are projected to rise over the next decade, according to Uralil, with national health spending growing at an average rate of 5.5% per year from 2018 to 2027 and to reach nearly $6.0 trillion by 2027,” according to CMS.
Lively conducted the survey of 1,000 randomly selected U.S. adults (ages 18 and older) from June 5-6, 2019 to gauge physical and financial health decisions. Respondents were asked 10 questions about their personal finances as they pertain to healthcare, health practices, ability to pay for health-related expenses, and insurance coverage. The survey was commissioned by Lively and executed by CITE Research, and is part one of a series of findings about employee wellness and wealth. Part two of the results will be released later this year.