Elevate, the next-generation consumer-directed benefits platform has announced the results of a survey of employees at important private-sector companies (2,500+ people) in order to comprehend the attitude of benefits users for the 2023 enrollment season.
The survey, which had more than 775 respondents, indicated that most workers are struggling financially, which leads them to cut back on their discretionary spending and the expenditures of leading a healthy lifestyle. Some people may refuse both necessary and elective medical care.
Due to the impact of inflation on employee budgets and the likelihood of a more severe recession in 2023, financial stability is a top worry. 65% of respondents indicated they intended to spend more on necessities while cutting back on discretionary expenditures.
Making cutbacks in healthcare may frequently entail altogether forgoing treatment. For instance, 28% of employees put off wellness checkups or screenings, and 14% delay necessary medical treatments or medication refills.
88% of respondents agree that benefits help them maintain their financial stability, and 78% believe that it’s extremely necessary or very important to be prepared for out-of-pocket medical bills. However, poor benefit selections might hurt employees’ well-being and raise corporate costs due to perception, a lack of benefits knowledge, and illiteracy.
“Many companies really comprehend the financial hardship that employees are experiencing as a result of the macroeconomic environment as a whole. However, companies should be concerned about the number of workers who put off wellness examinations and visits, according to Brian Cosgray, CEO, and co-founder of Elevate.
No matter how well-intentioned, suboptimal benefits decisions will eventually have an effect on healthcare expenses, employee presence, engagement, and productivity for both the company and the employee.
