Other Employee Benefits Fall Behind When it Comes to Medical CoverageApril, 2007
Having access to
group health insurance appears to be one of the greatest perks today for American workers, according to a study that reveals how workers feel about medical coverage and employee benefits.
A nationwide survey recently conducted by the National Business Group on Health, whose members include Fortune 500 companies, reveals that US workers feel that their medical coverage plan is the most important of employee benefits, even more so than retirement benefits, or wage increases.
In today's market this makes sense. In a world of fast rising health care costs, group health insurance is almost always much less expensive than individual insurance plans, and offers much better coverage as well. This is why so many employers choose it, after all. And it makes sense for medical coverage agencies too; the law of averages suggests that in a group of employees, only a few people will get sick, while most people (all of whom are still paying) won't.
This also explains why individual health insurance is also harder to get, but more expensive once you've got it.
Facts on:
Group Health Insurance
Did you know...
Researchers have found that US workers consider their medical coverage plan to be their most important employee benefit?
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Even retirement packages mean less to those workers lucky enough to get group health insurance, and most are willing to make a trade that they really shouldn't have to make. Around 83% of those surveyed would rather see their salary or retirement benefits reduced instead of their health benefits if their employer needed to reduce their total compensation. By selling their future security, these employees are able to protect their health for now.
Hopefully, upcoming legislation regarding
medical coverage will lead to much-needed changes in the way insurance is provided. Employees shouldn't have to choose between the employee benefits designed to protect their health and well being. And, enjoying access to a low-cost group health insurance plan shouldn't come at the cost of a happy, healthy retirement.
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