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.
The financial difficulty that employees are going through as a result of the macroeconomic situation as a whole is something that many organizations truly understand. However, according to Brian Cosgray, CEO and co-founder of Elevate, businesses should be worried about the proportion of employees who delay wellness exams and visits.
Regardless of how well-intentioned, poor benefit selections will eventually have an impact on healthcare costs, employee presence, engagement, and productivity for the employer and the employee.
