Protect your most important asset - your employees

One out of every six adult workers (16%) whose primary health insurance comes from an employer are staying in jobs they might otherwise leave out of fear of losing their health benefits, according to a new study conducted by West Health and Gallup. 

In some cases, the consideration of benefits outweighs pay, as 78% of U.S. employees say that having health insurance that meets their specific needs is important to them when looking for a new job, and 64% say that they would be willing to sacrifice some pay for better health insurance, if they were looking for a new job.

In addition, nearly two-thirds (63%) say that their company’s health insurance offerings impact how much they want to keep working there.

Forty-two percent of respondents report concern that they would not be able to pay for a major health event, including 49% of Hispanic adults and 47% of Black adults.

In comparison, 25% are concerned about losing their home, and 29% of workers are worried about losing their jobs; via the Gallup Panel, a probability-based, non-opt-in panel of about 120,000 adults nationwide. 

Over half (53%) of employed American workers do not feel they are getting the most out of the health insurance options available to them. A similar proportion (54%) don’t know the full scope of what their current health insurance offers them. 

Younger employed adults aged 18-34 (67%) and aged 35-44 (71%) are more likely to incorrectly answer or to be unsure about some basic facts about health insurance—especially the definition of a deductible; vs. adults aged 45-64 (45-54 41%; 55-64 26%). 

Employed American adults are unsure about who to turn to if they have questions and many times fall back on selecting the same insurance every year, potentially undercutting employers’ efforts to improve the enrollment experience by adding new plans or offering coverage at new price points. Key indicators of this knowledge gap and lack of confidence are:

• 72% of employees who are involved in their health insurance decisions say they wish someone would tell them what the best health insurance for their unique situation is.

• 44% of employed U.S. adults say they feel uncomfortable asking their HR representative questions about health insurance enrollment.

• 47% say they call their friends or family members for help when enrolling in health insurance.

• 62% of employed Americans who are involved in their health insurance decisions say they don’t usually change their health insurance selections year over year because it’s too stressful.