Remove Deductions Remove Out of Pocket Cost Remove Salary
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3 in 4 Workers Would Accept Lower-Pay for Better Benefits: Survey

InterWest Insurance Services

A new study has found three out of four U.S. workers would accept a job with a slightly lower salary if it offered better health care and medical coverage. The main driver in workers prioritizing benefits is the rapidly rising cost of group health insurance premiums and out-of-pocket costs, according to the study by Voya Financial.

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Employers Prioritizing Enhanced Benefits in New Year, Not Cost-Cutting

InterWest Insurance Services

With Americans increasingly struggling to pay their health care bills, more employers are shying away from only offering their workers high-deductible health plans (HDHPs) that reduce premiums up front for higher out-of-pocket costs for workers. Cost-cutting. That fell to 13% in 2021 and was only 9% in 2022.

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5 ways you can help employees get the most from their benefits

Insperity

Be sure to provide each new hire with: A detailed, printed overview of available benefits and out-of-pocket costs, if any. Help employees truly understand their out-of-pocket costs. In printed materials and other communication, explain the impact of benefits on your employees’ salary.

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Employers Expect Higher Premiums, Little to No Cost-Shifting

InterWest Insurance Services

18% use salary-based contributions to premiums, with lower-wage workers paying less than their better paid colleagues. 39% offer a medical plan with no or a low deductible or cost-sharing (e.g., 6% make larger health savings account contributions to lower-wage staff to make their high-deductible health plan more affordable.

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Examples of fringe benefits by category

Business Management Daily

A good regular salary may have been enough years ago, back when government subsidies managed things like healthcare and retirement, but those programs have become less and less effective. HMO plans often have lower premiums and out-of-pocket costs compared to other plans. Most employees expect benefits. People want more.

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Employee benefits for small businesses

Higginbotham

This can be done through salary and wages, but it can also be done through benefits, and the latter can be better in some ways. Gallup says that the cost of replacing an employee can range from one-and-a-half to two-times the employee’s annual salary. This can leave workers with many out-of-pocket costs.

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Executive benefit reimbursement plans

Higginbotham

Even with health insurance, dental insurance and vision insurance, employees tend to end up with some out-of-pocket costs that aren’t covered by their various plans. A benefit reimbursement plan offers a way to cover these costs. They have to pay a deductible. HRAs are owned by the employer.