Health insurance coverage is “the benefit employees say contributes most to their feelings of financial security,” even more than retirement benefits, according to the inaugural “workplace wellness study” by the Employee Benefits Research Institute.
“Health insurance remains the benefit employees are most likely to consider when making employment decisions, followed by retirement savings plans, and these benefits play a critical role in employees’ feelings of financial security,” it said.
The study, done with the Greenwald Research firm, found that two of three workers feel stressed about their financial future, with nearly half “concerned with their household’s financial wellbeing, citing saving for retirement and having savings in case of an emergency as top sources of financial stress.”
“On the positive side, however, nearly half of employees, 47 percent, are extremely/very satisfied with their benefits package, with 58 percent stating that they are satisfied with their employment-based retirement savings plan and 54 percent being satisfied with their current health insurance plan,” it said.
Nearly two-thirds of the roughly 1,000 respondents to a survey said that health insurance contributes substantially to their security compared with slightly more than half who said the same of retirement benefits. Most also said they would not trade their benefits for higher pay, it added.