Retirement & Financial Planning Report

Health insurance benefits are such a high priority to workers that nearly half of them say they are very or extremely satisfied with their benefits, according to a nationwide report that largely mirrors findings of a recent benefits survey just of federal employees.

While the outcomes of the studies were similar, the Employee Benefit Research Institute also asked some questions that were not on the federal employee survey, for example finding that 17 percent would trade lower pay for better health care benefits (further, 44 percent said they would make that same trade for better work-life balance).

In addition, the study found that “employee satisfaction with benefits relates to overall job satisfaction. Employees who are extremely or very satisfied with their benefits are more likely to say they are extremely/very satisfied with their job. Similarly, those who are extremely/very satisfied with their benefits are more likely to say employee morale at the workplace is excellent or very good.”

The study also noted that not all employers offer a benefit package comparable to that of the federal government in the first place. While CSRS or FERS, FEHB, TSP, FEGLI, FEDVIP and the FECA are part of the basic federal benefit package, only 26 percent of employers offer a defined benefit retirement plan, 67 percent health insurance, 57 percent a retirement savings plan, 50 percent life insurance, 59 percent dental insurance and 49 percent vision insurance, and 29 percent long-term disability insurance.

In most cases, those have decreased somewhat over recent years, it added.