Employer-sponsored health insurance is a significant benefit for many workers. It can provide peace of mind knowing they can access affordable healthcare, even if they get sick or injured. But are people happy with their company-paid insurance?
According to a recent survey by the Kaiser Family Foundation, 93% of employees are satisfied with their employer-sponsored health insurance. This is up from 87% in 2018. There are several reasons why people are so satisfied with their company-paid insurance.
- Affordability: The most common reason for satisfaction is affordability. According to research published by the Kaiser Family Foundation in 2021, the average cost of employer-sponsored health insurance for annual premiums was $7,739 for single coverage and $22,221 for family coverage.
- Coverage: Employer-sponsored health insurance typically covers many services, including doctor visits, prescription drugs, and hospitalization. Most mid- to large-sized companies offer EAPs at little to no cost to employees. EAPs traditionally helped employees with substance abuse problems but now cover a variety of other services, including mental health issues, child and elder care, financial or legal problems, and adoption assistance
- Convenience: Employer-sponsored health insurance is often easy to enroll in and use. Employees can choose from various plans and often change their coverage during the year.
What Can Companies Do to Improve Employee Satisfaction with Insurance?
There are a few things that companies can do to improve employee satisfaction with their insurance. These include:
- Making sure the coverage is affordable: This is the most essential factor for most employees. Companies can help keep costs down by negotiating with insurance companies and by offering high-deductible plans.
- Offering a variety of plans: Employees should have a choice of plans, so they can choose one that fits their needs and budget.
- Making it easy to enroll and use: The enrollment process should be simple, and employees should be able to change their coverage during the year.
- Providing education about the benefits: Employees should be educated about their gifts to know what they are covered for and how to use their plan.
There is even an emphasis on wellness.
Employee wellness programs are becoming more commonplace, benefiting employees and their employers. Overall, when it comes to employee well-being statistics, here are the key facts our research uncovered:
- 52% of U.S. companies offer wellness programs.
- 72% of employers saw reduced healthcare costs after implementing a wellness program.
- The average return on investment (ROI) for employee wellness programs is six-to-one.
- Wellness programs can reduce absenteeism by 14-19%.
- 87% of employees consider health and wellness offerings when choosing an employer.