Concern over out-of-pocket costs may be driving employee decisions around medical care that could have catastrophic consequences in terms of people’s health and finances. (Photo: Shutterstock)

Today’s current economic environment is stressful. The International Monetary Fund is predicting a worldwide recession that could come in 2023, inflation remains high and labor remains in tight supply. A new 2022 Pulse Report: Current Market Impacts on Benefits Decisions, from Elevate says that employees are making poor decisions because of financial stress that could harm their physical, emotional and financial welfare.

When it comes to choosing a health care plan, employees don’t always consider the total cost, notes the survey. As a result, they may end up with less or more coverage than they need, potentially overburdening their paycheck or resulting in out-of-pocket costs they didn’t prepare for.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.