Is health insurance still an attractive benefit?
Posted On July 17, 2014
With the recent Supreme Court decision excusing Hobby Lobby from providing certain birth control options in its employee health plan and the goal of Obamacare to make health care affordable and accessible to all Americans the employer-assisted health plan is getting tons of attention. We know costs keep rising and many employers are passing more and more of that cost on to employees. And with the rise in part-time and contract workers, employees are finding themselves increasingly ineligible for employer plans.
Will all these trends converge to make employer-provided coverage a relic? I don’t see it happening right away, but I can’t count it out. As the nation gets less healthy and the need for insurance rises, one would think employer-supplemented plans will continue to be highly desirable. But with the younger generations’ affinity for “jobs with a purpose,” which often means being one’s own boss, the availability of individual policies at more affordable price points could take one away from the “pro” column for traditional jobs. If this comes to be, employers will need to be looking at more creative and distinct ways to demonstrate their commitment to employees. Might I suggest underwriting financial advisory services? While that can be seen by some as a blurred line, the fact remains that many of today’s Millennial and Generation X workers are not good with personal financial planning. Helping them budget and manage debt can yield to less stress and better overall work product. Something to consider.