There’s nothing that keeps me up more at night than worrying that I overpaid for something or worse, finding out it went on sale right after I bought it. Nobody likes paying more than they have to. Health coverage is no exception.
Healthcare was already expensive. Then the Affordable Care Act (ACA) went into effect, and prices increased for many of us. We all know why. We’re paying more to keep prices down for those who couldn’t even get insurance before. Now everyone can be covered (which IS a good thing), but it still hurts our pocketbooks.
People have come to expect companies to offer healthcare benefits. You do, don’t you? Often it’s because we don’t want to deal with it—and the company pays for a chunk of it. In fact, it’s a dealbreaker for a lot of applicants if the company doesn’t offer health coverage. It’s soooo important for applicants. But with ACA, the costs have gone up. Companies are absorbing a lot of these costs, but individual employee costs have also gone up.
What do your employees think?
At BambooHR, we’re concerned about things that affect HR. That’s why we did a study to learn how your employees feel about all these changes. First, we learned that more than half (58 percent, in fact) say their out-of-pocket healthcare costs have increased. That’s just the costs that your employees are feeling. This doesn’t even count the increased costs that companies are having to pay.
The increase probably wouldn’t be so bad if the quality had increased, but it didn’t. 54 percent say that their healthcare has stayed the same. And another 24 percent say their health coverage has actually gotten worse!
That takes worrying about overpaying for something to a whole new level! It’s frustrating to learn people are actually paying more for healthcare and getting less. In fact, one in three employees admit to feeling stress either at home or work since ACA went into effect.
Your people have so much to worry about already. They have their personal lives—often families to house and feed. Not to mention work responsibilities. Life is a great balance. But you can help!
There are a lot of things employees don’t understand about ACA and their health coverage. That’s why it’s important you teach them and help them know how ACA has affected everybody—including your company. Let them know you’re offering them this benefit to help them and their families. Put emphasis on what the health coverage DOES include. Help them understand how to use it more effectively so they can get the most value out of their healthcare benefits.
You can’t control ACA and the requirements it puts on you and your health policies but you CAN control educating and helping your people to better understand their healthcare coverage.
If you’d like to dive deeper into the data from this study, check out the full infographic and survey report.