Dive Brief:
- Two-thirds of US workers (66%) report satisfaction with current health coverage available to them, yet concern about the future affordability of those benefits is rising dramatically, according to a recent survey more than 3,000 US workers representing a cross-section of the overall national workforce.
- Only 41% see healthcare as affordable five years from now vs. 62% today, according to Mercer’s latest data from the Inside Employees’ Minds™ Survey.
- Employees surveyed also report strong satisfaction with retirement benefits (60%) – which ranks second to pay in importance. But notable is employees’ rising concern about the cost of health care in retirement; 32% today (up from 24% five years ago) say saving for healthcare expenses in retirement is a top priority.
Dive Insight:
“Employees of all types continue to value benefits, with 9 in 10 saying they are just as important as getting paid,” said Gillian Printon, senior partner in Mercer’s Health & Benefits business. “This is remarkable despite a marked shift toward greater cost sharing with employees and a perception that benefits are less robust today than in the past."
Printon said that combined with younger generations seeking more flexible offerings, the study suggests an increasingly benefit-savvy working population that is accepting shared accountability, but with "grave concerns" over affordability in just a few short years.
In addition, workers ages 34 and younger rank retirement benefits ahead of low healthcare costs, but place career opportunities as second in importance behind base pay, compared to eighth in importance for the overall workforce.
