Employees have become more focused on their financial health in the wake of the COVID-19 pandemic, however biases towards certain health plans can lead to overspending and negatively impact workers’ financial wellness.
Fifty-nine percent of employees say their finances cause them the most stress, according to research from PwC. With healthcare costs rising twice as fast as incomes, according to research from Voya Financial, employees need more guidance than ever to help them choose the right health plans that will curb overspending and help maintain retirement savings. Overspending on health plans can cost the average employee between $500 and $2,500 more through the year.
