As the year comes to a close, everyone is feeling the stress of selecting the best benefits. But too often, we get so focused on the minutiae of what’s covered and what isn’t that we miss the bigger picture: our financial health.
Over 60% of personal bankruptcies are tied to medical issues, giving benefits decisions the potential to become a source of major financial stress for employees. And as the cost of healthcare benefits and increased cost sharing measures show no signs of slowing, the financial burden of healthcare coverage on employees is surging. In turn, employers deal with increased absenteeism, lower productivity, and in some cases, workplace safety concerns as their workforce is occupied with financial stress and its well-documented consequences.
