Nobody’s happy when the out-of-pocket costs they pay for their benefits increase (likely a common occurrence this year). But employees don’t seem to be unhappy with what they’re getting in return.
The number of employees who say the coverage they receive in exchange for the out-of-pocket costs they pay (including premiums) is “definitely worth it” or “probably worth it” is on the rise according to a recent Mercer study, which drew on survey data from multiple studies dating back to the spring of 2001.
In 2011, 86% of employees said what they pay out-of-pocket for their health benefits is “probably” or “definitely” worth it for the coverage they get. That’s compared to 83% in 2010, 73% in 2008, 69% in 2007, 78% in 2006 and 72% in 2005.
Some other interesting findings from the study:
- Benefits becoming more important. In 2011, 79% said benefits are one of the main reasons for choosing and staying with an employer. That’s a four-percentage-point jump over the number of employees who had the same response in 2010.
- Employees recommitting to retirement savings. Employees are becoming increasingly worried about saving for retirement. Nearly 55% of those age 50 and older are considering delaying retirement, a figure relatively unchanged since 2010. But the amount of those under the age of 50 considering delaying retirement has spiked considerably — from 27% in 2010 to 40% in 2011. Those retirement concerns have sparked workers to start saving more. Workers this year expect to put an average of $7,763 into their retirement accounts in 2011, up from $6,440 last year.