Great Lakes Wire

More than two-thirds of employees consider health care benefits second only to salary when evaluating job offers, and 78% would seek new employment if their benefits package were inadequate, according to recent research from Intuit QuickBooks and Allstate Health Solutions. The 2024 Intuit QuickBooks Allstate Health Solutions Benefit Survey highlights the significant role health care benefits play in an employer's ability to retain and attract employees.

Amid macroeconomic challenges such as rising interest rates and inflation, employees are finding it increasingly difficult to manage their health benefits costs. The survey revealed that 23% of employees across small and large companies struggle to afford their employer-provided benefits. A majority of workers (62% at smaller companies and 66% at larger companies) believe their monthly contributions are too high, making these plans unaffordable for the average employee due to high deductibles.

The survey also noted several key findings:

Medical costs affect long-term savings. Most workers at small (71%) and large companies (63%) have faced difficulties saving for emergencies or retirement due to medical expenses. More than a quarter of women at both small and large companies report that medical costs have significantly impacted their long-term financial goals, compared to 18% of men.

Range and choice of benefits are important. Nearly 60% of employees desire a variety of benefit options, including health maintenance organizations (HMOs), preferred provider organizations (PPOs), and flexible spending accounts (FSAs). Additionally, half of the employees at small companies and 61% at larger firms want the option to add supplemental benefits such as dental, vision, mental health services, pet insurance, and more.

Job satisfaction and productivity are linked to benefits. Over nine out of ten employees at both small and large companies associate their overall job satisfaction with their benefits packages. A significant majority indicate that inadequate medical coverage could negatively impact their productivity on the job—68% at smaller companies and 72% at larger businesses.

SOURCE: https://digitalasset.intuit.com/render/content/dam/intuit/sbseg/en_us/Blog/product-qbo/IntuitQB-2024AllstateHealthSolutionsBenefitsSurvey-FINAL.pdf; CCH AnswersNow

By Heather Nezich, courtesy of SBAM-approved partner ASE.

Click here for more News & Resources.