As costs of health care rise, survey also reveals 51% of Americans believe health care costs have a direct impact on ability to save for retirement
WINDSOR, Conn.–(BUSINESS WIRE)– Voya Financial, Inc. (NYSE: VOYA) announced today findings from a consumer research survey highlighting new workplace benefits and savings perspectives heading into the 2024 open enrollment season. Among the findings, Voya’s research indicates a shift in employee priorities as nearly three-quarters (72%) of employed Americans strongly or somewhat agree they would take a job with a slightly lower salary for better health care and medical coverage, including lower premiums and out-of-pocket costs. This sentiment is felt even higher among millennials (80%) compared to Generation Z (60%), Generation X (69%) and baby boomers (72%).
“The consistent trend of rising health care costs, coupled with the fact that these needs are anticipated to increase as one ages, is having a tangible effect on individuals,” said Nate Black, VP, Health Solutions Product at Voya Financial. “Our research also revealed more than half of employed Americans strongly or somewhat agree they would take a lower salary for employer contributions to health savings and spending accounts (59%), and better access to voluntary benefit offerings such as critical illness, hospital indemnity, disability income and accident insurance (54%). As a result, this data highlights that priorities are shifting regarding individuals’ broader health care needs, particularly when it comes to support from their employer. With open enrollment nearing, employers have a critical role to play helping their workforce leverage and maximize the full spectrum of their workplace benefits and savings offerings.”
Health care costs can impact ability to save for retirement
Voya’s research also found more than half (51%) of employed Americans say health care costs have a severe or major impact on their ability to save for retirement. The good news, however, is that many employers today recognize this challenge and continue to provide their workforce with solutions that can support one’s health and wealth needs.
What’s more, employees equally recognize the value of solutions through the workforce as Voya’s research also found over half of working Americans would be more likely to stay with their current employer if provided access to health spending and savings accounts (51%), voluntary benefit offerings (51%) and mental health benefits and resources (54%).
“While it’s encouraging to see employees’ interest in these solutions as we approach open enrollment, now is the time for employers to help their workforce understand the true value these employer-offered resources can provide — which can make a difference in retirement readiness,” said Christin Kuretich, VP, Supplemental Products at Voya Financial. “Many individuals may not realize that voluntary benefits, for example, can also help lessen the financial impact of a covered event such as an illness or accident and can potentially reduce the need to tap into a retirement account for any out-of-pocket medical or other expenses. With that in mind, these benefits can be tailored to meet individual needs.”
Source: Voya Financial
