Millennials, currently 35% of the US workforce[i], cite health benefits as a reason they will or won’t stay with a company[ii].
As the first generation on track to spend half of every dollar they earn on healthcare-related costs within their lifetime[iii], excellent benefits guide Millennials’ decision to stay with an employer or leave over other preferences—including raises[iii]. Accessible, affordable healthcare benefits packages play a critical role when employers and employees must make difficult decisions in difficult times.Despite the broad nature of many health plan configurations, employers and employees alike are growing more frustrated with their lack of access to timely, appropriate care.Why? High-deductible health plans. These plans shifted more cost-share responsibility to the employee to encourage savvier healthcare service shopping. These high-cost plans failed to produce the desired outcome of more educated healthcare shoppers because:
pricing in healthcare services isarbitrary and varies wildly,
healthcare costs lack transparency and can change without notice after services are rendered,
certain healthcare needs are sudden and urgent allowing no time to compare prices, and
when healthcare is too costly, employees choose cheaper options withoutappropriate coverage or forego coverage entirely[iv, v].
High-deductible plans leave workers no room to weather an economic storm with their employers.Healthy employees, satisfied with a benefit health plan that provides the health services they need when, where, and how they need them, are far less likely to leave. Increasing access to primary care as a part of a value-based, care-coordinated solution eliminates or mitigates the need for costlier future hospital interventions. This frees up funds for bolstering health benefits to retain talent in the face of an economy challenged byCOVID-19.