Yet another study shows many Americans know little about the state of their health care benefits.
A survey by Sun Life finds that 54 percent of U.S. employees don't know what the out-of-pocket maximum is for their health plan.
That statistic alone underscores the financial risk that so many insured Americans live with on a day-to-day basis. Americans are spending, saving and planning for their retirements without knowing what effect a major medical event could have on their finances.
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A group in an even worse position is the 33 percent of employees who cannot say how big their deductible is. Thirty percent of the workers surveyed could not identify their out-of-pocket max or their deductible.
And yet, many of the people who cannot recall key features of their health plans are clearly aware of the problems that health costs portend for them. Seventy-seven percent of respondents say they are concerned about the financial risks due to employers cutting back on health benefits and 62 percent say that employer-sponsored health plans are rarely offer adequate coverage.
Many employees would like to have more information about other types of insurance, including supplemental health care benefits. Forty-three percent say they don't currently have access to enough information about voluntary benefits offered by their employer.
As employers cut down on health benefits, many employees are turning to supplemental products to protect themselves from being financially crippled in the event of a major medical issue. Critical illness insurance, which is most often used for cancer, is on the rise.
There are also plenty of other voluntary benefits on the rise that are likely linked in some way to the increasing financial insecurity employees are experiencing due to rising health costs and slimmer health packages. Tuition assistance or programs to help employees pay off student loans are on the rise.
In addition, businesses are increasingly putting their workers in charge of their benefits decisions through private exchanges and helping them better-understand benefit choices and financial planning by offering financial wellness programs.
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