Many businesses today are at an impasse: how to ensure employees have the best, most affordable care options while also managing their own costs. (Image: Shutterstock)
Financial security has and always will be a priority for employees and employers alike. However, the past few months have exacerbated consumers' concern over their finances, leaving nearly 9 in 10 Americans worried. What's more, half of Americans are concerned they will go bankrupt because of a medical issue, specifically. According to a recent study from academic researchers, 66.5% of all bankruptcies are tied to medical expenses, whether it's due to costs of care, prescriptions or time out of work.
Not surprisingly, employees are increasingly turning to their employers for tools and resources to help them save on medical expenses. Nearly 60% of employees with employer-sponsored health insurance report that they are looking for more ways to save on their benefits, according to data from Sapphire Digital's latest survey. While employers continue to offer benefits that address employees' physical and financial health separately, they may be missing a vital tool that bridges the gap between the two.
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