Concern over out-of-pocket costs may be driving employee decisions around medical care that could have catastrophic consequences in terms of people's health and finances. (Photo: Shutterstock)
Today's current economic environment is stressful. The International Monetary Fund is predicting a worldwide recession that could come in 2023, inflation remains high and labor remains in tight supply. A new 2022 Pulse Report: Current Market Impacts on Benefits Decisions, from Elevate says that employees are making poor decisions because of financial stress that could harm their physical, emotional and financial welfare.
When it comes to choosing a health care plan, employees don't always consider the total cost, notes the survey. As a result, they may end up with less or more coverage than they need, potentially overburdening their paycheck or resulting in out-of-pocket costs they didn't prepare for.
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