Employees happy with benefits value, recommit to saving

November 4, 2011 by Christian Schappel

Nobody’s happy when the out-of-pocket costs they pay for their benefits increase (likely a common occurrence this year). But employees don’t seem to be unhappy with what they’re getting in return.

The number of employees who say the coverage they receive in exchange for the out-of-pocket costs they pay (including premiums) is “definitely worth it” or “probably worth it” is on the rise according to a recent Mercer study, which drew on survey data from multiple studies dating back to the spring of 2001.

In 2011, 86% of employees said what they pay out-of-pocket for their health benefits is “probably” or “definitely” worth it for the coverage they get. That’s compared to 83% in 2010, 73% in 2008, 69% in 2007, 78% in 2006 and 72% in 2005.

For some other interesting findings from the study and the complete article Click Here!

Dependent coverage rule = 1M more insured youngsters

September 29, 2011 by Christian Schappel

New data shows that healthcare reform’s dependent coverage rule has led to nearly one million young adults acquiring medical insurance.

The Department of Health and Human Service (HHS) just announced that the results from a national health survey show the percentage of adults between the ages of 19 and 25 with health insurance increased by 3.5% in the first quarter of 2011. 

That means about one million young adults who didn’t have coverage last year are now insured.

Under the healthcare reform law, medical plans must extend coverage to participants’ children until age 26.

Federal researchers are saying the increase is a result of the reform law mandate. 

“While it is theoretically possible that the increase in insurance coverage for young adults in 2011 is due to some factor other than the Affordable Care Act, it is hard to identify a plausible alternative explanation for the increase in coverage among young adults,” said in a statement released by the HHS.

The HHS also said its conclusion is supported by findings from other organizations.

Some stats the HHS points to:

• A recent Gallup survey shows the rate of insured adults ages 18 to 25 went from 71% in the first quarter of 2010 to 75.1% in the second quarter of 2011, and
• Results from a U.S. Census Bureau Current Population Survey found roughly 400,000 additional adults ages 19 to 25 were insured during 2010 compared to 2009.

Click here for more links and the original article.

55+ workers flip retirement savings strategy

July 15, 2011 by Christian Schappel

More than three-quarters (76%) of workers 55 and older say the last few years have provided them with a much-needed financial wake-up call.

As a result, 84% said they now exercise a more cautious investment strategy, according to a recent Harris Interactive telephone survey of more than 1,000 over-55 U.S. workers age.

Retirement plan changes

What are workers now looking for from their retirement plans? Almost two-thirds (65%) said they want investments that are almost guaranteed not to lose value — like CD’s or annuities.

The survey data revealed that protecting assets is now five times more important to older workers than investing aggressively, and 60% are looking to protect their income from market losses.

And that’s not all: 80% say they want education and advice on saving and investing from their employer.

Retirement now means less work

Other findings:

• Older workers intend to delay retirement — from 64 to 69, and
• Two-thirds say they’d like to keep working at least part time after they retire.

Controversial health reform study details released

The Obama administration did not like the picture McKinsey & Co.’s latest health reform study painted of life after the new law. But McKinsey is not backing down from its findings.

The controversial study found that 30% of all employers will “definitely” or “probably” stop offering their workers health insurance once the bulk of the healthcare reform law’s mandates take effect in 2014.

That figure jumps to 50% among employers with a “high awareness” of the reform law’s requirements, the study found.

Those findings did not sit well with the White House and other Democrats who pressured McKinsey to release its methodology.

Recently, McKinsey obliged by releasing the details of the survey on its site, along with a statement, saying: “We stand by the integrity and methodology of the survey.”

Click Here to read the full article.

Study Predicts How Much Health Costs Will Rise In 2012 | HR Morning

How much are you anticipating your healthcare costs to increase next year? 

PricewaterhouseCoopers’ (PwC) Health Research Institute estimates that healthcare costs will increase 8.5% in 2012 — and that’s on top of the 8% increase PwC says employers will endure this year.

Those figures come from the organization’s annual survey of medical cost trends. Participants included 1,700 companies from 32 industries, in addition to hospital executives and health plan actuaries.

Link: Read the whole article from HR Morning