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Cobbs Allen in the News: Americans Continue to Struggle with Rising Health Care Costs

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Survey: Many Americans with Employer-Sponsored Health Insurance, Especially Millennials, Struggling with Rising Out-of-Pocket Costs

Less than half of employees are aware of supplemental group insurance benefits designed to help them manage the unexpected expenses of an injury or illness, survey finds

July 17, 2017 10:43 AM Eastern Daylight Time

ST. PAUL, Minn.--(BUSINESS WIRE)--With deductibles continuing to climb, many Americans who have health insurance through their employers, particularly younger workers, are struggling when it comes to out-of-pocket medical expenses.

According to a new survey from Securian Financial Group, a provider of supplemental group insurance products, nearly four in 10 workers on employer-sponsored health plans are personally experiencing or know someone who is having financial difficulty due to medical bills. Notably, more than half (52 percent) of Millennials on a health plan through their employer are personally struggling or know someone who is struggling to pay medical bills.

While solutions for combating unexpected medical expenses are available, most workers do not know about them. The survey found that fewer than half of Americans with health insurance through work (44 percent) are aware that many employers provide supplemental group insurance options to help employees pay for out-of-pocket expenses and other costs associated with an accidental injury, hospital stay or critical illness.

“The rising cost of health care has driven many employers to offer supplemental group insurance products, often in conjunction with a Health Savings Account,” said Elias Vogen, a director with Securian. “This combination can be cost-effective for both employer and employee, and our survey shows that when employees are aware that these benefits are available to them through work they opt in at a high rate—64 percent for accident insurance, 59 percent for hospital indemnity insurance and 47 percent for critical illness insurance.”

Access the full article and links here.