Workers Agree This Is The Most Valuable Employee Benefit

Is it a competitive salary? Extra vacation? Work/life balance? Or is it a big 401(k) match?

Workers were asked what they feel is the most important employee benefit of all, and their answer may surprise you.

They overwhelmingly said that health care coverage was the most valuable on-the-job perk.

That’s the benefit that’s top of mind when employees consider staying on the job or switching employment.

That answer is a function of rising health costs, which seem to keep spiraling upward.

The Takeaway: Not all workers receive health care benefits at work, but for those who do, a common situation is for employees and employer to split the cost of monthly benefits.

Premium costs go up with age, and also vary by state, so while insurance for a 21-year old may cost from $250 to $400 per month, a 50-year-old will cost more in the range of $850 per month in total.

That’s an expensive benefit, explaining why access to health care coverage is so important, and why medical insurance adds significantly to payroll costs at most workplaces.

 

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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