This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MetLife Study Finds Six Out Of Ten Employees Are Concerned About Covering Out-of-Pocket Medical Costs

Findings from MetLife’s 11 th Annual Study of Employee Benefits Trends, reveal that concerns about addressing healthcare costs are impacting both employers and employees. Sixty-one percent of employees are worried about having enough money to meet out-of-pocket medical costs that are not covered by health insurance and employers are facing tighter benefits budgets, with half (50%) of surveyed employers stating that cost-sharing with employees is an important benefits strategy. These concerns are creating a delicate balancing act for employers—how to meet employees’ protection needs while keeping benefits costs down and maintaining loyalty.

Employers can help employees address these rising costs by making supplementary health benefits available through the workplace. Some of these voluntary benefits, such as accident and critical illness insurance, can help employees cope with unplanned medical costs. These employee-paid benefits allow workers to fill the gaps between their health insurance coverage and out-of-pocket expenses without having employers add to their benefits budgets.

“As they continue to recover from the recession, employees are looking to employers to provide a stronger and wider safety net,” said Michael Fradkin, senior vice president, Voluntary & Worksite Benefits at MetLife. “In fact, according to the MetLife Study, 58% of employees who are very concerned that their employer will no longer offer medical insurance strongly agree that voluntary supplemental benefits are important for managing their health care costs.”

Employees Facing Financial Stress

In addition to covering out-of-pocket medical costs such as co-pays, premiums and deductibles, the Study also found other areas of financial stress for employees:

  • Fifty-five percent of employees report they worry about meeting their monthly living expenses and financial obligations;
  • Fifty-eight percent of employees are concerned about having enough money to make ends meet;
  • Fifty-three percent describe themselves as living paycheck to paycheck.

Addressing Loyalty Concerns

However, while the number of companies stating that a voluntary benefits strategy is important has grown from 32% in 2010 to 58% in 2012, employers may be concerned about the effect of benefits cost-sharing on employee loyalty.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs