As health care costs continue to climb and the economy slumps, many employees are taking drastic actions to save money, according to the new Watson Wyatt study called Employee Perspectives on Health Care.
In the workplace, only 19% of employees now (as opposed to 38% in 2007) are willing to pay higher premiums to keep deductibles and copays lower and more predictable. In addition, 66% of employees are actively trying to improve their personal health, an increase of 4% from last year, the study notes. Only 16% of workers are enrolled in a company-run wellness program.
About 35% of employees also saved by purchasing lower-cost drugs (a 7% increase from last year), while others took riskier measures. Seventeen percent of workers avoided doctor visits this year, while 40% only visited the doctor for serious conditions or symptoms (up from 35% last year).
The same percentage of employees who avoided doctor visits this year also didn't fill a prescription or skipped doses of prescribed medicine, a significant increase from 2007, when only 13% neglected drug prescriptions.
The Watson Wyatt study consisted of 2,487 employees of large U.S. companies and was conducted between May and June 2008.
"Workers will continue to look for avenues to save money in tight times," says Cathy Tripp, national leader of consumerism at Watson Wyatt. "In the current financial climate, employers stand to gain from reinforcing messages on preventive care, wellness resources and the importance of following prescribed drug regimens. There are a number of behaviors that, if embraced today, will lead to substantial health cost savings in the long term," she adds.
Meanwhile, steep health costs continue to force many workers to lessen their retirement savings plan contributions (13%). About 20% of workers say their ability to save for retirement is hindered by today's medical expenses.
"The health-wealth connection is more clear than ever, as pressures from high health costs continue to pose challenges to both companies and employees," explains Tripp. "Open communication and clear, concise educational tools are effective ways to help employees realize the many steps they can take to manage costs without compromising care."
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