Of the nearly half of survey respondents who report they have experienced health care cost increases in the past year, 24% state they have decreased their contributions to retirement plans, and 17% have taken a loan or withdrawal from a retirement plan.
Seventy-seven percent of U.S. wealthy investors say health is more important than wealth, and 57% are worried their health will deteriorate in the next 10 years.
The latest report from the Employee Benefit Research Institute says expectations of catastrophic health care expenses in retirement are likely flawed.
The bill would permit high-deductible health plans (HDHPs) to provide chronic disease prevention and treatment—which some say is critical to reducing health care costs—prior to participants having met their deductible.
Twenty-six percent of workers surveyed by EBRI have decreased contributions to their retirement plan, and 27% have delayed retirement due to increased health care costs.
The firm’s first white paper shows how effectively managing health conditions can save money for employees, and if that savings is invested in retirement plans, generate more income in retirement.
Only 36% have budgeted to make monthly contributions to their health care savings, and 32% have savings goals to cover long-term health care costs.
Researchers say more can be done to encourage consumer behaviors and make them more helpful for participants in high-deductible health plans.
For Millennials, student loan debt, credit cards and health care expenses all measured equally as causes for “extreme” amounts of financial stress, a survey found.
HealthMine says its findings are relevant to the increased use of account-based health plans, which include health savings accounts (HSAs) and health reimbursement accounts (HRAs), and increase plan participant responsibility for cost management.
Employers can manage HDHPs, promote enrollment and satisfy compliance requirements through a single partner.
Seventy-nine percent of employees indicate they have experienced an increase in health care costs, and of those, 63% say they are reducing the amount they are saving for retirement, a survey finds.