AVON, CONNECTICUT, USA (March 23, 2004)�A surprising number of employees say that, despite increases in medical insurance costs, they have not cut back on the purchases of other types of insurance. These were the findings of a recent study of 400 employees nationwide by Eastbridge Consulting Group, Inc.
“This study clearly indicates that employees are concerned over rising contributions towards their medical insurance but still value other types of insurance protection,” say Gil Lowerre, president of Eastbridge.
“Indeed,” says Bonnie Brazzell, vice president, “employees don’t seem to view insurance as one single ‘budget item’ but do recognize that there are different categories of coverage and ‘budget’ for each type separately.”
The findings defy the commonly held opinion that increased contributions towards medical insurance means less spendable income and thus, fewer purchases of other insurance. “While we agree that there is a limit to what individuals or families can afford, we don’t seem to be at that point yet,” says Lowerre.
“Employees value having a choice in their benefits and are willing to contribute more towards their benefits in order to get choice,” adds Brazzell.
Eastbridge Consulting Group has published the findings of this study in the company’s newest spotlight report, The Rising Costs of Employee Benefits: The Employee Perspective. The report also provides insights into:
- How employees cope with the rising medical costs
- The nature of recent changes in their medical plans including higher contribution levels or changes to the plan itself
- How much they are willing to spend for each insurance product�and/or all of their benefits
- Their opinions on moving to a defined contribution approach to benefits
For more information visit www.eastbridge.com
