Maestro Health Unveils New Research, Identifies Disconnect Between Employee Healthcare Literacy and Employer Involvement
Survey reveals employees’ desire for employers to step up for health and wellness
Maestro Health, the leading all-in employee health and benefits company, today released the results of its new data study, “What Employees Are Thinking About Healthcare – And why their employer needs to step it up.” Maestro Health surveyed 1,000 consumers on their healthcare literacy as well as expectations around employer involvement in their health and wellness. Unsurprisingly, the results point to a disconnect between the two.
The survey revealed 35 percent of respondents either only somewhat understand, don’t understand or know nothing about their healthcare coverage, and 33 percent of respondents don’t understand their medical bills. Yet, employers are not providing adequate resources to address these issues. Forty-four percent of respondents say their employer doesn’t offer opportunities beyond health benefits for employees to meet their health goals, and 62 percent of respondents feel their employer does not serve as a resource for their healthcare-related questions.
“In the U.S., we spend more than $10,000 per person per year on healthcare, which adds up to more than $3.5 trillion. This is double what most other countries spend, yet regrettably, our average life expectancy is the shortest,” said Rob Butler, Founder, Maestro Health. “The market is at a tipping point. Understanding what people need and want when it comes to healthcare and benefits and arming consumers with the tools to enhance their literacy will help us improve consumers’ individual health outcomes and reverse those life expectancy statistics.”
According to the survey, healthcare costs and saving for retirement are the two top financial concerns for consumers today. Rightfully so, as 68 percent of respondents say that the cost of healthcare has increased in the past three years. In an effort to contain personal healthcare costs, 39 percent of respondents have, in the past year, chosen not to go to the doctor. It isn’t just employees who should be concerned: healthcare is causing employers to lose money, too. According to the Centers for Disease Control and Prevention, productivity losses from missed work cost employers $225.8 billion, or $1,685 per employee, each year.
Given the implications associated with employee health (or lack thereof), employers should strive to help improve their employees’ health and wellness. Packages that include fitness, nutrition and even sleep benefits are becoming more commonplace and have the potential to have a positive impact on the workforce.
“Unique knowledge of an employee base affords employers the opportunity to play a critical role in keeping employees happy and healthy while, at the same time, improving bottom lines,” said Sheryl Simmons, Chief Human Resources Officer, Maestro Health. “It is critical for more employers to think about how they can further advance their benefit programs to deliver better health outcomes at a lower cost for all.”
Maestro Health’s mission is to make benefits people-friendly again via its all-in, continuum of care model. Its self-funded offering puts employers back in control and reduces costs and complexity by making health care transparent and providing personalized care management.
To see the additional survey results, please click here.