By Trevor Thomas
Given a choice, most American workers would rather have better health care coverage than a pay raise, according to a new study.
Over 75% of working Americans would prefer $6,200 in employer-provided health insurance rather than the identical amount in pay, according to the 7th annual Health Confidence Survey by the Employee Benefit Research Institute and Mathew Greenwald and Associates, Inc.
Employees with health coverage also are twice as likely to accept lower pay for more health benefits, rather than the reverse, according to the survey, which was underwritten by the Principal Financial Group Inc., Des Moines, Iowa.
“The fact that employees are willing to choose health coverage over money in their pocket further illustrates just how important health benefits are to American workers today,” says Carey Jury, vice president of the health division of Principal.
A good health plan also can increase worker loyalty, the study suggests. Nearly 1 in 3 survey participants said they remain with their current employer because they arent sure they would be able to find an affordable health care plan with another employer.
The survey found the rising cost of health care has had a significant financial impact on many workers:
–48% of those surveyed said they have had to cut back on contributing to other savings.