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Millennials Turn Down Jobs With Poor Insurance Offerings

/ May 22, 2017

 

In the media, millennials are often reviled and characterized by their own self-interest. But according to a recent Anthem survey, that self-interest might very well be a blessing when it comes to jobs, as millennials are rightfully looking out for themselves when it comes to jobs that don’t offer good insurance benefits.

Money appears to be a millennials’ primary motivator, with the survey finding that millennials are more likely than the previous generation (29% of 18–34 year-olds vs.19% of 35–54 year-olds) to have engaged in long-term financial planning over the past year.

You may have noticed that employers have begun jumping on the financial wellness bandwagon, hoping that financial wellness programs will aid them in recruiting and retaining younger employees who are noticeably stressed when it comes to their finances and student debt. According to Anthem, employers are missing out on a huge opportunity by failing to also enhance their insurance offerings.

In fact, the survey finds poor insurance offerings contribute to the fact that 35% of millennials have turned down a job offer, compared to 27% of U.S. respondents overall: job refusals were either fully or partially due to dissatisfaction with insurance offerings.

Anthem suggests disability coverage as one specific insurance offering that employers should consider “beefing up”, since such policies can provide benefits not just to employees but employers as well. Integrated disability and medical benefits can help save money by helping employees get back to work sooner and by reducing benefits administration costs.

And the benefit to employees — particularly those who aren’t especially well paid — can be substantial, since workers living paycheck to paycheck could not only end up jobless because of an injury or illness leaving them unable to work but also end up moving back in with mom and dad.

The survey results indicate that, among U.S. adults working at a company with at least two employees, 26 % indicated they do not have short- and/or long-term disability insurance. And of survey respondents who did not have disability insurance, many say they didn’t have it either because their employer did not offer it (53%) or because it was too expensive (32%).

“Disability benefits protect financial wellness, but they are also an important part of overall health and wellbeing,” Mike Wozny, president of Anthem Life Insurance Company, says in a statement.

Wozny adds,  “Anthem recognizes that physical, emotional and financial health is interconnected, and by treating the whole patient, health care professionals of all specialties can help patients get better faster and also save money in the process.”

 

Orginially posted by Marlene Satter of BenefitsPro.com

 

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