UBP blog

07/15/2009

Are your employees stocking up on healthcare?

Filed under: Uncategorized — ubpblogger @ 9:39 am

A recent survey by the International Foundation of Employee Benefit Plans on employee usage of group medical benefits revealed a noticeable increase in utilization. The study was conducted between March 30th and April 6th of 2009. During this time period, one-third of companies surveyed claimed that they noticed an increase in the number of plan participants both filling prescriptions and having costly medical procedures performed.

Those who conducted the study speculated that with the fear of layoffs looming over your employees’ heads, they will strive to get the most out of their benefits before they are gone along with their jobs. Employees are scrambling to get medical procedures done while they are still covered under their employers’ medical insurance plans; they might have otherwise delayed these procedures under more favorable economic conditions. Except for Massachusetts residents, unemployed people may choose to forgo COBRA or other insurance coverage because of the high price. By getting medical tests and issues taken care of while they are employed with health insurance, employees in general hope to weather a period of time while they are job searching without insurance.

Have your employees started using their benefits more in light of this economy?

How has this impacted, or how do you anticipate this impacting the bottom line at your company?

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