In the midst of an economic crisis, rising healthcare costs are causing workers to reduce spending on medical care, according to a survey by Watson Wyatt, a global consulting firm.
According to the survey, 19 percent say they are willing to pay higher premiums in order to keep deductibles and co-pays lower and more predictable. Last year, twice as many (38 percent) were willing to do so.
Two-thirds of employees are also taking steps to improve personal care, up 4 percent from 2007, according to Watson Wyatt's Employee Perspectives on Health Care, a survey of 2,487 employees of large U.S. companies conducted in May and June 2008.
"Workers will continue to look for avenues to save money in tight times," said Cathy Tripp, national leader of consumerism at Watson Wyatt. "In the current financial climate, employers stand to gain from reinforcing messages on preventive care, wellness resources and the importance of following prescribed drug regimens."
The survey also found that 17 percent avoided a recommended doctor's visit this year to save costs. Similarly, 17 percent did not fill a prescription or skipped doses of prescribed medicine, an increase from 13 percent in 2007.
Just under half (46 percent) of employees choose lower-cost drug options, and 40 percent go to the doctor only for serious conditions. Both represent increases from last year. While a relatively low number of employees are seeking more affordable treatment options (14 percent), looking for inexpensive care providers (8 percent) or negotiating lower prices with their doctor (2 percent), each cost-saving measure is trending up from 2007.
The economy and higher healthcare costs are also taking a toll on the long-term financial security of many workers, according to reports. This year, health costs are forcing many employees to decrease their retirement savings plan contributions (13 percent), and a fifth of workers indicate that their ability to save for retirement is reduced because of health costs.
Also, more workers acknowledge difficulty paying for basic needs, up 5 percent from 2007. For employees in fair or bad health, the impact is even more significant.
"The health-wealth connection is more clear than ever, as pressures from high health costs continue to pose challenges to both companies and employees," said Tripp. "Open communication and clear, concise educational tools are effective ways to help employees realize the many steps they can take to manage costs without compromising care."