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Health insurance is the No. 1 deciding factor in people’s next career step, yet most with employer health insurance say it doesn’t meet their needs very well.
That’s according to a recent survey of 2,000 Americans across the country, which investigated their happiness with employer health insurance.
It also looked at the essential role health insurance plays in people’s lives and how much it factors into their career decisions.
According to the findings, 53% of Americans disclosed that having health insurance is the top deciding factor in whatever their next career move will be.
But, as millions currently consider their healthcare options during open enrollment season, 60% of those who currently have health insurance through their employer said they do not meet their specific needs very well.
This poses a significant problem, as half of respondents (51%) also said they have a health condition or health concern in the study conducted by Talker Research on behalf of Oscar Health.
The question comes up: Do consumers want a different option than traditional employer insurance?
Yes. The study showed many people (44%) want an alternative model offered in the individual market, called ICHRA, where employers provide allowances to employees who choose their own plans.
This was the most popular option based on the study findings, and was more favored by respondents than traditional employer health insurance (33%).
“People don’t want one-size-fits-all healthcare, they want real solutions,” said Janet Liang, president of Oscar Insurance. “The individual market provides hundreds of choices and savings. People can choose plans for every health need and stage of life – from benefits for chronic conditions, like diabetes and asthma, to dedicated support for women navigating menopause.”
The study found that the traditional employer health insurance model may also be holding people back from taking on new life and career challenges and opportunities.
The results revealed many workers (41%) feel stuck in their careers, often due to benefits limitations.
When thinking ahead, most respondents said their next career move will be for practical reasons rather than a passion for or interest in the role, with 52% saying they’ll pursue jobs that offer the best health benefits.
Many (43%) have also shelved dreams of starting their own business or working full-time for themselves over worries about health benefits, although more than half (57%) said they’d take a leap of faith and pursue a career change if they were guaranteed to have health insurance benefits that suited their needs.
“Americans are ready for change,” Liang said. “With ICHRA, employers can set predictable, tax-free budgets without worrying about compliance headaches and unstable employer group premium hikes. Employees then choose their ideal plan with all costs covered. Employers can attract top talent, workers keep more of every paycheck, and they are free to make the career moves they want.”
