Would Employees Quit Their Job If They Could Buy Comparable Health Coverage Elsewhere? 40 Percent Say Yes

Forty percent of employees said they would quit their jobs if they could buy health insurance comparable in cost and coverage to the insurance they now receive in the workplace, according to recent research from Securian Financial Group. While currently 60 percent of Americans receive health insurance through the workplace, the availability of the Patient Protection and Affordable Care Act’s (ACA) Health Insurance Exchanges has raised questions whether employees will choose to leave the workplace and purchase coverage through an Exchange.

Securian’s study of 767 employees, Job Lock: Hanging on for Health Insurance, found that while 40 percent said that they would quit their job if they had an opportunity to purchase comparable health coverage, 32 percent were not sure if they would take that leap. In addition, 56 percent of employees admitted that they had considered leaving their jobs but did because they did not want to give up their health insurance.

If they did quit their jobs, 43 percent would start their own business and 16 percent would work in a field they prefer that typically provides little or no health insurance. Less employees would go back to school (12 percent); do volunteer work (6 percent); or stay home (5 percent).

According to Securian, in the years to come, many factors may influence workers’ health insurance decisions, such as:

• How will employers modify their benefit packages and how will that affect workers’ decisions to quit or stay on the job?

• Where will the average price points for health insurance for various households emerge on the cost scale under the ACA?

• Will workers pursue their dreams of self-employment, creating new jobs to offset some of the Congressional Budget Office’s estimated 2,000,000 full time employees who may leave the work force by 2024?

For more information, visit http://www.securiannews.com/research/job-lock.
href=”http://news.wolterskluwerlb.com/benefits-news-library/”>Visit our News Library to read more news stories.