America's Benefit Specialist March 2023

NOTEWORTHY

skeletal conditions experience 133% lower rate of surgeries in an in-patient setting, 26% lower rate of opioid overdoses and 16% fewer interventional procedures, such as injections and biopsies. Aon’s 2022 Value of Integration study is based on a two year analysis (2020-2021) of medical claims of over 2 mil lion Cigna customers who receive coverage through their employers. Cigna used a match case-control methodology developed at Harvard University to produce supplementary statistics on different subsets of customers (those with cer tain comorbidities, those who engaged in health improve ment activities, etc.). WHICH BENEFITS ARE VALUED MOST DEPENDS ON AGE OF WORKERS The recently released Workplace Wellness Survey from the Employee Benefit Research Institute and Greenwald Research found that when it comes to attitudes toward em ployee benefits, there are large differences by employee age. Employees ages 35-49 were more likely than younger and older employees to be highly or moderately concerned about their financial well-being, emotional/mental well-being, or physical well-being. Not surprisingly, older workers reported being stressed about saving for retirement, while younger workers reported being stressed about paying monthly bills and student loans. Sixty-one percent of employees ages 50-64 were stressed about saving enough for retirement. This compares with 41% among employees ages 35-49 and 33% among those ages 21-34. In contrast, employees ages 21-34 were most likely to report that paying their monthly bills was the financial issue that causes the most stress. Forty-four percent reported that it caused the most stress, compared with 38% among em ployees ages 35-49 and 32% among those ages 50-64. Student loan repayment was also more likely to cause the most stress among workers ages 21-34 as compared with those ages 35-49 and 50-64. Across all age groups, a majority of workers agreed that employers have a responsibility for workers’ physical, mental and financial well-being, although age differences persist. Over 80% of employees ages 35-49 believed that employ ers have a responsibility for workers’ mental and emotional health, compared with 74% among workers ages 21-34 and 73% among workers ages 50-64. Employees ages 35-49 were also most likely to believe that employers have a responsibili ty for workers’ health and physical well-being. Workers ages 21-34 were most likely to believe that em ployers have a responsibility for workers’ financial well-being (73%), followed by those ages 35-49 (70%) and those ages 50-64 (56%).

The value of different employee benefits also varied by age. Other than income and compensation, workers ages 50-64 were most likely to value quality healthcare coverage and quality retirement savings benefits as compared with younger workers. Workers ages 35-49 were most likely to value flexibility in work location. Workers ages 21-34 were most likely to value opportunities for career advancement. The “2022 Workplace Wellness Survey” was published as the October 2022 EBRI Chartbook and is available online at www.ebri.org. The Employee Benefit Research Institute is a private, nonpartisan and nonprofit research institute based in Washington DC that focuses on health, savings, retirement and economic security issues.

INDUSTRY EVENTS

MARCH 13-17 AHIP’S NATIONAL

JUNE 13-15 AHIP 2023

CONFERENCE ON HEALTH POLICY AND GOVERNMENT HEALTH PROGRAMS Washington DC www.ahip.org MAY 8-10 BENEFITSPRO BROKER EXPO Atlanta, GA www.event.benefitspro.com/ bprobrokerexpo JUNE 5-7 Q4LIVE San Diego, CA www.q4live.q4intel.com JUNE 11-14 SHRM23 ANNUAL CONFERENCE & EXPO

Portland, OR www.ahip.org JUNE 16-18 WOMEN OF INSURANCE ANNIVERSARY CONFERENCE Nashville, TN www.womenofinsurance.org

OCTOBER 8-10 SIIA NATIONAL CONFERENCE Phoenix, AZ www.siia.org OCTOBER 22-24 LIMRA ANNUAL CONFERENCE National Harbor, MD www.limra.com

Las Vegas, NV www.shrm.org

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