The National Endowment for Financial Education (NEFE) has shared a frightening statistic: over the past 5 years, 40% of working adults had their employer-sponsored benefits either reduced or eliminated entirely. Even though the economy has improved, it appears that many employee benefits that were once guaranteed are now becoming a thing of the past.
An article on CNNMoney.com reports that the NEFE survey, which included 2,210 adults in the U.S., showed that health insurance coverage took the largest cuts, causing employees to assume more costs, including higher deductibles and co-pays, as well as more expensive premiums. Out-of-pocket costs for a family of four rose 5.8% to an average of $3,470.
According to a study by the Corporate Executive Board, a Washington, D.C.-based research firm, it is estimated that more than 50% of large Fortune 1000 organizations may drop health care coverage altogether by 2017. And with the Affordable Care Act, many businesses won’t have much reason to continue to offer health care coverage said Brian Kropp, a managing director at Corporate Executive Board.
This sobering statistic makes one thing clear: if you are injured on the job, it is important for your health and your financial security that you report your injury and apply for workers’ compensation benefits. With these changes in employer-sponsored health care, you may not be able to rely on those benefits in the event of a work injury. If you’ve been injured on the job, contact the workers’ comp attorneys at Michael J. O’Connor & Associates for a free review of your case.