Nearly 75% of employees will swap health insurance plan features for significant savings, Centivo survey reveals
BUFFALO, N.Y. , March 16, 2022 /PRNewswire/ -- A recent Centivo survey of employees with employer-sponsored health insurance demonstrated just how willing employees are to modify core plan features if these "tradeoffs" translate into better healthcare affordability. In fact, nearly three quarters (73%) of survey respondents say they would do so if they realized savings of 10-30% compared to their existing health plans. These findings come from the Centivo Healthcare and Financial Sacrifices Survey, 2021. Centivo conducted the survey in August 2021 among 805 US adults ages 18-64 with employer-sponsored private health insurance.
"Human Resources leaders often believe that their employees will never accept health plan modifications that in any way limit or guide healthcare choices, even if these changes could be highly advantageous from a cost perspective," said Alan Cohen, chief product officer, Centivo. "The good news is that our survey results prove this conventional wisdom amongst employers is actually a myth that for far too long has served as a barrier to dramatic affordability improvements."
The most popular tradeoffs among respondents include some changes to core features of common health plans. For example, exactly half of respondents (50%) say they are willing to accept referrals for specialists as a requirement. Nearly that same percentage (47%) say they were comfortable with selecting a primary care physician (PCP) from a defined list. Perhaps most surprisingly, close to one-third (30%) say they will give up their current PCP and more than one quarter (28%) would stop seeing a current specialist (see Figure 1).
"The healthcare affordability crisis facing US workers is well documented within the business community and society at large," said Cohen. "To truly help reverse this trend, however, employers and the advisors who serve them should feel empowered to make health plan changes that historically were viewed as highly disruptive. Their employees are in fact ready, willing and able to embrace significant health plan sacrifices for meaningful financial savings."
To receive a complementary Executive Summary of the Centivo Healthcare and Financial Sacrifices Survey, 2021 please click here.
About the Centivo Healthcare and Financial Sacrifices Survey, 2021
Centivo engaged SSRS, a full-service survey and market research firm known for innovative methodologies and optimized research designs, to gain an understanding of the financial sacrifices people must make due to unexpected medical expenses. SSRS conducted the survey in August 11-24, 2021. Responses come from 805 US adults ages 18-64 who have maintained private employer-sponsored health insurance coverage for at least the past two years. Respondents were selected from the SSRS Opinion Panel, SSRS's Probability-based panel sample, and completed via the web using a self-administered online survey. The margin of error is +/-4.5% for all 805 respondents and for information found in Figure 1.
About Centivo
Centivo is a new type of health plan anchored around leading providers of value-based care. Centivo saves self-funded employers 15 percent or more compared to traditional insurance carriers and is easy to use for employers and employees. Our mission is to bring affordable, high-quality healthcare to the millions of working Americans who struggle to pay their healthcare bills. With Centivo, employers can offer their employees affordable and predictable costs, a high-tech member experience, exceptional service, and a range of benefit options including both proprietary primary care-centered ACO models as well as traditional networks. For more information, visit centivo.com or follow us @Centivo on LinkedIn or @CentivoHealth on Twitter.
Media Contact:
Bruce Lee (for Centivo)
Email: [email protected]
Phone: 203-895-2214
SOURCE Centivo
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