In today's competitive job market companies can find it hard to afford to retain quality candidates. For nonprofits specifically, this is even more challenging. How can an organization that isn't self-funded offer benefits that will attract and retain highly skilled individuals? The answer to this lies in more substantial employee healthcare.
A few years ago, the Journal of Health Economics found that 86 percent of Americans couldn’t define the basic terms associated with their health insurance – deductible, copay, coinsurance, and out-of-pocket maximum. And in 2016, a survey by PolicyGenius found that 96 percent of Americans overestimate their understanding of these terms, with only 4 percent able to define all four of the above concepts. The correlating result? This lack of knowledge or true understanding is likely leading to increased – and possibly unnecessary – healthcare spending.
