|[July 14, 2014]
40% Of Workers Would Quit Their Jobs If They Could Buy Comparable Health Insurance Coverage
ST. PAUL, Minn. --(Business Wire)--
The Congressional Budget Office estimates that, because of the
Affordable Care Act, workers may "choose to supply less labor"
equivalent to two million full-time jobs, between 2017 and 2024.1
This prompts the question: How many workers see themselves as "job
locked" - reluctant to change jobs for fear of losing health insurance?
In April, Securian Financial Group conducted a survey of 767 Americans
employed full- (94 percent) or part-time (6 percent) with health
insurance as an employee benefit. The survey shows that 40 percent of
them appear to be experiencing job lock: They would leave their jobs if
they could buy health insurance on the open market that is comparable to
the out-of-pocket cost and coverage they currently have through their
The job is okay, but …
lock: Hanging on for health insurance," summarizes results of the
survey. A large majority of all respondents (91 percent) say they like
the work they do in their current jobs. Another big group (83 percent)
is satisfied or somewhat satisfied with their current health insurance.
But many of them dream about doing something else.
"More than half (56 percent) say they have considered leaving
their jobs to do something more personal or meaningful but didn't
because they need the health insurance they currently purchase in the
work place," said Michelle
Hall, manager, Maket Research, Securian Financial Group. "Of that
group, more than two-fifths (43 percent) say they would start their own
businesses." Another 16 percent who have considered quitting say
they would work in a field they prefer where jobs typically provide
little or no health insurance, she added.
Declined job offers
Forty-three percent of those who took
the Securian survey say they've turned down job offers because the
health insurance benefit didn't meet their needs. Almost half of married
respondents (46 percent) refused job offers due to unacceptable health
insurance coverage, compared to about one-third (34 percent) of the
single people who took the survey. The most-cited reasons were high cost
and inadequate coverage.
lock: Hanging on for health insurance" for more survey results.
94 percent of respondents have full-time jobs
More than half (55 percent) hold managerial or professional positions
50 percent report annual household incomes of $50,000 - $99,999 and 23
percent report $100,000 and higher.
See Securian's previous consumer surveys in the Research section at securiannews.com
About Securian Financial Group
Since 1880, Securian
Financial Group and its affiliates have provided financial security
for individuals and businesses in the form of insurance, investments and
retirement plans. Now one of the nation's largest life insurance groups,
it is the holding company parent of several companies.
Insurance products are issued by Minnesota
Life Insurance Company in all states except New York where products
are issued by Securian
Life Insurance Company, a New York authorized insurer. Both
companies are headquartered in Saint Paul, MN and each insurer is solely
responsible for the financial obligations under the policies and
contracts it issues. Product availability and features may vary by state.
1 Congressional Budget Office, "Labor Market Effects of the
Affordable Care Act: Updated Estimates," February 2014, http://www.cbo.gov/publication/43082
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