CNY Business Journal (1996+) - Survey: Men, women differ on approach to health care

Women (58 percent) were more likely than men (47 percent) to find paying for health-care premiums and out-of-pocket costs a challenge, according to a recent insurance-company survey report. However, women (51 percent) are more likely than men (42 percent) to have done some retirement health-care planning, according to the “Benefits & Behavior: Spotlight on Group Medical” report from the Guardian Life Insurance Company of America.
Gender seems to play a role in the perceptions about paying for health care, but employees of both sexes generally do not understand their health-care coverage, Guardian says. Education and region are also factors that play a role in viewpoints about paying for and understanding healthcare.

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Two-thirds of the employees surveyed said that health-care plans in general and health-care coverage and benefits are difficult to understand.
* 65 percent of respondents without a college education said their healthcare expenses were a substantial or great challenge compared to 40 percent of those with a college degree.
* More than 1 in 5 respondents did not fill a prescription because of the cost involved.
* Less that 50 percent of baby boomers are currently planning or believe they are fully prepared financially for their health care in retirement.
Paying for health care is a substantial / great challenge to a substantial portion of the surveyed, with the regional breakdown as follows:
* 59 percent, North Central
* 56 percent, South
* 50 percent, Northeast
* 40 percent West
Employees don’t fully understand some of the basic health-care alphabet such as FSA (flexible-spending account), HSA (health-savings account), and HRA (health-reimbursement account). Just over half of employees are aware of FSAs and HSAs, and four in 10 are aware of HRAs.
The Guardian Life Insurance Company of America, based in New York City, is one of the largest mutual life-insurance companies in the United States. As of Dec, 31, 2007, Guardian and its subsidiaries had $41.3 billion in assets (on a consolidated statutory basis). The company has close to 3,000 financial representatives and 80 agencies nationwide.
Copyright Central New York Business Journal May 30, 2008
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