Layoffs, wage freezes and a depressed 401(k) account – it is all a reality in 2009. Employers may be cutting expenses wherever needed in order to get back the margin they lost and employees may be cutting personal expenses such as going out to eat, buying new items or even pulling back contributions on their 401(k) fund just to survive.
Heightened physical and emotional stressors are increasingly common amongst the working class. As financial means tighten, the temptation to cut corners grows stronger. In light of the heightened toll of stressors upon the body, people must take care of their bodies; which brings up the point – employees and employers should not drop their medical coverage. A person can contribute to their 401(k) all they want, but if they do not take care of their health, they may not be around long enough to enjoy their retirement savings.
Most of us have heard the expression “pay yourself first.” So do it! If you are an employee that doesn’t have medical coverage, make it a priority to set aside money to get coverage in place. If you are an employer and do not offer health insurance to your employees, get a plan together immediately. Having medical coverage should be a top priority in chaotic times. An employee’s health and welfare is important.
If premium cost is an issue and an employer does not offer a benefit plan, there are service providers that offer high deductible plans anyone can participate in that will cover catastrophic losses; both physical and financial. For employers looking to secure a medical plan for their employees but have found that cost is too high, look to a Professional Employer Organization such as Xenium – we offer a wide range of benefits which are often more affordable due to a larger pool of participants.
It is time to realize that wasteful spending can no longer be a part of who we are as Americans. We need to prioritize what is most important in our lives; one thing is for sure: medical coverage needs to be near the top of the list.
