Medical expenses are a known factor of bankruptcy filing and although experts may disagree on the exact percentage of bankruptcies that medical debts are responsible for, difficulties paying medical expenses were listed as the factor causing bankruptcy in 62% according to a 2009 study.
Millennials and Gen Z’s new to the working world now face tuition expenses that increase at rates much faster than normal inflation has in the past 15 years. The average student loan debt is over $39,400 with undergraduate loan payment durations extending into the early 40s.
Healthcare has been on a hyperinflation for many years and is often the most volatile expense that companies manage. As labor markets tighten, employers are taking a fresh look at the tools they use to foster an engaged workforce.
Are you ready to invest your organizational dollars to compensate for paid family leave? With the onset of 2018, one major state amended their Disability Benefits Law (DBL) to mandate paid family leave for those employers located in New York or working in New York.