www.benefitnews.com Open in urlscan Pro
18.66.122.43  Public Scan

Form analysis
1 forms found in the DOM

https://www.benefitnews.com/search#nt=navsearch

<form class="Page-header-search-form" action="https://www.benefitnews.com/search#nt=navsearch" novalidate="" autocomplete="off">
  <label>
    <input placeholder="Find your interests" type="text" class="Page-header-search-input" name="q" required="true">
    <span class="sr-only">Search Query</span>
    <button type="submit" class="Page-header-search-submit">
      <svg>
        <use xlink:href="#icon-magnify"></use>
      </svg>
      <span class="sr-only">Submit Search</span>
    </button>
  </label>
</form>

Text Content

Author
 * Advisers
 * Employee Benefits
 * Workplace Culture
 * HR Tech
 * MORE
   
    * Retirement
    * Wellness
    * Diversity, Equity and Inclusion
    * Resources
    * How to write for EBN
   
    * Retirement
    * Wellness
    * Diversity, Equity and Inclusion
    * Resources
    * How to write for EBN

Login
Sign Up

Follow Us In Real Time
 * twitter
 * facebook
 * linkedin

© 2022 Arizent. All rights reserved.
Menu

Show Search
Search Query Submit Search
Login
Sign Up
 * Advisers
 * Employee Benefits
 * Workplace Culture
 * HR Tech
 * MORE
   
    * Retirement
    * Wellness
    * Diversity, Equity and Inclusion
    * Resources
    * How to write for EBN

Follow Us In Real Time
 * twitter
 * facebook
 * linkedin

 * Hybrid Work
 * Recruiting and Hiring
 * Excellence in Benefits Awards
 * Ask an Adviser




TAGS

Mental Health Health and wellness


MCKINSEY REVEALS FINANCIAL STRESS PREVENTS MANY FROM SEEKING CRUCIAL MENTAL
HEALTH SUPPORT

By  Deanna Cuadra
CloseText
About Deanna
twitter
deanna_cuadra
linkedin
deanna-cuadra

December 21, 2021, 5:30 a.m. EST 4 Min Read
 * Facebook
 * Twitter
 * LinkedIn
 * Email
 * Show more sharing options
   Share Show more sharing options

Close extra sharing options
 * Facebook
 * Twitter
 * LinkedIn
 * Email

Unsplash
REGISTER NOW

In the wake of unprecedented levels of medical and student debt, alongside an
ongoing pandemic, it’s no surprise employee mental health is taking a nationwide
dive.

The U.S. Census Bureau found that the number of Americans struggling with
depression or anxiety-related symptoms has increased by 11% compared to past
years. In fact, nearly 53 million Americans experienced mental illness in 2020,
yet less than half received treatment, according to the National Alliance on
Mental Illness.

For one in four people who reported having a mental illness, cost was the main
barrier to seeking care, according to a study by management consulting company,
McKinsey. The firm surveyed 25,000 employees across the U.S. about their ability
to access mental health treatment, and revealed that many employees have a
startling lack of knowledge around their benefits.



Read more: Combating the decline in employee mental health means being
proactive, not reactive

“A lot of people don't have the right resources that enable them to even
understand their benefits or what is available to them,” says Jeris Stueland, an
expert associate partner and leader for the employer healthcare service line at
McKinsey. “Employers shouldn’t assume anybody knows anything because everybody
finds healthcare super confusing.”

Stueland has found that this especially holds true for lower-income employees,
employees of color and LGBTQ employees, who may have less experience interacting
with the healthcare system. Managers and HR should remind employees of what
resources are available to them on a weekly basis, explains Stueland.

But the uncertainty surrounding benefits is just the tip of the iceberg when it
comes to mental health care accessibility —McKinsey also reported that those
with mental illness are 66% more likely to have debt across various categories,
such as student loan, medical, credit card and auto loan debt. Meanwhile, 20% of
those with mental illness felt they were not on track to meet short-term
financial needs, such as rent, groceries and transportation. This is expected,
since people who face day-to-day financial challenges are more likely to face a
deterioration in mental health, according to insurance company Voya.



Read more: Want to attract new talent? The biggest incentive is your healthcare
plan

Stueland views financial stress as a negative feedback loop — employees are
stressed about their financial burdens, so they cannot afford mental healthcare
and find themselves progressively worn down by their circumstances. Stueland
believes employers should take some of that weight off their employees’
shoulders, and if possible, offer subsidies for childcare, transportation and
even housing. Employers should also consider allotting grants that go towards
student loan repayments.

“Employees may be trying to cover childcare, put food on the table, pay for
housing and contribute to their benefits and retirement account,” Stueland says.
“On their salary, it just may not add up, so employers can at least help
employees with these chronic stressors and give them a chance to be more
resilient when other things happen.”

Still, not all accessibility issues can be mitigated by employers. The
healthcare system is especially daunting for many respondents, with McKinsey
finding that those who have mental illness but have not sought treatment are 60%
more likely to say that mental health services are not affordable. Their
assumption is reasonable, considering that half of Americans have medical debt,
with 57% owing at least $1,000, as reported by financial education company,
Debt.com. Additionally, 60% of psychiatrists do not accept insurance and mental
health treatment is reimbursed at a 24% lower rate than primary care, meaning
out-of-pocket costs can be high, according to McKinsey.

Read more: Quality vs. quantity: How employers can adjust their expectations
around work hours

“Oftentimes, employer-sponsored health plans will have out-of-network coverage,
but you will have to pay out of pocket until you’re reimbursed after a month or
two, and you won’t be reimbursed 100%,” says Stueland. “That’s going to be
prohibitive in a country where people do not have substantial savings.”

While not every employer can control this, Stueland suggests that self-insured
providers add a diverse group of mental healthcare providers to their network so
employees of various backgrounds can stay in-network. Beyond that, Stueland
encourages employers to create an environment where employees feel comfortable
discussing and accessing mental health services during work hours. This could
mean giving employees a private space to have virtual appointments in the office
or just allowing them to step away from work to see their provider during the
weekday.

“It should be clear that taking care of your health is a company expectation,”
Stueland says. “Nobody should wonder if people are looking at them funny for
visiting a provider too often and making their health a priority.”

Deanna Cuadra
Associate Editor, Employee Benefit News
 * 

 * twitter
 * linkedin

 * Facebook
 * Twitter
 * LinkedIn
 * Email
 * Show more sharing options
   Share Show more sharing options

Close extra sharing options
 * Facebook
 * Twitter
 * LinkedIn
 * Email

Reprint
For reprint and licensing requests for this article, click here.
Mental Health Health and wellness Health insurance
TRENDING
 * Workforce management
   Long story short: These companies are making work better for everyone
   Look to companies who are pushing the boundaries of what work can be to make
   your employees happier and more productive this year.
   By Alyssa Place
   4h ago
 * Ask an Adviser
   Ask an Adviser: How can nonqualified plans help retain c-suite talent?
   Finding the right combination of deferred compensation, executive bonuses,
   split-dollar plans and group carve-outs for executives can stabilize
   leadership and offer a competitive edge.
   By Michael Ritz
   5h ago
 * Technology
   Security threats in corporate America: Why your company may want a screening
   program in its mailroom
   Will Plummer, the chief security officer at RaySecur, delves into the world
   of mail security threats and how companies can prepare themselves.
   By Deanna Cuadra
   9h ago

MORE FROM EMPLOYEE BENEFIT NEWS
 * Industry News
   Starbucks staff will vote on union at three more New York stores
   Starbucks employees will be deciding to unionize and join Workers United at
   three more New York stores
   By Josh Eidelson and Leslie Patton
   2h ago
   
 * Workforce management
   Long story short: These companies are making work better for everyone
   Look to companies who are pushing the boundaries of what work can be to make
   your employees happier and more productive this year.
   By Alyssa Place
   4h ago
   
 * Ask an Adviser
   Ask an Adviser: How can nonqualified plans help retain c-suite talent?
   Finding the right combination of deferred compensation, executive bonuses,
   split-dollar plans and group carve-outs for executives can stabilize
   leadership and offer a competitive edge.
   By Michael Ritz
   5h ago
   
 * Views How to overcome the staffing shortage and create new growth
   opportunities
   Benefit brokers and advisers must help their clients think differently about
   staffing.
   5h ago
   Taylor Goucher
   Chief Operating Officer
   Connext Global Outsourcing
 * Technology
   Security threats in corporate America: Why your company may want a screening
   program in its mailroom
   Will Plummer, the chief security officer at RaySecur, delves into the world
   of mail security threats and how companies can prepare themselves.
   By Deanna Cuadra
   9h ago
   
 * Employee benefits
   How small businesses can help employees prepare for retirement
   The majority of small business employees don’t have access to a 401(k) or
   other retirement savings plans.
   By Amanda Schiavo
   January 13
   

The Future of Work is Now
Work isn’t what it used to be. How the widespread adoption of boundary-pushing
technology has changed the way we connect, recruit, collaborate and engage — and
why we’re never going back.


Follow Us In Real Time
 * googlenews
 * twitter
 * facebook
 * linkedin

 *  * About Us
    * Contact Us
    * The Magazine

 *  * RSS Feeds
    * Privacy Policy

 *  * Subscription Agreement
    * Content Licensing/Reprints
    * Advertising/Marketing Services

© 2022 Arizent. All rights reserved.
© 2022 Arizent. All rights reserved.