Horace Mann Reveals Impacts of COVID-19 on Educators’ Health
09 December 2020 - 1:00AM
Business Wire
Finding that educators are working longer hours
and are at a higher risk of contracting the virus although many are
not financially equipped to cover treatment
Horace Mann Educators Corporation (NYSE: HMN) today released a
new report revealing the current and long-term impacts of COVID-19
on educators’ physical, mental, and financial health. While the
pandemic continues to impact Americans across the country, the
report finds that educators are balancing the needs of their
students with their own health and safety.
The report, The Hidden Impact of COVID-19 on
Educators: Rising Health Concerns, Lower Risk Tolerance
and Benefit Gaps, which surveyed over 1,200 U.S. educators,
found:
- The majority (77%) of educators are working more today than a
year ago and almost two-thirds (60%) of educators are enjoying
their job less;
- Over half (59%) of educators do not feel secure in their school
district’s health and safety precautions and two-thirds (66%) of
educators do not believe that health-related unplanned time off
will be covered by their benefits; and
- Close to half (44%) of educators are not fully confident that
their health insurance will adequately cover unexpected illnesses
or health issues.
“Educators are balancing the needs of every student, while
caring for the safety and well-being of themselves and their
families. This balancing act has resulted in educators sacrificing
more of their time, energy, and, in some cases, their physical
health to ensure that our future generations have the quality
education they need to succeed,” said Tyson Sanders, Horace Mann
Vice President, Supplemental. “As a result, many districts are
seeing educators face the hard decision of choosing to risk their
career, health, or financial position. Providing more resources to
help relieve educators of having to make these trade-offs is
necessary to safeguard the futures of our students and
teachers.”
The pandemic has exacerbated the growing financial strain among
educators across the U.S. Today, close to three-fourths (74%) of
educators would not say they are living comfortably.1 This
financial strain is largely a result of teachers’ salaries
remaining stagnant as the cost of living increases, including the
cost of higher education. Despite having similar degree
requirements, teachers make 20% less than professionals with
similar education requirements.2 This financial pressure on
educators is compounded by the job requirement for one or more
college degrees and the resulting high cost of student loans to be
repaid out of relatively low salaries.
In addition to managing the existing burden of student loan
debt, many teachers are now concerned with budgeting in the event
of an unexpected health emergency. According to the World Economic
Forum, employees in non-health related professions that are at the
highest risk of contracting COVID-19 include teachers and bus
drivers.3 Horace Mann’s report found that nearly half of those
surveyed would not be able to immediately pay for an unexpected
$1,000 out-of-pocket expense without taking on additional debt or
calling upon friends and family to assist them. In addition, close
to half of educators are not confident that their health insurance
plans or the benefits they receive from their districts will
adequately cover medical expenses.1
While greater financial support from federal and state
governments would help to address the issues, school districts can
independently take steps to encourage educator retention. School
districts can provide more robust voluntary benefits to address
gaps; offer programs to help educators more fully understand their
medical benefits and avoid surprise bills; and provide secure
online access to educational materials or a hotline to assist
employees with their health and financial questions. School
districts interested in learning about options to add employee
education and supplemental health or disability insurance to their
benefits package can request information at
horacemann.com/supplemental/schools.
(1)
The Hidden Impact of COVID-19 on
Educators: Rising Health Concerns, Lower Risk Tolerance and Benefit
Gaps, Horace Mann Educators Corporation: December 2020
(2)
Economic Policy Institute:
September 2020
(3)
These are the occupations with
the highest COVID-19 risk, World Economic Forum: April 2020
About Horace Mann
Horace Mann Educators Corporation (NYSE: HMN) is the largest
financial services company focused on providing America’s educators
and school employees with insurance and retirement solutions.
Founded by Educators for Educators® in 1945, the company is
headquartered in Springfield, Illinois. For more information, visit
horacemann.com, or follow us @Horace Mann on Twitter and LinkedIn,
and @HoraceMannInsurance on Facebook.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201208005371/en/
At Horace Mann: Media contact: Michelle Eccles
Public Relations Manager 217-788-5394
michelle.eccles@horacemann.com
Investor contact: Heather J. Wietzel Vice President,
Investor Relations 217-788-5144
investorrelations@horacemann.com
Horace Mann Educators (NYSE:HMN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Horace Mann Educators (NYSE:HMN)
Historical Stock Chart
From Jul 2023 to Jul 2024