Vision and accident coverage round out the top five, finds Eastbridge’s Market Vision™ The Employer Viewpoint Spotlight™ Report. Non-traditional products remain popular voluntary offerings, with the likelihood of offering increasing with employer size. Student loan benefits were the top non-traditional benefit and in the top five for all benefits in terms of products with the highest potential index, which takes into account the percent of employees interested and the percent of employers not offering the product. The percentage of employers offering fully employer-paid products continues to decline with long-term and short-term disability, and AD&D showing over 30 percent declines since 2009.
Benefit managers were asked how likely they are to make several different changes to their benefits program in the next 18 months. Compared to 2016, most are equally likely to make any changes with the exception of dropping some benefits completely, which declined from six to zero percent. Employers with 50 or more employees are much more likely to consider adding a new voluntary benefit, moving certain benefits to voluntary or shifting more costs of group plans to employees. The results are even more pronounced with larger employers (those with 500 or more employees). The products most likely to be added as new voluntary benefits were life insurance and supplemental medical.
MarketVision™—The Employer Viewpoint, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.