Summer 2010, No. 84
More Employers Offer Voluntary
Products
The percentage of employers (with 10 or more employees) offering
at least one voluntary benefit increased by 12 percentage points
between 2006 and late 2009. According to MarketVision™—The
Employer Viewpoint Update©, 66 percent of employers
offer at least one voluntary benefit, up from 54 percent in 2006.
The largest increase occurred in the small employer category
(10-100 employees). While still the least likely to offer voluntary,
the percentage offering at least one voluntary benefit increased
15 points in the most recent survey. Only the 101-500 employee
size group did not show an increase (and the decrease there is
probably not statistically significant). Based on a weighted average
reflecting the actual composition of businesses in the U.S., 66
percent of employers offer at least one voluntary product. The
following chart shows the details by account size.
Employers Offering at Least One Voluntary
Product
|
Percent Offering
2006
|
Percent Offering
2009
|
| 10-100 employees |
50% |
65% |
| 101-500 employees |
79% |
77% |
| 501-2,000 employees |
72% |
78% |
| 2,001 or more employees |
80% |
87% |
| Average for all U.S. employers with 10 or more employees
|
54% |
66% |
The recently released study also found that:
• Despite the current economy, some employers
are looking to add benefits.
• Web use for “employee self-service”
tools continues to increase.
• The influence of the broker seems to be
increasing.
• The most common method of enrollment remains
self-enrollment on paper, but self-enrollment via a website is
gaining ground.
The study results are based on quantitative interviews
with plan administrators in accounts ranging from 10 to more than
5,000 employees. Other topics covered include:
• Types of benefits (voluntary and employer-paid)
employers offer
• Market penetration of voluntary products
by employer size and product
• Factors considered by employers when choosing
a voluntary carrier
• Role advisors (i.e., brokers) play in the
decision-making process
• Enrollment methods allowed by employers
In addition, the study compares current employer
attitudes with those reported in earlier MarketVision™
studies completed in 2002 and 2006.
The report is now available. For more information
click
here. To purchase the report, call (860) 676-9633 or email
info@eastbridge.com.
|
