Employers See Room to Grow Voluntary Benefits

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Employers See Room to Grow Voluntary Benefits
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Calendar17 June 2014

MetLife's annual survey finds only a third of employers are satisfied with the level of enrollment in voluntary benefits. Their press release suggests some best practices focusing on communication and personalization.

A few more best practices to consider: First, include voluntary benefits in open enrollment for medical and the other group benefit plans. Often, employers get lured into offering voluntary products at a different time of the year hoping to draw more attention to the products. Mercer survey data suggest the top two reasons employers offer voluntary benefits are to help employees take advantage of group purchasing power for coverages like home and auto insurance but also to fill gaps in employer-sponsored benefits with coverages like hospital indemnity. The ability to fill gaps is becoming more important to employees as deductibles continue to increase each year, and offering the plans side by side allows employees to coordinate their benefit choices.

Another best practice to consider is to give employees a decision-support tool during open enrollment that provides a holistic approach to evaluating individual needs and financial resources. In our initial offering of Mercer Marketplace, 35% of employees electing either a $1,500 or $2,500 deductible medical plan elected at least one supplemental health plan. This supports the idea that the availability of supplemental health benefits helps employees buy lower-cost medical plans.

Go to full article: voluntary.com

 

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