VOLUNTARY BENEFITS EXPECTED TO GROW IN IMPORTANCE

Voluntary and other ancillary employee benefits are expected to play a bigger role in the years ahead as companies compete for talent, according to an employer survey by United Benefits Advisors (UBA) reported in an April 8 article in BenefitsPro.com.

Not surprisingly, UBA’s 2013 Health Plan Survey, based on responses of nearly 12,000 employers, found vast differences in ancillary benefits offered by employer size, region and industry.  For example, only .5 percent of the employers in the survey offer on-site clinics, though that figure jumps to 7.4 percent among employers with more than 500 employees.

Perks such as pet insurance underscored similar differences, with 8 percent of employers with 1,000 or more employees offering this benefit, but less than .5 percent of smaller employers with fewer than 200 employees included it in their benefits packages.

Other highlights from the survey include:

  • Nearly three-quarters of all employers responding offer dental coverage, with almost all large employers providing the benefit.
  • A regional breakdown shows membership discounts are most popular in the Northeast.
  • Ninety-five percent of businesses with more than 500 employees offered group-term life insurance.
  • An industry breakdown of short-term disability coverage shows that 37 percent of employers responding in all major industries offer the coverage.
  • The construction, agriculture and mining industries offer long-term disability insurance much less often (31 percent) than the national average (45.9 percent).

This study shows the growing importance of voluntary benefits among employers.  However, the value of voluntary benefits is recognized by employers and employees alike.  As a voluntary benefit, Purchasing Power’s employee purchase program fits right in as a valuable addition to the employee benefits package.  And, taking full advantage of attractive employer-based voluntary benefit programs such as an employee purchase program is a great way for employees to improve their financial wellness.

 

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