Fifty-four percent of employees do not know the out-of-pocket maximum for their employer-sponsored health insurance, 33% do not know their deductible and 30% do not know either, according to a survey commissioned by Assurant Employee Benefits, part of Sun Life Financial.
More than three-quarters (77%) of employees are concerned about overall financial risk with employers cutting back on health care coverage. Sixty-two percent agree that employer-provided health plans are rarely enough to cover unexpected costs, and additional coverage is needed.
In addition, 87% say more customized benefits choices that fit their lifestyles would help them make the right health plan choices.
The study report, "Voluntary Benefits: An Unknown but Needed Option," suggests that due to health care costs continuing to rise, American workers need to adequately understand what voluntary benefits are. The survey found 94% of employees consider "other" insurance offerings important when choosing a job, and 43% feel they do not have enough information from their employers regarding voluntary benefits.
"Benefits communication is a crucial component of enrollment for employers," says Joi Tillman, vice president, Voluntary, for Sun Life Financial. "This study shows us that with good education and communication, employees will not only understand the importance of voluntary benefits, but they will seek them out for both health and financial protection."