A news release from the International Foundation of
Employee Benefit Plans (IFEBP) about the poll said other
common options include: vision insurance (53%), long-term
care insurance (51%), long-term disability insurance
(50%), accident insurance (49%), and dental insurance
(48%).
"Long term care is one of the fastest growing
voluntary benefits," explained
Sally Natchek, IFEBP senior director of research, in the
news release. "Aging baby boomers, who have perhaps
experienced the overwhelming costs of custodial care with a
parent, are expected to drive the future trend in
purchasing long term care insurance."
Newer niche voluntary products include: automobile
insurance (32%), homeowners'/renters' insurance (29%),
debt counseling and financial planning (22%), identify
theft coverage (22%), college savings plans (21%), and
pet insurance (19%), according to the survey.
In general, 84% of the responding employers
currently offer voluntary benefits and an additional 5%
plan to offer voluntary benefits in the future.
As for why they bother with voluntary
offerings,
68% of responding employers identify providing
employees access to a greater array of benefits and
supporting employee choice and flexibility as their
primary driving force. Other reasons: filling gaps in
employer-sponsored benefits (42%) and helping employers
get better prices at group rates (41%).
Participation Trends
Some 66% of responding employers said they have not
seen participation levels change during the past year. Of
those who have seen changes, nearly twice as many (14.4%)
report participation has increased than those who report
decreases (7.9%).
Explanations for increased participation appear to
also be a direct effect of the economy. A quarter of
employers (26%) report that employees seeking ways to
manage risk is a reason for increased participation. This
is followed by employees looking for advice and guidance
on financial loss (23%), seeking a way to cover
themselves and/or dependents as a result of spousal job
loss (23%), and seeking portable benefits due to
decreased job security (12%).
The survey was conducted in late August/early
September 2009. Responses were received from 833
individuals in the United States - a large majority of
whom represented corporations (91%).
Top Trends in Voluntary Benefits: Survey
Results
(Item #
6795E) is published by the International Foundation of
Employee Benefit Plans. The 22-page survey costs $50. To
order go to
http://www.ifebp.org/books.asp?6795E
,
contact the Foundation Bookstore at
bookstore@ifebp.org
, or call (888) 334-3327, option 4.