Employers Shifting More Cost to Employees

June 2, 2010 (PLANSPONSOR.com) - To help mitigate the effects of a down economy, more businesses are asking employees to pay a larger share toward their company-provided benefits, according to a recent Colonial Life & Accident Insurance Company survey.

Fifty-nine percent of employee benefits broker respondents say they’ve added voluntary benefits options for employers, and nearly half (48%) say employers increased employee contributions. Eight in 10 brokers surveyed say voluntary benefits are very important to the overall benefits package they offer business owners.  

In addition, according to a news release, brokers say the down economy has also resulted in clients:

  • Adding benefits options – 35%;
  • Adding a health savings account – 29%;
  • Switching carriers – 28%;
  • Reducing benefits options – 27%;
  • Adding a high-deductible health plan option with an health reimbursement account – 26%;
  • Increasing employer contributions – 10%.

Nine percent report there has been no change to the benefits they offer clients.