As employers and HR administration professionals cope with the changes mandated by the Affordable Care Act, many businesses are looking for ways to limit healthcare costs. A recent study by The Prudential Insurance Company revealed many employees approve of employer-sponsored voluntary benefits.
The State of Group Voluntary Benefits found 63 percent of surveyed employees who said their employer offers at least one voluntary benefit said such provisions increase the value of the the company's overall benefits program. In addition, just over one-third of employees said they are interested in voluntary benefits through work, up from 24 percent in 2012.
"Employers and employees agree on the value of voluntary benefits, said Bob Patience, vice president of voluntary benefits at Prudential Group Insurance. "Employers see an increase in employees' satisfaction with their benefits program, while employees appreciate their employers' endorsement of the products offered, and believe they get good value because of their employers' involvement and diligence."
Meanwhile, the study also found 44 percent of insurance brokers currently selling voluntary benefits packages expect demand to increase over the next five years. These professionals expect more employers will offer critical illness insurance, long and short-term disability, dental and life insurance.
