The right mix of employee benefits and effective communication can help
businesses address concerns from health care reform, tight budgets and
shifting demographics, says a new guide from Unum.
Benefits
Buyers Study: New perspective on balancing employer costs and employee
protection draws on industry research and Unum (NYSE: UNM) data to
explore the top challenges affecting the broader benefits market and how
these play out for employers and employees every day.
“Employers are juggling the impact of the Affordable Care Act,
unrelenting budget pressures and an incredibly diverse workforce,” said
Bill Dalicandro, vice president of the Consumer Solutions Group. “This
guide can help our partners explore benefits management strategies that
can safeguard the financial health of employees and companies alike.”
One clear trend is the shift to cost-sharing and growth in benefits that
employees purchase at the workplace, known as voluntary benefits. Unum
data over the past 10 years show exceptional growth in voluntary lines
of coverage – accident, critical illness, life and disability – across
all age groups, company sizes and industries. Specific trends evident
between 2010 and 2013:
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Employees 20-29 and 50-59 increased their voluntary benefit ownership
by a higher margin than employees 30-49. Employees in the 60+ age
range increased ownership the most
-
Double-digit growth in sales for every company size – ranging from
fewer than 100 to more than 2,000 employees
-
The largest increase in ownership was in industry sectors of legal
services, information services, engineering, architecture, and
management and marketing.
“The dramatic growth in voluntary benefits underscores the importance of
these benefits in helping to meet employee needs at reasonable costs,”
Dalicandro said. “More employees are taking ownership of their benefits
choices, and worksite benefits provide an easy way for them to enhance
their financial protection.”
Other benefit strategies examined in the study include:
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Financial protection coverage that is health care reform ready and
complements current benefit programs
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Value-added services – such as enrollment and education – that can
make the most of a benefits dollar
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A range of benefits and simplified choices to help attract, retain and
engage valued employees
-
Automatic enrollment to make sure employees have coverage when they
need it.
The top challenges and benefits trends in the Benefits
Buyers Study underscore the importance of effective communications
in helping employees evaluate their benefit needs.
“All these market changes can leave employees exposed to gaps in
coverage,” Dalicandro said. “Employers and their benefits partners can
play a pivotal role in helping employees make the best decisions for
themselves and their families.”
For more from Unum’s Benefit Buyers Study, visit www.unum.com/benefitsbuyers15
to download a copy or access the Fast Facts flip-book.
About Unum
Unum
is a leading provider of financial protection benefits through the
workplace. The group disability insurance leader in the U.S. for 38
years, Unum’s portfolio of financial protection products also includes
life, accident and critical illness, which help protect millions of
working people and their families in the event of an illness or injury.
In 2013, Unum paid $5.5 billion in benefits to nearly 492,000
individuals and their families.
For more information visit us at www.unum.com
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Copyright Business Wire 2014