Only about 40% of Americans have enough savings to cover an unplanned expense of $1,000, according to a Bankrate survey. The majority explain that they are saving less due to inflation on groceries, apparel, utilities, rent, cars, and gasoline.
Remote, hybrid, and flexible work arrangements have changed employees’ needs when it comes to benefits. HR professionals say that these are the five biggest employee benefits challenges they are facing today, according to a white paper by Arizent and Ameritas:
Seventy-six percent of employers say their employees will expect a wider variety of benefits in the future, according to a study by LIMRA and EY. Non-medical benefits are expected to grow 20% By 2026:
Group life policy sales increased 19% from 2019 to 2020, according to a recently released study by the American Council of Life Insurers. Looking at the industry as a whole, LIMRA reports an 18% increase in total new annualized life insurance premium in the third quarter. That’s the third consecutive quarter of double-digit growth. Thirty-six percent of consumers plan to purchase coverage this year, according to LIMRA.
Non-medical benefits saw record growth in Q3 2021. Patrick Leary of LIMRA says employers recognize the need to offer a robust benefits package in a very competitive job market. The survey indicates that non-medical benefit sales should rise at least 20% over the next five years. Voluntary/employee paid sales are leading growth in life and disability sectors.
Higher-income workers are more likely to be offered voluntary benefits and more likely to enroll, according to a survey by the Employee Benefit Research Institute and Greenwald Research. The survey reveals that:
Patients who have acupuncture during total knee replacement surgery report less pain and need far fewer opioids to manage their discomfort, according to a study being presented at the Anesthesiology® 2021 annual meeting. Sixty-five percent of patients who received acupuncture during surgery achieved a low-dose or opioid-free postoperative experience, compared to 9% of patients outside of the study.
Seventy six percent of employees say that voluntary benefits would affect their employer’s ability to retain them compared to 68% in 2020, according to a report by Corestream. More and more employers are adding voluntary benefits to their employee benefit plans because they have seen a positive impact on their retention and recruitment efforts.
HR professionals say that offering more voluntary benefits will:
