Health Insurance No Longer The Most Loved Benefit
Just in time for Valentine’s Day is the surprising news about what your employees don’t “love” anymore…Your health insurance plan.
According to a recent Mercer Consulting Group study, where more than 10,000 employees were surveyed, health insurance has fallen to dead last – at number 5 on a scale of 1 to 5 of the most coveted benefits that employees want. Employees still feel having a company health plan is very important but if they are going to consider working for a company or even staying with their current employer, the employer better have more than just a health plan.
So Why Has Health Insurance Lost its Appeal?
The rapid descent of health insurance to last place on the benefits list has many insurance experts wondering, what has happened? It’s been speculated that with the soaring price of health premiums, the confusion over Reform and many companies scaling back on the quality of their health benefits to save money, employees are “not feeling the love” (sorry, couldn’t resist – it’s Valentine’s Day) for health insurance any more.
The New Number One Benefit Employees Are Looking For – Ready?
“Drum Roll Please…”
Accident Insurance, Cancer Insurance, Critical Care Insurance, Disability Insurance and Life Insurance.
Sales of voluntary benefits are up a whopping 9% over the last 2 years, the highest increase in any insurance category. Accident insurance was the most requested benefit of the group with cancer insurance following a close second. What’s surprising about this new ‘king’ of benefits is that employees are eager to pay for the additional coverage out of their own pockets, whereas with health insurance or many other benefits, the employees expect their employer to make some sort of contribution.
Benefits = Job Satisfaction
Employees say that more pay and more time off is what they really want but many employees said if they can’t get paid higher wages they would settle for more benefits.
MetLife’s 10th Annual Survey of Employee Benefits Trends revealed that 70% of the employees, “feel more satisfied with their job and they are more likely to stay with their current employer” if the company offers a comprehensive benefits program. This is a very interesting insight and employers should take notice.
It was also discovered that today’s newer generation of workers are looking for immediate gratification and voluntary benefits are something that employees can easily get with no hassles.
Employees also stated they are reluctant to provide personal medical or financial history in order to qualify for their benefits. Employees want ease of enrollment and the freedom to choose which benefits are important to them.
The Installation and enrollment of a voluntary benefits program is virtually seamless and there is no cost to the employer. If you would like more information or you would like to discover how a voluntary benefits program can help your company, download our free report: “How to Easily Increase Profits and Employee Productivity Without Spending a Dime in Overhead”