2018 Voluntary Benefits Survey
Voluntary Benefits Now Viewed as Essential: April 10, 2018 Survey
“With an increasingly diverse workforce, employers no longer consider voluntary benefits as simply add-ons, but rather as a way to address a host of employee needs, offer choice and allow employees to personalize their rewards.” said Lydia Jilek, director, Voluntary Benefits, Willis Towers Watson
Voluntary benefits expected to attract more employer attention over the next few years include:
- Identity theft protection: 36% of employers currently offer – could increase to 63% by 2021
- Pet insurance: 34% of employers currently offer – could increase to 57% by 2021
- Long-term care insurance: 16% of employers currently offer – could double to 33% by 2021
- Critical-illness insurance: 43% of employers currently offer – could increase to 71% by 2021
- Hospital indemnity: 24% of employers currently offer – could more than double to 50% by 2021
Learn more: 2018 Willis Towers Survey
Genworth 2017 Cost of Care Survey
According to the Genworth 2017 Cost of Care Survey, the annual median cost of long term care services increased an average of 4.5 percent from 2016 to 2017, the second-highest year-over-year increase for nursing homes and home care since the study began in 2004 and nearly three times the 1.7 percent U.S. rate of inflation.
Although the national median cost of receiving care rose considerably across all care options during the last 12 months, the increase was most pronounced for home health aides:
- Home health aide services, up 6.17% to $21.50/hour
- Homemaker services, up 4.75% to $21/hour
- Adult day health care services, up 2.94% to $70/day
- Assisted living facilities, up 3.36% to $123/day or $3,750/month
- Semi-private room nursing home care, up 4.44% to $235/day or $7,148/month
- Private room nursing home care, up 5.50% to $267/day or $8,121/month.
Source: Genworth 2017 Annual Cost of Care Survey
A New Age of Benefits
Employees want more harmony, so today’s benefits experience needs to be more complete. Here are 5 ways to meet employees where they are:
- When employers offer a breadth of benefit options, they can help alleviate the anxiety that comes with the integration of work-life and home-life.
- When employers deliver tailored solutions, they help an increasingly diverse workforce find the security it’s looking for.
- When employees have access to the right expertise, it ensures they can get the help they need to meet today’s challenges.
- By providing clearer information about the benefits available, employers can empower employees to choose the ones that fit their needs.
- Lastly, when enrollment is simplified, employees are able to discover the immense value of their benefits. As a result, their appreciation can enhance their loyalty and commitment to their company.
The Millennial Benefit Perspective
Turning Stereotypes Around
Millennials — represent more than one quarter of the nation’s population at a number of 83.1 million. Their size exceeds the 75.4 million Baby Boomer population and they have now surpassed Generation X to become one of the largest demographic groups in the American workforce.1
With more than one-third of today’s American employees being a Millennial, understanding how this generation thinks and behaves in the workplace is crucial to many aspects of a business’ success — now and in the future. The 14th Annual U.S. Employee Benefits Trends Study takes a deep dive into the Millennial attitude on benefits and financial well-being. And while much has been researched and written on this topic, MetLife’s study found that analyzing Millennials based on one general profile does not do justice to the differences in attitudes among this generation.
- “Millennials Outnumber Baby Boomers and Are Far More Diverse, Census Bureau Reports.” United States Census Bureau; June 25, 2015.