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What's Hot and What's Not in Voluntary Benefits
Survey Results Summary
1. Does your employer offer Voluntary Benefits (i.e. benefits – other than supplemental group term life insurance – that are fully paid by employees through payroll deductions)? |
Response
Percent |
Yes |
77.1% |
No |
22.9% |
1A. If not why? (Choose from the list of options below and skip to question 10.) |
Response
Percent |
Believe our existing benefit package is adequate |
30.6% |
Anticipate relatively low employee participation |
30.6% |
Want to avoid cost of communicating and administering additional benefits (e.g. ERISA reporting and disclosure) |
16.7% |
Other (please specify) |
44.4% |
2. Please indicate which of the following Voluntary Benefits are CURRENTLY offered by your employer. (Check all that apply.): |
Response
Percent |
Individual Whole Life, Universal Life, Variable Life |
33.3% |
Individual Auto/Homeowners/Liability Insurance |
20.3% |
Long Term Care Insurance |
34.8% |
Critical Illness/Cancer Insurance |
21.7% |
Legal Services Plan |
10.1% |
Pet Insurance |
4.3% |
Limited Benefits Medical Programs (for Part-Timers) |
10.1% |
Retiree Medical/Medicare Supplement |
7.2% |
Identity Theft Coverage |
2.9% |
Disability Coverage |
55.1% |
Other (please specify) |
42.0% |
3. Which Voluntary Benefit has the highest participation rate among ALL employees? (Please choose only one.) |
Response
Percent |
Individual Whole Life, Universal Life, Variable Life |
18.8% |
Individual Auto/Homeowners/Liability Insurance |
3.1% |
Long Term Care Insurance |
7.8% |
Critical Illness/Cancer Insurance |
0.0% |
Legal Services Plan |
1.6% |
Pet Insurance |
0.0% |
Limited Benefits Medical Programs (for Part-Timers) |
3.1% |
Retiree Medical/Medicare Supplement |
3.1% |
Identity Theft Coverage |
0.0% |
Disability Coverage |
37.5% |
Other (please specify) |
25.0% |
3A. What Voluntary Benefits are the most popular among your employees of the "BABY BOOM" GENERATION (ages 45 - 60)? (Check all that apply.) |
Response
Percent |
Individual Whole Life, Universal Life, Variable Life |
23.4% |
Individual Auto/Homeowners/Liability Insurance |
3.1% |
Long Term Care Insurance |
10.9% |
Critical Illness/Cancer Insurance |
7.8% |
Legal Services Plan |
1.6% |
Pet Insurance |
0.0% |
Limited Benefits Medical Programs (for Part-Timers) |
3.1% |
Retiree Medical/Medicare Supplement |
1.6% |
Identity Theft Coverage |
0.0% |
Disability Coverage |
45.3% |
Other (please specify) |
26.6% |
3B. What Voluntary Benefits are the most popular among employees of "GENERATION-X" (ages 25 - 40)? (Check all that apply.) |
Response
Percent |
Individual Whole Life, Universal Life, Variable Life |
23.7% |
Individual Auto/Homeowners/Liability Insurance |
13.6% |
Long Term Care Insurance |
5.1% |
Critical Illness/Cancer Insurance |
5.1% |
Legal Services Plan |
0.0% |
Pet Insurance |
0.0% |
Limited Benefits Medical Programs (for Part-Timers) |
1.7% |
Retiree Medical/Medicare Supplement |
0.0% |
Identity Theft Coverage |
0.0% |
Disability Coverage |
37.3% |
Other (please specify) |
28.8% |
4. What Voluntary Benefits are employees asking for that your employer doesn’t currently offer ? (Check all that apply.) |
Response
Percent |
Individual Whole Life,, Universal Life, Variable Life |
10.5% |
Individual Auto/Homeowners/Liability Insurance |
10.5% |
Long Term Care Insurance |
26.3% |
Critical Illness/Cancer Insurance |
10.5% |
Legal Services Plan |
10.5% |
Pet Insurance |
8.8% |
Limited Benefits Medical Programs (for Part-Timers) |
10.5% |
Retiree Medical/Medicare Supplement |
19.3% |
Identity Theft Coverage |
5.3% |
Disability Coverage |
14.0% |
Other (please specify) |
33.3% |
5. What is the main reason your employer has Voluntary Benefits? (Choose the one that best applies from the following.) |
Response
Percent |
In response to employee requests |
27.7% |
Way to offset healthcare cost increases |
1.5% |
Way to offset benefits reduction |
1.5% |
Part of an Employer of Choice initiative |
10.8% |
A tool to attract and retain employees |
29.2% |
To help employees with work/life balance |
24.6% |
Other (please specify) |
4.6% |
6. How many Voluntary Benefits does your employer offer in 2005? |
Response
Percent |
1 |
22.1% |
2 |
26.5% |
3 |
19.1% |
4 |
11.8% |
5 or more |
20.6% |
7. How many Voluntary Benefits is your employer planning to ADD during the next three years? |
Response
Percent |
0 |
49.3% |
1 |
27.5% |
2 |
18.8% |
3 |
4.3% |
4 |
1.4% |
5 or more |
0.0% |
8. How often do you measure the success of these programs to determine value to employees? |
Response
Percent |
Annually |
26.1% |
Once Every Two Years |
7.2% |
Only as Needed |
26.1% |
We Have Yet to Measure the Value |
40.6% |
9. If you do measure success how valuable do employees perceive these programs to be? (Please rank on a scale of 1 to 5 with 5 being very valuable and 1 being not at all valuable.) |
Response
Percent |
5 |
16.0% |
4 |
28.0% |
3 |
36.0% |
2 |
16.0% |
1 |
4.0% |
10. Please indicate which of the following Voluntary Benefits your employer is considering adopting in 2006? (Check all that apply.) |
Response
Percent |
Individual Whole Life, Universal Life, Variable Life |
13.6% |
Individual Auto/Homeowners/Liability Insurance |
6.1% |
Long Term Care Insurance |
13.6% |
Critical Illness/Cancer Insurance |
7.6% |
Legal Services Plan |
4.5% |
Pet Insurance |
4.5% |
Limited Benefits Medical Programs (for Part-Timers) |
0.0% |
Retiree Medical/Medicare Supplement |
1.5% |
Identity Theft Coverage |
4.5% |
Disability Coverage |
9.1% |
None |
51.5% |
Other (please specify) |
13.6% |
11. Given the trend toward consumer-directed healthcare plan designs which increase medical expense exposures for employees would your employer consider offering a voluntary supplemental medical product to fill those gaps? |
Response
Percent |
Yes |
49.4% |
No |
50.6% |
In light of the recent hurricanes there are two additional questions beyond the scope of Voluntary Benefits. |
|
1. Given the potential need for additional medical coverage for workers directly impacted by Hurricane Katrina do you believe there will be a “domino effect” causing a nationwide increase in healthcare costs beyond what was originally budgeted for in 2006? |
Response
Percent |
Yes |
48.1% |
No |
51.9% |
2. Have the recent hurricanes prompted you to develop or consider developing additional continuity plans to maintain and administer benefits/payroll even during times of catastrophic events? |
Response
Percent |
Yes |
18.5% |
No |
81.5% |
| Demographics |
|
| What is the size of your organization? |
Response
Percent |
| 500 or fewer employees |
43.4% |
| 501 - 2000 employees |
22.9% |
| 2,000 - 10,000 employees |
24.1% |
| More than 10,000 employees |
9.6% |
Where do most of your employees work? |
Response
Percent |
Pacific (WA, OR, CA, HI, AK) |
7.3% |
Mountain (MT, ID, WY, NV, UT, CO, AZ, NM) |
8.5% |
North Central (ND, SD, NE, KS, MN, IA, MO, WI, IL, IN, MI, OH) |
15.9% |
South Central (OK, TX, AR, LA, KY, TN, MS, AL) |
7.3% |
North Atlantic (ME, NH, VT, MA, RI, CT, NY, PA, NJ) |
35.4% |
South Atlantic (FL, GA, SC, NC, VA, WV, MD, DE, DC) |
34.1% |
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