Insurance Options Expanding with Employee Interests

1.5 minute read

When it comes to benefit offerings, employees want options. And employers want to give their employees choices, despite facing escalating costs, limited budgets, etc.

The 2019 Medical Plan Trends and Observations Report analyzed over 1,000 employee benefit plans from over 200 employers. The report indicates that employers are designing benefits strategies that deliver the personalized options employees want in today’s marketplace, while containing health care costs at both the individual and organizational level.¹

While older workers are more concerned about health benefits, younger generations like millennials, Gen X, and Gen Z are interested in lifestyle benefits and financial protections. Voluntary benefits are making a comeback with employers offering adoption assistance (offered by 19% of employers), financial wellness checks (7%), and backup childcare (7%).

Supplemental insurance offerings jumped from 45% in 2018 to 75% in 2019. Accidental Death and Dismemberment also doubled in interest this year as well (60%).

Other report findings included:

• Telemedicine offerings decreased this year despite its growing trend in popularity
• Many employers are offering a high deductible health plan with a Health Savings Account or Health Reimbursement Arrangement.
• Employers are increasing their wellness options including health risk assessments and biometric screenings.

For more trends and observations, read the full article.

¹ Wooldridge, Scott. “Employers providing more benefit choices while still working to address costs.” https://www.benefitspro.com/2019/03/05/employers-providing-more-benefit-choices-while-still-working-to-address-costs/ Accessed 7 November 2019.