PlanSource was featured in an article in Employee Benefit Adviser highlighting the importance of voluntary benefits, a topic covered at PlanSource Eclipse. An excerpt from the article is below and the entire article can be found here.
Although voluntary products are becoming more prevalent in the market as employees shoulder more of their healthcare costs, a group of product experts warned not to offer too many elective benefits at once, as doing so overwhelms those making the purchasing decision.
Still, the need for voluntary is clear. Seventy-nine percent of employees see a growing need for voluntary insurance in 2017 compared to the prior year, largely due to the rising cost of health insurance and out-of-pocket costs rising, according to an Aflac study.
To date, voluntary products are not widely offered. Although 58% of employees say their employed offered short-term disability in 2016, according to research by the Employee Research Institute, only 33% are offered long-term care insurance, 28% accident insurance, 19% critical illness and 16% cancer insurance.
With so much need for voluntary and multiple products, it is important for employers to pick the right amount of products to offer.
Speaking last week at a conference sponsored by HR technology company PlanSource in Park City, Utah, a group of voluntary experts suggested starting with a few products because offering multiple causes employee to become overwhelmed.