The U.S. business group of Sun Life Financial has released a study titled “Voluntary Benefits: An Unknown but Needed Option,” illustrating that due to health care costs continuing to rise, American workers need to adequately understand what voluntary benefits are.
The survey, commissioned by Assurant Employee Benefits, now part of the Sun Life family, shows that although many workers are relatively unfamiliar with voluntary benefits, once these benefits are explained, workers overwhelmingly agree that employers should offer the benefits as an option. Additionally, nearly two in three people recognize that voluntary benefits received through employers are helpful in filling in the financial gaps in their health coverage, even if they have to pay for those benefits themselves.
Other key takeaways from the study:
— 54% do not know their out-of-pocket maximum; 33% do not know their deductible; 30% do not know either
— 77% are concerned about overall financial risk with employers cutting back on health care coverage
— 62% agree that employer-provided health plans are rarely enough to cover unexpected costs and that additional coverage is needed
— 94% consider “other” insurance offerings important when choosing a job
— 87% say more customized benefits choices that fit their lifestyles would help them make the right health plan choices
— 43% feel they do not have enough information from their employers regarding voluntary benefits
The study, conducted by GfK KnowledgePanel®, surveyed 1,000 randomly selected full-time employees who have the option of employer-provided benefits. Final data were weighted by age, region, race/ethnicity, education, and income. Click here (http://www.sunlife.com/us/News+and+insights/Insights/Voluntary+Benefits+Survey) to download the full study and survey results, along with the whitepaper that includes expert insights and analysis.
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For more reporting on this topic, see our Health Insurance Coverage news hub.