Includes data on voluntary benefits, FMLA trends and cost shifting
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Using employee benefits industry and Unum (NYSE:UNM) data, a new study
examines the effects of health care reform, tight budgets and shifting
demographics on the employee benefits landscape.
Buyers
Study 2011: Benefits strategies for a new era offers information on
benefits trends ranging from the shift in how employers and employees
share the cost of benefits to the latest buying patterns by industry,
age, gender and company size.
Among the trends examined in the study:
-
Nearly 80 percent of employers expect to offer some form of
consumer-driven health plan by 2012
-
Almost 90 percent of businesses with 1,000 or more employees offer
benefits coverage with both employer-paid and employee-paid funding
-
While life insurance is most commonly paid for by a combination of
employer and employee contributions, employee-paid offerings continue
to increase
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Voluntary benefits sales are especially strong in the 30 to 49 age
group
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Women consistently purchase more voluntary coverage than men
“This guide is a great tool for helping our partners understand the
factors affecting the broader benefits market and how those changes play
out for employers and employees every day,” said Geoff Widlak, a senior
market manager for Unum.
The study examines how the role of voluntary benefits will evolve as
health care reform unfolds, acting as a complement to consumer-driven
health plans and reducing workers’ financial exposure in case of
accident or illness.
Each section features ‘best bets’ that outline specific steps employers
and their benefits partners can take to get the best overall experience
and value from their benefits plans.
Other topics addressed in the study include the ways employers have, and
will, change their benefits offerings to adapt to economic pressures and
health care reform. Nearly 50 percent increased employee contributions,
while about one-third increased deductibles.
The study also notes growing demand for outsourcing the administration
of family and medical leave as provided by the Family and Medical Leave
Act (FMLA).
More than one-quarter of employers with 5,000 or more employees now
outsource administration of FMLA-related leave. And in 2009, 63 percent
of employers surveyed had integrated short term disability and FMLA
administration.
The Buyers Study also includes data on:
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The leading drivers of employee satisfaction, including job security
and benefits
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The direct effect employee engagement has on the bottom line
-
How changing workforce demographics are increasing the need for
benefits choice
-
What steps employers can take to build a solid benefits plan in a
complex environment
See www.unum.com/buyerstudy
to learn more about the study or download a copy.
About Unum
Unum (www.unum.com)
is one of the leading providers of employee benefits products and
services in the United States and the United Kingdom. Through its
subsidiaries, Unum Group paid approximately $6 billion in total benefits
to customers in 2010.
Source: Unum
Contact:
Unum
Mary Fortune, 423-294-6368
mfortune@unum.com