Employee Benefits Market Check Survey: Voluntary Benefits for 2022

Employers have offered voluntary benefits (also known as worksite benefits, supplemental benefits, or employee-paid insurance) for many years and they continue to increase in importance and demand. These products allow employees to conveniently purchase protection relevant to them and their individual life stage and at a group discount. The available products have expanded over the past decade, and companies review new options every year. The pandemic has further shone a light on the importance of a well-rounded voluntary offering.

We conducted a poll during a webcast on December 16 to gain insight into how employers are thinking about their voluntary offerings for the coming year. The results are in the charts below.

Key Findings

Voluntary benefits allow employees to purchase customized insurance protection at competitive premiums and fill any gaps left by the core benefit programs. They aid employers by supplementing their core benefits, improving employee total well-being, and controlling health care spending. Perhaps most importantly, a strong employee benefits package will help attract and retain talent during the continued “Great Resignation” and tightened labor market.

While there is a lot of buzz about employers enhancing their employee benefits packages, our poll found that most employers did not choose to add new voluntary benefits for 2022. We encourage you to work with your Assurex Global adviser to evaluate options if you have not done so recently.

Should you have any questions regarding any of this information, please contact your local Assurex Global adviser.