Page 55 - 2020 Peel & Holland Benchmarking Survey Results

WESTERN KENTUCKY EMPL OY EE BENEFIT S
BENCHMARKING SURVEY
VOLUNTARY BENEFITS 2017

VOLUNTARY BENEFITS

Voluntary Benefits Newly released findings from Willis employees and their families with their
Towers Watson’s 2018 Emerging Trends:
financial issues,” said Mary Tavarozzi,
Now Essential, Not Voluntary Benefits and Services Survey managing director of health and benefits
Fringe of large employers show that: at Willis Towers Watson.
• Only a handful of respondents “For 2018, 42 percent of employers
(5%) say voluntary benefits will offered at least one of three voluntary
Employers no longer consider voluntary have little importance to the value income protection benefits to their
benefits as simply add-ons but rather they offer employees through their employees—voluntary accident, critical
as “a way to address a host of employee total rewards strategy. Five years illness and/or hospital indemnity
needs, offer choice and allow employees ago, 41 percent of employers said plans—and 18 percent offered all three,”
to personalize their rewards,” said Lydia voluntary benefits would have little said Justin Verona, Benefitfocus lead
Jilek, director of voluntary benefits at importance. researcher and co-author of the report.
consultancy Willis Towers Watson.
• More than two-thirds of employers Those numbers are up from their 2016
Voluntary benefits are supplemental to levels.
core health insurance and retirement (69%) believe voluntary benefits “Employees continue to appreciate
savings plans and are typically will be a very or more-important these options,” added Logan Butler,
employee-paid through salary-deferred component of their total rewards Benefitfocus lead writer and report
contributions. They can be a cost- strategy in three to five years. co-author. “When given the choice, 25
efficient way to provide additional “While employers continue to embrace percent elected at least one of the three
coverage to employees, who can traditional voluntary benefits, such as voluntary income protection products for
purchase these plans through their life and disability coverage, they are 2018, with over 20 percent enrolling in
employer at a lower, group rate. offering benefits more often to help
multiple plans.”
Source: SHRM, Voluntary Benefits Now Essential, Not Fringe, April 2018

PEEL & HOLLAND | 2020 Western Kentucky Employee Benefits Benchmarking Survey Results 53