Sep 27, 2022
Many employers are looking to enhance benefits to attract and retain talent, according to a LIMRA survey of private employers with 10 or more employees. Sixty percent are considering adding a new insurance benefit in the next two years. That’s about double the interest from five years ago. If all these employers follow through, about 784,000 will introduce a new insurance benefit over the next two years, reaching more than 86 million employees.
More than 1 in 4 businesses express strong interest in introducing at least one new type of insurance. Four in 10 mid-sized and large companies are very interested in offering new insurance benefits in the next two years.
The most popular benefits up for consideration are disability (STD and LTC) and vision care. Businesses that don’t offer insurance benefits are most often considering adding major medical coverage. They are also looking to add dental insurance, life insurance, short-term disability, and vision care coverage. Employers are also interested in adding non-traditional benefits, such as work flexibility, caregiving benefits and wellness programs.
Today, more than 80% of private employers with 10 or more workers offer at least one insurance benefit, with major medical plans most commonly available to employees. The top five benefits that employers offer today include: dental (55%), life insurance (48%), vision care (47%), and short-term disability (47%).
