Experts say such offerings could help improve employees’ financial wellness and retirement security.
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Art by Emine Yilmaz
Employers are increasingly offering more voluntary benefits as a way to supplement core coverage and give employees greater flexibility and more choices.
That’s according to a Benefitfocus report, which found that employees have increased their participation in voluntary accident, critical illness and hospital indemnity insurance since 2018. In 2021, nearly 60% of employees have elected more four or more income protection and/or specialty products.
“It’s not just that employers are offering more options with the power of choice, it’s that we’re actually able to see the employee behavior they’re adopting these options and wanting to participate as better health care consumers,” says Misty Guinn, director of customer advocacy at Benefitfocus.