The newest ESC Drug Trend Report has some interesting statistics and takeaways for Advisors and Group Plan Administrators. Being in the “know” helps you attract clients that will trust you to help them make important decisions when it comes to their insurance needs. The results of this survey give an inside view as to what is going on with small- and medium-sized businesses regarding their health care plans and insurance needs.
Here are five of the most important things you need to know from this eye-opening report.
Employers can find and retain top talent in their industries by providing a strong benefits package
Many small- to medium-sized businesses believe they cannot afford a good health insurance plan for their employees. However, according to the survey, 69% of employees report feeling more positively about their workplace and employer if they have a good benefits plan. Those employers who offer health spending accounts and/or other types of wellness programs increase their chances of meeting the needs of their employees by 72% to 73%.
Employees who think positively about their employer are more likely to stay and perform well at work. This is information you can use to point out to potential clients that benefits can make all the difference in the world in finding and keeping the best talent out there. Benefits are valuable to both employers and employees alike.
Employees with unusual health needs or low incomes tend to view their current benefits plan less positively than others
If an employee has difficult health issues going on at his or her house, or has a household income of less than $30K a year, they tend to report less positive opinions of their employer’s benefits plan. A flexible benefits plan like an HSA or Benecaid’s Honeybee plan can be just the thing these employees need, it is important for you to point out the benefits of such plans to your potential clients. These plan options put the decision in the hands of employees which can help improve employees chances of meeting their own specific needs.
Most employees value health benefits plans that offer coverage toward routine healthcare costs
Just over half (51%) of employees surveyed reported valuing a benefits plan that covered routine health care costs. Plus, 24% valued a plan with coverage toward unexpected and high health care costs, and 25% valued both the same. This is a good statistic to present to potential clients to help them make the right choices when customizing their benefits plan with you.
Cash can be less important to an employee than the quality of their benefits plan
Spending money to improve benefits plans in lieu of salary increases has become incredibly popular within the workplace, especially among those who fall within the 18-35 age bracket. When polled, 89% of this age group said they’d prefer benefits/perks rather than a pay increase.
Employers are taking notice of these findings and are offering added perks and better benefit packages as a recruiting tool. Employees are attracted to coverage that supports self-improvement and a healthy lifestyle. Gym memberships, trips to the dentist, and even dog grooming are perfect examples of benefits that will help employees achieve a desirable balance between their work and personal lives.
Having a wellness culture at work matters
Employees want to know that their personal wellness matters to their employer. This is reflected in the survey, where 65% of employees with a wellness culture at work reported being happy with the quality of their benefits plan (as opposed to only 38% of those working in a company without a wellness culture). Even better, 70% of employees with a wellness culture at work reported their benefits plan met their needs extremely or very well, while only 42% of those without a wellness culture at work said the same.
If that isn’t enough to convince your client to adopt a wellness culture with a quality benefits plan, then the 89% of employees with a work wellness culture who reported being happy with their current jobs should do it – especially since only 59% of those without a wellness culture at work said the same thing. Happy employees are loyal and more productive. When you point this out to potential clients, with the survey statistics to back it up, it makes for a very compelling argument in convincing them to choose a benefits plan that allows them to adopt an overall wellness culture.
To find out how you can help your clients meet the needs of all their employees, contact Benecaid’s experienced team.
Speak to your Advisor or one of our Benecaid Benefits Consultants today about the numerous advantages and programs offered. Our team can be reached by phone at 416-626-8786 or by email at firstname.lastname@example.org.