The 2022 report illustrates how employer benefit plan design
and employee decisions are shifting by analyzing enrollments from
361 large employers and more than 4.7 million employees across the
last five years.
CHARLESTON, S.C., April 6,
2022 /PRNewswire/ -- Benefitfocus,
Inc. (NASDAQ:
BNFT), an industry-leading cloud-based benefits
administration technology company that simplifies benefits
administration for employers, health plans and brokers, today
announced the release of its fifth annual State of Employee
BenefitsTM report. As employers continue to manage the
complexity of the evolving workforce, the report uncovers how
employer benefit packages have shifted to meet a more diverse set
of needs with the goal of attracting and retaining talent. At the
same time, employee enrollment data shows a shift in how employees
are prioritizing financial security.
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"In its second consecutive year analyzing pandemic era benefit
trends, The State of Employee Benefits reveals how employers are
responding to new challenges and evolving workforce dynamics," said
Matt Levin, CEO of Benefitfocus. "As
employers continue to diversify their benefit offerings to attract
and retain talent, improve outcomes, and manage health care costs,
effectively administering these benefits, communicating their
value, and engaging employees in these programs becomes
increasingly critical."
Interesting findings from the report include:
- Employers are persistent about diversifying health benefits
packages, increasing flexibility and placing a greater emphasis
on voluntary benefit options across a variety of categories. 77
percent of employers now offer an average of five health plan
options between HDHP and PPOs, and nearly two thirds now offer both
an HSA and FSA. Further, as employers look to diversify offerings
to attract and retain talent amid "The Great Resignation," HR
professionals identified preferred voluntary benefits,
including:
-
- Mental health programs
- Help with financial planning and retirement
- Increased paid time off and sick time
- Educational support
- Employers continue to limit cost-sharing. After nearly
two years of weighing the impacts of COVID-19 on health care costs
and employee turnover, employers limited out-of-pocket cost
increases to two percent or less on average. Employers also picked
up the five percent premium increase for individual PPOs.
- Employees are prioritizing financial security, driving a
shift in enrollment across PPOs and HDHPs, and an increase in
adoption of voluntary benefits.
-
- HDHP elections experienced a significant decline in 2022 for
the first time in three years when employees had a choice between a
PPO and HDHP.
- One in four employees selected hospital indemnity coverage
while more than a third enrolled in voluntary accident and critical
illness plans.
"The report's findings demonstrate how HR and benefits
have evolved to an entirely new level over the past year," said
Tina Provancal, Chief Product and
Strategy Officer at Benefitfocus. "Increasingly complex benefit
programs combined with growing expectations of today's workforce
are reinforcing the need for employers to partner with a technology
provider that prioritizes the employee experience and the need to
increase engagement in benefit programs by delivering exceptional
support while leveraging data to drive smarter, more cost-effective
benefit decisions."
The State of Employee Benefits 2022 was compiled by aggregating
and analyzing enrollment transactions of 361 large employers
(+1,000 employees) within the Benefitfocus customer base,
representing more than 4.7 million employees in total. This year's
report also includes insights and perspectives based on sponsored
surveys. Click here to access and download the full report.
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About Benefitfocus
Benefitfocus (NASDAQ: BNFT) is a cloud-based benefits
administration technology company committed to helping our
customers, and the people they serve, get the most out of their
health care and benefit programs. Through exceptional service and
innovative SaaS solutions, we aim to be the safest set of hands for
our customers helping to simplify the complexity of benefits
administration while delivering an experience that engages people
and unlocks the potential for better health and improved
outcomes. Our mission is simple: to improve lives with
benefits.
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SOURCE Benefitfocus, Inc.