Benefitfocus’s 2022 State of Employee Benefits™ Report Reveals Employers’ Persistence in Meeting Employee Needs by Diversifying Benefits Offerings
The 2022 report illustrates the evolution of employer benefit plan design and employee decisions by analyzing enrollments from 361 large employers and more than 4.7 million employees over the past five years.
CHARLESTON, SC, 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 publication of its fifth annual report on the state of employee benefits.MT report. As employers continue to manage the complexity of a changing workforce, the report reveals how employer benefits have evolved to meet a more diverse set of needs in an effort to attract and retain talents. At the same time, employee enrollment data shows a shift in how employees prioritize financial security.
“In its second consecutive year of analyzing benefits trends in the age of the pandemic, The State of Employee Benefits reveals how employers are responding to new challenges and changing workforce dynamics. “, said Matt Levine, CEO of Benefitfocus. “As employers continue to diversify their benefits offerings to attract and retain talent, improve outcomes and manage health care costs, it becomes increasingly critical to effectively administer these benefits, communicate their value and involve employees in these programs.”
Interesting findings from the report include:
- Employers persist in diversifying health benefit plans, increasing flexibility and placing more emphasis on voluntary benefit options in various categories. 77% of employers now offer an average of five health plan options between HDHP and PPO, and almost two-thirds now offer both an HSA and an FSA. Additionally, as employers look to diversify their offerings to attract and retain talent amid “the big quit,” HR professionals have identified preferred voluntary benefits, including:
- Mental health programs
- Help with financial planning and retirement
- Increase in paid holidays and sick leave
- Pedagogical 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 have limited out-of-pocket spending increases to 2% or less on average. Employers also resumed the five per cent premium increase for individual PPOs.
- Employees prioritize financial securityleading to changes in enrollment in PPOs and HDHPs, and increased uptake of voluntary benefits.
- HDHP elections saw a significant drop in 2022 for the first time in three years when employees had a choice between a PPO and HDHP.
- One in four employees have opted for hospital allowance coverage while more than a third have enrolled in voluntary accident and critical illness insurance plans.
“The report findings show how human resources and benefits have evolved to a whole new level over the past year,” said Tina Provancal, Chief Product and Strategy Officer at Benefitfocus. “Increasingly complex benefits programs combined with the growing expectations of today’s workforce reinforce the need for employers to partner with a technology provider that prioritizes employee experience and the need to increase engagement in benefits programs by providing exceptional support while leveraging data to drive smarter, more cost-effective benefits decisions.”
The 2022 Benefits Statement was compiled by aggregating and analyzing enrollment transactions from 361 large employers (+1,000 employees) within Benefitfocus’ customer base, representing over 4.7 million employees in total . This year’s report also includes insights and insights based on sponsored polls. Click on here to access and download the full report.
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 healthcare and benefits programs. social advantages. Through exceptional service and innovative SaaS solutions, we aim to be the safest hands for our clients by helping to simplify the complexity of benefits administration while delivering an experience that engages people and unlocks potential. better health and better outcomes. Our mission is simple: improving lives with benefits.