For most employees, “perceived need” is not what ultimately determines whether they’ll elect the benefits their companies offer.
That’s what a study by Sun Life Financial recently uncovered.
And when it comes to an increase in out-of-pocket costs in health care, there’s a clear breaking point for most employees.
According to a new study by Sun Life Financial, many workers would cancel their medical insurance if they were faced with a 50% increase in out-of-pocket costs. And almost 45% of single heads of household would cancel if faced with this increase.
No surprise here, healthcare coverage was by far the most valued benefit for employees. When it comes to supplemental benefits, the study found employees ranked dental insurance, 401(k)/retirement plans and vision insurance as the most valuable.
The study also analyzed what benefits employees would elect if the “cost was shared” by their employer. Check out the breakdown below:
How do employees prefer to learn about the benefits offered by their company? Thirty-five percent prefer printed materials; 32% prefer online/Web site learning; and 14% prefer one-on-one consultations.
The least popular way to educate employees? At 2%, toll-free numbers are the least preferred method.