Eight in 10 of Those Surveyed Say Insurance Benefits Other Than Medical Insurance Are a “Must Have or Very Important” From an Employer, According to New Research From Lincoln Financial Group
06 Novembro 2023 - 12:00PM
Business Wire
As open enrollment approaches, employees are turning to their
employers for additional benefits protections, resources and
support
A new study from Lincoln Financial Group (NYSE: LNC) shows that
86% of those surveyed say insurance benefits other than medical
insurance are a “must-have or very important” for an employer to
offer.1 In today’s economic environment, employees are increasingly
interested in workplace benefits that can provide financial
protection and support as they face competing financial challenges,
including saving enough for emergencies, paying down debt and
increasing medical expenses2. As open enrollment approaches,
employers have an opportunity to provide resources employees need
to feel protected.
Offering a comprehensive benefits package and financial wellness
support during open enrollment can help employees take control of
their finances and can also help employers looking to attract and
retain talent. For instance, Lincoln offers its Workplace Solutions
employer clients access to Lincoln WellnessPATH® – an online tool
featuring personalized, actionable steps to help employees set
financial goals and learn tips for money management. Lincoln’s
WellnessPATH® Marketplace also connects individuals with partner
companies that offer solutions to help them work toward financial
goals, including student loan debt support. Offering resources like
these can lead to an increase in employee satisfaction, as research
shows 56% of employees surveyed say they would be more loyal to an
employer who provided financial wellness benefits.3
“Employees’ wallets are stretched thin. Increasingly, they are
turning to their employers for benefits that can help protect their
financial futures,” said Jimmy Reid, executive vice president,
president of Workplace Solutions, Lincoln Financial Group. “With
the right benefits and financial protections in place, employees
are better able to manage everyday expenses and save more
confidently, without the worry of compromising their savings if
something unexpected comes their way. Open enrollment is the ideal
time for employers to showcase the benefits options available and
how these benefits can help safeguard their finances.”
Amid rising costs and concerns around inflation, 82% of those
surveyed say it is important for them to have protection against
expenses or lost income in case of an unexpected event.4 The
addition of voluntary benefits like Accident, Critical Illness and
Hospital Indemnity insurance can help provide protection against
unforeseen health issues or accidents – and research shows these
types of supplemental health products are of great interest among
workers.5 Yet, along with the lack of availability, one of the
biggest barriers to widespread adoption is understanding the value
these benefits can provide. In fact, 54% of workers surveyed
believe that supplemental benefits are designed only for people who
already have specific health issues.6
Here are some strategies employers can adopt to help enhance the
benefits experience during open enrollment:
- Provide expert advice: For many workers, an ideal
benefits education program includes having experts readily
available to answer employee questions. This advice can be
delivered to employees in a variety of ways, from lunch-and-learns
to webinars to one-on-one meetings.
- Connect employees directly to the benefits provider:
Employees prefer to hear directly from their benefits providers —
nearly 9 in 10 respondents reported that they would be very or
somewhat interested in receiving communication directly from an
insurance carrier.7 Employers can help facilitate this by ensuring
the contact details for their benefits carrier are prominently
placed on benefits materials and intranet sites.
- Highlight affordability: Many workers aren’t aware of
how affordable supplemental health benefits can be. In fact, the
perception that supplemental benefits are unaffordable is the top
reason workers choose not to enroll.8 Conversely, among those who
are enrolled in supplemental benefits, the most common reason for
enrollment was affordability (41%).9 Employers can dispel these
misperceptions by highlighting the cost and value of supplemental
health benefits in open enrollment communications.
As a leading provider of workplace benefits, Lincoln Financial
is committed to offering new and innovative products and solutions,
and continues to expand its workplace benefits and retirement
savings offerings to meet the unique needs of customers. Recent
enhancements include:
- Launching enhanced Accident insurance coverage in all 50 states
with additional flexibility and increased benefit amounts to
address the cost of inflation. Includes family care benefits
focused on dependent children as well as older adults.
- Expanded Hospital Indemnity insurance coverage to 48 states –
now available in New York, Washington and Rhode Island. Includes
maternity-related and innovative NICU enhancement benefits designed
specifically for expectant mothers; mental disorder and substance
abuse treatment benefits.
- Critical Illness insurance attained age rating option expanded
in all 50 states, with unlimited recurrence with no lifetime
maximums.* Includes health assessment and wellness screenings for
early detection and prevention; robust value-added advocacy
benefits for the insured and their immediate family members.
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire
with confidence. As of Dec. 31, 2022, approximately 16 million
customers trust our guidance and solutions across four core
businesses – annuities, life insurance, group protection and
retirement plan services. As of September 30, 2023, the company had
$290 billion in end-of-period account balances, net of reinsurance.
Headquartered in Radnor, Pa., Lincoln Financial Group is the
marketing name for Lincoln National Corporation (NYSE: LNC) and its
affiliates. Learn more at LincolnFinancial.com.
* Except Skin Cancer
LCN-6062410-103123
__________________________ 1 Lincoln Financial, Consumer
Sentiment Tracker, Q1-Q3 2023 2 Lincoln Financial, Wellness@Work:
Retirement Plan Services, 2023 3 Lincoln Financial, Wellness@Work:
Group Benefits, 2022 4 Lincoln Financial, Consumer Sentiment
Omnibus, June 2022 5 Lincoln Financial, Wellness@Work: Group
Benefits, 2022 6 Lincoln Financial, Wellness@Work: Group Benefits,
2022 7 Lincoln Financial, Wellness@Work: Group Benefits, 2022 8
Lincoln Financial, Wellness@Work: Group Benefits, 2022 9 Lincoln
Financial, Wellness@Work: Group Benefits, 2022
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version on businesswire.com: https://www.businesswire.com/news/home/20231106608687/en/
Media: Erika Powell Lincoln Financial Group (336)
430-6661 Erika.Powell@lfg.com
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