By Lauren Bikoff, MLS
Viewpoints shift to favor employee benefits.
Forty percent of employers said the coronavirus pandemic has impacted their views on the importance of employee benefits, and these are almost universally shifts toward viewing benefits as more important now, according to recent research from LIMRA. The survey, The Impact of COVID-19 on Employers’ Approaches to Workplace Benefits, 2020, found that benefits that are directly related to health care, such as hospital indemnity, critical illness, and major medical plans, are the most likely to have experienced a boost in perceived importance.
LIMRA noted that some employers have shown increased interest in adding supplemental benefits, such as telehealth services (19 percent), mental health benefits (11 percent), and employee assistance plans (12 percent).
The survey found that about 25 percent of employers said COVID-19 has made them more interested in making changes to their insurance benefit programs within the next 18 months. Approximately 4 percent of employers have already dropped an insurance benefit as a result of COVID-19 and 16 percent are considering doing so.
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