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Most employees will likely purchase a voluntary product

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Nearly two-thirds of employees say it is important that their employer offer voluntary benefit products, new research reveals.

Transamerica Employee Benefits (TEB), a business unit of Transamerica Life Insurance Company, unveils this finding in a nationwide survey of 2,028 U.S. adults employed full-time by companies that provide employee benefits. The survey results are a part of a new white paper by TEB, “Game Changer: How Voluntary Benefits Give You the Advantage in Today’s Health Care Reform World.” The research is the first in TEB’s “The Benefits of Choice” series that explores the role of voluntary products today with the ongoing implementation of health care reform.

Nearly half (47 percent) of employees surveyed have not been offered an additional voluntary product since health care reform was implemented in 2010.

“Employee benefits are one of the most important factors in recruiting and retaining good employees,” says Randy Clarkson, president of Transamerica Employee Benefits. “A robust package that includes voluntary products helps employers acquire and retain a talented, productive workforce. This is especially true now with the diverse needs of employees.”

Additional survey results show respondents’ engagement in voluntary products and their desire to purchase them:

  • 62 percent of respondents say they are at least somewhat likely to purchase voluntary products to ensure they and their family have the right choices for their health care situation;
  • 64 percent of respondents say their knowledge of voluntary products is about the same as it was three years ago;
  • Employees consider price, need and fear of inadequate coverage as most important when purchasing voluntary products;
  • 46 percent of respondents say it is likely or very likely that they would remain at their current employer primarily due to the voluntary products package offered; and
  • When asked how they would like to receive information about their benefits from their employer, the top three responses were: email – 54 percent; employer internet/intranet site – 29 percent; and one-on-one meetings – 27 percent.