In an earlier blog, we explained that, despite the economic uncertainty, a large number of employers are expanding employee benefits. As discussed in this article, they are also tweaking voluntary benefit offerings in response to a change in demand.
It’s an understatement to say that the COVID-19 crisis has gotten everyone’s attention, but there is evidence to show that, “Employees have a heightened sense of mortality and morbidity” that didn’t exist before the pandemic. So benefits like critical illness coverage and hospital indemnity insurance that were not attractive to a younger workforce are now of interest.
Some other voluntary benefits that are on the rise include: pet insurance because pet adoptions are climbing and some Millennials are replacing kids with pets; identity theft insurance, especially since more of us are working remotely and carrying out more activities online; and even legal insurance with industry experts predicting a rise in divorces.
Approximately 12% of employers have enhanced voluntary benefits in the post-COVID world, striving to add value to their employees and perhaps lower their stress.