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* 401k Practice * Products * Fiduciary * Leaders Speak * Contact Us * Podcast * Reprints * Advertise * Profiles in 401(k) Participant Outcomes * Dictionary * Leaders Speak * Podcast * Reprints * About Us * Advertise * Contact Us * Subscribe * Practice Read More 3 minute read EMPLOYERS DELAY RETIREMENT DUE TO SAVINGS FEARS Read More 2 minute read THIS EUROPEAN COUNTRY HAS AMERICAN RETIREES BOOKING A ONE-WAY FLIGHT Read More 5 minute read CORPORATE ROUNDUP: ERISA TURNS 50, T. ROWE PRICE LAUNCHES FRAMEWORK Read More 2 minute read GENERATIONS TO EXPERIENCE WEALTH TRANSFER DIFFERENTLY Read More 3 minute read EMPLOYEES ANTICIPATE VOLUNTARY AND HEALTHCARE BENEFITS * Products Read More 2 minute read FUTURE CAPITAL ENTERS HELD-AWAY 401(K) ASSETS MARKET WITH NEW DIGITAL SOLUTION Read More 2 minute read THE FUTURE OF MUTUAL FUNDS AMIDST CIT GROWTH Read More 6 minute read CORPORATE ROUNDUP: NUVEEN TAPS NEW CEO, SHAREBUILDER 401K SLASHES SETUP FEE Read More 2 minute read FINANCIAL ADVISORS MAY BOOST ANNUITY INTEREST Read More 3 minute read HEALTH SAVINGS ACCOUNTS: BY THE NUMBERS * Fiduciary Read More 2 minute read ‘FIDUCIARY-GRADE’ ADVISORS MORE LIKELY TO SECURE HIGHER 401(K) RETURNS Read More 2 minute read NINE INSURANCE TRADE GROUPS SUE DOL OVER FIDUCIARY RULE Read More 3 minute read FACC FILES SECOND LAWSUIT AGAINST DOL FIDUCIARY RULE Read More 2 minute read BROADRIDGE 360: CHALLENGES AND OPPORTUNITIES IN THE NEW FIDUCIARY MARKETPLACE Read More 3 minute read HOUSE, SENATE RESOLUTIONS INTRODUCED TO ‘DISAPPROVE’ DOL FIDUCIARY RULE * Regulation Read More 3 minute read TOO MUCH INFORMATION: GROUP SAYS DOL OVERREACHES WITH ‘LOST AND FOUND’ DATABASE Read More 4 minute read 2025 401(K) CONTRIBUTION LIMIT FORECAST: $1,000 INCREASE ON TAP? Read More 2 minute read RHODE ISLAND JOINS GROWING RANKS OF AUTO-IRA STATES Read More 3 minute read GROWING NUMBER OF ADULTS URGE CONGRESS TO ADDRESS SOCIAL SECURITY INSOLVENCY Read More 2 minute read SMALL BUSINESS OWNERS PREFER TRUMP WIN TO BOOST PROSPECTS, POLL FINDS * Social Security Read More 5 minute read 2025 SOCIAL SECURITY COLA FORECASTS RECEDE SLIGHTLY Read More 5 minute read WHY SOCIAL SECURITY FIX NEEDS TO HAPPEN SOONER VS. LATER: MUNNELL Read More 4 minute read 2025 SOCIAL SECURITY COLA FORECAST TICKS UP Read More 4 minute read SECURING MEDICARE’S FINANCIAL FUTURE Read More 4 minute read 9 YEARS UNTIL SOCIAL SECURITY TRUST FUND BECOMES DEPLETED * Topics Read More 3 minute read AN EXEMPLARY MULTIEMPLOYER 401(K) PLAN Read More 3 minute read WHY THE FUTURE IS NOW BRIGHTER FOR SMALL-BALANCE RETIREMENT ACCOUNTS Read More 4 minute read WHICH ANNUITIES ARE GOOD FOR RETIREMENT? Read More 2 minute read TDFS: ACTIONS SPEAK LOUDER THAN WORDS Read More 3 minute read TARGET DATE FUNDS DO NOT REDUCE RISK THROUGH TIME, EXCEPT A FEW TDFS * Events Read More 2 minute read BROADRIDGE 360: MEDICARE & HSAS — THE PERFECT PAIR IN RETIREMENT PLANNING Read More 3 minute read BROADRIDGE 360: THE LATEST FIDUCIARY RULE, A CONVERGENCE, AND REFINED CLIENT EXPERIENCES Read More 4 minute read WHY THE RETIREMENT INDUSTRY NEEDS TO EMBRACE CHANGE, GET BETTER AT WORKING TOGETHER: LEAFHOUSE EVENT Read More 3 minute read BROADRIDGE FI360: CYBERSECURITY FOR ADVISORS Read More 3 minute read 5 TRENDS CREATING OPPORTUNITY FOR 401(K) ADVISORS: BROADRIDGE FI360 SOLUTIONS * SECURE 2.0 Magazine THE LATEST EMPLOYEES ANTICIPATE VOLUNTARY AND HEALTHCARE BENEFITS BOOMER RETIREMENT UPDATE: GROWING SAVINGS GAP, HEAVY DEPENDENCE ON SOCIAL SECURITY GEN XERS DOUBT THEIR ABILITY TO RETIRE SECURELY ARE PLAN SPONSORS PLAYING THE LONG GAME? * 401(k) Practice * Your 401(k) News EMPLOYEES ANTICIPATE VOLUNTARY AND HEALTHCARE BENEFITS Over three-quarters of employees are more likely to work at a company who offers voluntary benefits like critical illness and disability insurance, finds Benefitfocus byAmanda Umpierrez June 19, 2024 3 minute read Image Credit: © One Photo | Dreamstime.com Employees are turning to plan sponsors to simplify and optimize their workplace benefits, finds a recent report by Benefitfocus, a Voya company. According to its “2024 State of Employee Benefits Report,” 77% of employees agree that they are more likely to work with an employer who offers voluntary benefits like critical illness insurance, hospital indemnity insurance, and disability or accident insurance. Sixty percent believe they are more confident in their financial security due to the voluntary benefits they are enrolled in. Benefitfocus points to rising health care costs for the shifts in attitudes, noting that offering voluntary benefits outside of traditional health care features remains a competitive necessity for companies. “Employee benefits are more important to the workforce than ever, making a successful benefits strategy essential for organizations, reports the research. “Yet as benefits become more costly and complex, administrating benefits and driving impactful employee engagement with them is increasingly challenging for HR teams.” RELATED POSTS: * Voya Partners With SecureSave to Offer Emergency Savings Accounts * Hottest Topics of 2023: Mid-Year Review of Most-Viewed Articles * Defending the 401(k) While enrollment in high-deductible health plans (HDHPs) as increased across all generations, employee participation in health care savings and spending accounts (HSAs and FSAs) declined 20% between 2022 and 2024, suggesting that employers should provide more education, guidance, and support surrounding the savings tools. Furthremore, only 3% of working Americans in the survey understand the full benefits of HSAs. According to Benefitfocus, 70% of benefits-eligible employees want additional communications and educational materials from their employer. Without additional information, employees could end up enrolling into a plan that does not benefit them. As a result, participants could end up overpaying for coverage, underutilizing available benefits, and even under saving for retirement. “The consequences of these choices vary by organization and individual, of course, but when taken together, can negatively impact the collective state of employee benefits for years to come,” the research adds. “That’s why employers are beginning to take this reality seriously and they’re eager to provide their people with better benefits enrollment support that spans the benefits mix across health and financial wellness.” The added burden of affording the costs associated with voluntary benefits and healthcare could deter participants from selecting the best plan for themselves. The research found that 43% of employees say it was very or somewhat difficult to afford healthcare, and 30% are currently paying off debt from medical or dental care. Over half (54%) reported that delaying or foregoing care because of high costs resulted in the health problem of theirs or a family member to worsen. Among solutions for employers to implement include adding cost transparency to communication materials, along with care advocacy and promotions of preventative care, primary care providers, and disease/chronic health management. To manage costs, employers should rethink their medical plan and benefits design by offering supplemental and voluntary benefits, reconsider premium tier structures, and subsidizing copays for “more affordable” options like telemedicine and/or urgent care copays over those for emergency room visits, advises Benefitfocus. The research was compiled from enrollment transactions aggregated across 316 large employers (1,000+ full-time employees) within the Benefitfocus customer base, representing more than 1.8 million employees in total. Additional insights can be found here. SEE ALSO: * HSAs Have ‘Mixed Effects’ on Healthcare Service Usage * Checking the Pulse of the HSA Market with Devenir’s Eric Remjeske * Americans Expect AI to Increase Lifespan—And Healthcare Costs AUTHOR * Amanda Umpierrez Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show. View all posts * Health Savings Accounts (HSA) * Healthcare * Voya Financial Total 0 Shares Share 0 Tweet 0 Share 0 LEAVE A REPLY CANCEL REPLY Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ View Comments (0) FEATURED INDUSTRY ARTICLES * WHY ARE EMPLOYEES NOT PARTICIPATING IN THEIR 401(K)S? * Q&A WITH MFS’ JERI SAVAGE: PLAN SPONSOR, PARTICIPANT SURVEYS UNCOVER NEW OPPORTUNITIES FOR ADVISORS LATEST POST * BOOMER RETIREMENT UPDATE: GROWING SAVINGS GAP, HEAVY DEPENDENCE ON SOCIAL SECURITY LATEST POST * GEN XERS DOUBT THEIR ABILITY TO RETIRE SECURELY 401K PODCAST * JERRY SCHLICHTER PREPS ADVISORS FOR FIDUCIARY RULE CHANGES RELATED POSTS Read More * 401(k) Practice * Your 401(k) News GEN XERS DOUBT THEIR ABILITY TO RETIRE SECURELY As a solution to their worries, nearly half of Gen Xers say they are willing to work past retirement, finds Natixis Investment Managers byAmanda Umpierrez Read More * 401(k) Practice * Your 401(k) News ARE PLAN SPONSORS PLAYING THE LONG GAME? Navigating short-term realities and long-term goals in retirement planning byRalph Ferraro Read More * 401(k) Regulations * Your 401(k) News 2025 401(K) CONTRIBUTION LIMIT FORECAST: $1,000 INCREASE ON TAP? Milliman’s latest update shows elective deferral limit expected to increase to $24,000 byBrian Anderson, Editor-in-Chief Read More * 401(k) Practice * Your 401(k) News WEALTHY AMERICANS FALL SHORT OF RETIREMENT GOALS While high earners say they'll need $3 million to retire, that number rises to $5.5 million if they want to pass down wealth, finds First Citizens Wealth byAmanda Umpierrez * About Us * Advertise * Contact Us * Podcast * Reprints * Subscribe Copyright 2024 401(k) Properties LLC. All Rights Reserved. × We'd like to show you notifications for the latest news and updates. AllowCancel