Research from Prudential found nearly half (43 percent) of plan sponsors say their companies are taking a closer look at cost-sharing alternatives. In the past year, 20 percent of employees added a new voluntary coverage through their employer.
The findings are from "The Rise in the Employee-Driven Benefits Model," the first in a series of research briefs stemming from Prudential's 5th annual study of employee benefits.
"This notion of employees making more financial decisions at work didn't start with the recession or the recently passed healthcare legislation," said Andy Mako, senior vice president, Product, Marketing and Strategic Initiatives, for Prudential's Group Insurance Business. "Interest has been gradually increasing over the past decade."
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Mako said employees are taking steps to protect their health and overall financial well-being and they're viewing voluntary benefits as an attractive alternative to having no coverage or to purchasing potentially more expensive coverage outside the workplace.
"Now we're seeing ideas about benefit cutbacks, financial literacy education and consumer-directed health plans being woven together to tell the larger industry story about why the employee-driven model is starting to make sense to more companies," Mako said.
Click here to view an informational video from Prudential
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