"One common employer misconception is that older employees value benefits more than younger employees," said Anita Potter, assistance vice president, LIMRA group product research. "In fact when it comes to benefits, younger employees value benefits nearly as much as older employees. The different values that employees place on benefits appear to be more a function of life experience rather than life stage, income or education levels."

In the past, employers felt they needed to provide robust benefits package to attract and retain good employees. The struggling economy with close to nine percent unemployment rate and the rising costs of benefits has many employers choosing to downgrade or eliminate their benefits or shift the costs to their employees. In a 2009 LIMRA study, employers who felt that offering benefits was necessary to attract and retain good employees had declined from 2004 levels.

"Overwhelmingly, our research found that employees simply did not know how much their benefits were worth," noted Potter. "Without understanding the value of their benefits, how are employees making knowledgeable choices about who they work for and the benefits they select?"

As employers continue to shift the rising costs of benefits on their employees (60 percent indicated they would in 2011), employees need to know the price components of their benefits package and what financial or lifestyle changes they will face if any of these components are revised. It was interesting to note that when an employee understood the current cost of a benefit and the exact amount of the projected cost increase, it affected the employee's decisions about their overall benefit package.