National Report Reveals Benefits Trends and Changes
Alera Group, a national employee benefits, property and casualty, retirement services and wealth management firm, today released the results of the 2020 Healthcare & Employee Benefits Benchmarking Survey.
The report highlights key findings from benefits analysis across the nation, including:
- Rising Age of Retirement: Many employees are working past age 65, remaining on employer plans in addition to retiree medical plans. This impacts overall employer costs.
- Health and Life Benefits Remain Crucial: Holding to historical standards, surveyed employers most commonly offer medical, dental, pharmacy and life benefits.
- Prevalence of Disability & Retirement Benefits: 60% of employers offer disability benefits, with Long-Term Disability being the most common offering. The vast majority of employers surveyed—83%--offered a 401(k) defined contribution plan.
- Voluntary Benefits are Valuable: Approximately 50% of employers offer voluntary benefits to employees, including accident, critical illness, and paid family care leave benefits.
“While our 2020 benchmarking survey revealed that some benefits trends continue to hold steady, we saw a rise in benefits offerings that can be linked to COVID-19 and work from home needs. These include telemedicine and employee assistance programs,” said Sally Prather, Executive Vice President and Employee Benefits Practice Leader at Alera Group. “We expect to see more employers relying on benchmarking tools to gauge the impact and value of their benefits offerings, both through the remainder of the pandemic and beyond.”
“The Alera Group team of data analysts collected data from across the country to compile this report,” said Karin Landry, Managing Partner. “We are excited that this report, along with our proprietary benchmarking analysis tools, will help employers nationally to create winning, cost-effective benefits packages.”
The Alera Group benchmarking survey was conducted online from July 10 through August 28, 2020. Approximately 2,000 companies participated in the 2020 survey from across the United States, including 1,069 Alera Group clients and prospects and 881 companies from a supplemental panel. The aggregate report with a summary of key findings is available here. Please contact your local Alera Group firm or email firstname.lastname@example.org to be connected with a benchmarking expert who can answer your questions.
About Alera Group
With over 90 locations across the country and more than 2,000 teammates, Alera Group works together to deliver solutions in employee benefits, property and casualty, retirement services and wealth management. Built on a unique model of collaboration, Alera Group is now the 17th largest independent insurance agency in the United States. For more information, visit aleragroup.com.