Aug 03, 2020
COVID-19 has changed everything about our daily lives including employee benefits. About 25% of employers say that the pandemic has made them more interested in shifting their insurance benefit programs in the next 18 months, according to a LIMRA survey.
Forty percent of employers say the coronavirus outbreak has affected their views on employee benefits, with an almost universal shift toward viewing benefits as more important. Large companies and those most concerned about COVID-19 are the most likely to say their opinions have changed on employee benefits. As a result of COVID-19, about 4% of employers have dropped an insurance benefit and 16% are considering doing so.
Healthcare & Supplemental Benefits Get a Boost
Healthcare benefits have gotten the biggest boost in perceived importance, such as hospital indemnity, critical illness, and major medical plans. LIMRA Assistant Research Director Kimberly Landry said, “We’ve seen increased interest in some supplemental non-insurance benefits — particularly telehealth services, mental health benefits, and employee assistance programs (EAPs).”
LISI’s comprehensive array of medical carriers offer innovative telehealth and mental health options. With CoPower, employers get access to easy billing and administration for Unum’s popular supplemental plans.
Electronic Enrollment Gets More Important
With so many employees working remotely, Covid-19 could be the thing that finally moves groups away from paper applications. More than two-thirds of employers expect a portion of their workforce to continue working remotely at least some of the time after the pandemic. LISI’s Ease Dedicated Services Program features a Support Team to make online enrollment seamless for brokers and their clients – even the first-timers!
Contact your LISI Regional Sales Manager for key strategies to adjust employee benefits amid COVID-19.
