WELLESLEY, Mass., Nov. 30, 2016 /PRNewswire/ -- The U.S.
business group of Sun Life Financial has released a study titled
"Voluntary Benefits: An Unknown but Needed Option," illustrating
that due to health care costs continuing to rise, American
workers need to adequately understand what voluntary benefits
are.
The survey, commissioned by Assurant Employee Benefits, now part
of the Sun Life family, shows that although many workers are
relatively unfamiliar with voluntary benefits, once these benefits
are explained, workers overwhelmingly agree that employers should
offer the benefits as an option. Additionally, nearly two in three
people recognize that voluntary benefits received through employers
are helpful in filling in the financial gaps in their health
coverage, even if they have to pay for those benefits
themselves.
Other key takeaways from the study:
- 54% do not know their out-of-pocket maximum; 33% do not know
their deductible; 30% do not know either
- 77% are concerned about overall financial risk with employers
cutting back on health care coverage
- 62% agree that employer-provided health plans are rarely enough
to cover unexpected costs and that additional coverage is
needed
- 94% consider "other" insurance offerings important when
choosing a job
- 87% say more customized benefits choices that fit their
lifestyles would help them make the right health plan choices
- 43% feel they do not have enough information from their
employers regarding voluntary benefits
"Benefits communication is a crucial component of enrollment for
employers," says Joi Tillman, Vice
President, Voluntary, for Sun Life Financial. "This study shows us
that with good education and communication, employees will not only
understand the importance of voluntary benefits, but they will seek
them out for both health and financial protection."
The study, conducted by GfK KnowledgePanel®, surveyed 1,000
randomly selected full-time employees who have the option of
employer-provided benefits. Final data were weighted by age,
region, race/ethnicity, education, and income. Click here to
download the full study and survey results, along with the
whitepaper that includes expert insights and analysis.
About Sun Life Financial
Sun Life Financial is a
leading international financial services organization providing a
diverse range of protection and wealth products and services to
individuals and corporate customers. Sun Life Financial has
operations in a number of markets worldwide, including Canada, the United
States, the United Kingdom,
Ireland, Hong Kong, the
Philippines, Japan,
Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2016, the Sun Life Financial group
of companies had total assets under management of $908 billion. For more information please visit
www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
In the United States, Sun Life
Financial is one of the largest group benefits providers, serving
more than 60,000 employers in small, medium, and large workplaces
across the country. Sun Life's broad portfolio of products and
services in the U.S. includes Disability and Absence Management,
Life, Dental and Vision, Voluntary, and Stop-Loss insurance. This
includes the acquisition of Assurant Employee Benefits in Q1 2016.
For more information, please visit www.sunlife.com/us.
Media contact:
Devon Portney Fernald
Sun Life Financial
Devon.portney.fernald@sunlife.com
781-416-7151
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sun-life-study-shows-30-of-americans-dont-know-their-health-plan-deductible-or-out-of-pocket-maximum-300370383.html
SOURCE Sun Life Financial