Latest Eastbridge Study Shows Dental Plans Account for Second-Highest Voluntary Product Sales – PR Newswire
The latest research from Eastbridge Consulting, as highlighted in a recent PR Newswire release, reveals a significant trend in the world of voluntary employee benefits. Dental plans have emerged as the second most popular voluntary insurance product sold among employers offering voluntary benefits. This eye-opening study highlights the growing demand for dental coverage and its impact on voluntary product sales nationwide.
Understanding the Eastbridge Voluntary Benefits Study
Eastbridge Consulting conducts annual studies to analyze the trends and performance of voluntary benefits offered by employers. These benefits typically include supplemental insurance plans employees can choose to purchase, often at a discounted group rate. The voluntary market has expanded dramatically in recent years as more companies seek to improve employee satisfaction, retention, and overall health outcomes.
The latest study consolidates data from over 5,000 employers, providing a comprehensive look into the types of voluntary products employees prefer and the factors driving these trends. Notably, dental plans consistently rank high in enrollment and sales, trailing only behind the top-selling voluntary product category.
Why Dental Plans Rank So Highly in Voluntary Product Sales
Dental plans are recognized for their affordability, essential coverage, and ease of understanding, making them attractive to employees across various demographics. Here are key factors driving their popularity:
- Preventive Care Focus: Dental insurance often covers routine preventive treatments like cleanings and exams, encouraging people to maintain oral health proactively.
- Affordable Premiums: Compared to other voluntary insurance products, dental plans typically have lower premiums, making them accessible to a wide base of employees.
- Employee Awareness: Increasing awareness of oral health’s impact on overall wellness has spurred more employees to consider dental insurance an essential benefit.
- Complementary to Medical Insurance: Dental plans fill gaps left by traditional health insurance policies, addressing specific dental needs that might otherwise be costly out-of-pocket expenses.
Voluntary Product Sales Ranking From Eastbridge Study
According to the Eastbridge report, voluntary product sales fall into a competitive landscape where employees carefully evaluate plans based on price, coverage, and personal needs. Below is a simplified overview of the top voluntary insurance products by sales volume as identified in the study:
| Rank | Voluntary Product | Sales Percentage | Key Feature |
|---|---|---|---|
| 1 | Accident Insurance | 27% | Wide coverage for emergencies |
| 2 | Dental Insurance | 22% | Routine and preventive care |
| 3 | Critical Illness Insurance | 14% | Lump-sum benefits for illnesses |
| 4 | Hospital Indemnity | 12% | Cash benefits during hospital stays |
| 5 | Vision Insurance | 10% | Eye exams and eyewear |
Benefits of Offering Dental Plans as Voluntary Products
Employers who offer voluntary dental insurance reap advantages beyond simple employee satisfaction. The benefits include:
- Enhanced Employee Wellness: Encourages preventive care that reduces absenteeism and costly health issues.
- Cost-Effective Benefit Addition: As a voluntary product, dental insurance doesn’t usually add to employer health plan costs while still delivering significant value.
- Boosts Recruitment and Retention: Quality dental plans make compensation packages more attractive in competitive job markets.
- Flexible Coverage Options: Voluntary dental plans often come with different tiers to suit individual employee needs and budgets.
Practical Tips for Employers and Employees
For Employers
- Promote Awareness: Educate employees about the importance of dental health and how voluntary dental plans work.
- Bundle Benefits: Consider pairing dental with vision or critical illness plans to create appealing benefit packages.
- Leverage Data Analytics: Use employee feedback and claims data to tailor dental plan offerings effectively.
For Employees
- Assess Your Needs: Understand your dental health history and potential upcoming expenses before selecting a plan.
- Review Provider Networks: Ensure your preferred dentists and specialists are covered.
- Utilize Preventive Services: Take advantage of covered preventive treatments to avoid more serious dental problems down the line.
Case Study: A Mid-Sized Tech Firm’s Success with Voluntary Dental Plans
One notable example from the Eastbridge study involves a mid-sized technology company that introduced voluntary dental plans as part of its benefits package. After targeted communication campaigns and educational sessions, employee enrollment in dental plans increased by 35% year-over-year. This uptake not only improved employee satisfaction scores but also correlated with reduced absenteeism and healthier workforce metrics.
Moreover, the company leveraged digital enrollment platforms simplifying the purchase process, increasing accessibility and engagement. This case underscores the potential positive ripple effects when voluntary dental plans are positioned effectively.
Conclusion
The latest Eastbridge study, featured in PR Newswire, unequivocally establishes dental insurance as a vital voluntary product in today’s employee benefits landscape. Dental plans, ranking second in voluntary product sales, are becoming a staple for employees seeking affordable, meaningful coverage that enhances their overall health and wellness.
For employers, integrating dental plans into voluntary offerings presents a strategic opportunity to boost workforce well-being, attract top talent, and foster loyalty. Meanwhile, employees benefit from accessible preventive care and financial protection for dental needs. With increasing awareness and evolving health trends, dental insurance’s role in voluntary benefits will likely continue to grow — making it an essential consideration for any modern benefits strategy.
Stay ahead of benefit trends by exploring dental insurance options and leveraging insights from industry-leading research like Eastbridge’s. For more updates on voluntary benefits and employee wellness, keep following our blog.
