Latest Eastbridge Study Shows Dental Plans Account for Second-Highest Voluntary Product Sales – Morningstar
In the evolving landscape of employee benefits, voluntary insurance products continue to play a pivotal role in enhancing overall employee satisfaction and financial security. The recent Eastbridge study, highlighted by Morningstar, unveiled that dental plans have surged to become the second-highest voluntary product sales across employers nationwide. This revelation underlines the growing importance of dental insurance in voluntary benefits portfolios and offers insightful data on consumer preferences within voluntary insurance markets.
Understanding the Eastbridge Study: Key Findings on Voluntary Dental Plans
The Eastbridge study, a comprehensive analysis of voluntary product sales trends, analyzed thousands of employer plans across North America in 2023 and early 2024. The study aimed to uncover patterns in voluntary insurance enrollment and customer engagement.
Top Voluntary Product Sales Rankings
| Rank | Voluntary Product | Percentage of Sales |
|---|---|---|
| 1 | Accident Insurance | 28% |
| 2 | Dental Insurance Plans | 24% |
| 3 | Critical Illness Insurance | 15% |
| 4 | Life Insurance | 12% |
| 5 | Disability Insurance | 8% |
Dental plans outperform other voluntary benefits except accident insurance, showcasing strong and consistent demand. The findings stress dental insurance as a crucial component of employee benefits strategies for 2024 and beyond.
Why Are Dental Plans So Popular in Voluntary Benefits?
The popularity of dental plans among employees as a voluntary benefit is driven by several factors:
- Affordability: Dental plans typically come with manageable premiums, making them attractive voluntary purchase options.
- Preventive Care Focus: Many dental plans emphasize preventive services, such as cleanings and exams, which appeal to cost-conscious employees.
- Gaps in Traditional Coverage: Unlike medical insurance, dental coverage is often limited under primary health plans, prompting employees to seek supplemental dental insurance.
- Increased Oral Health Awareness: Modern trends reveal rising consumer awareness about the long-term benefits of dental hygiene and oral care.
- Tax-Advantaged Benefits: Through employer-sponsored plans, employees can use pre-tax dollars to pay dental premiums, increasing appeal.
Impact of Dental Insurance on Employee Well-Being and Productivity
Beyond the financial benefits, dental insurance contributes to healthier employees and improved workforce productivity. Poor oral health has been linked to chronic conditions like diabetes and heart disease, so ensuring access to dental care can indirectly reduce absenteeism and enhance workplace performance.
How Employers Can Leverage the Eastbridge Study Insights
Employers looking to boost their voluntary benefits enrollment and employee satisfaction should consider the following strategies supported by Eastbridge study findings:
- Enhance Communication: Educate employees on the value of dental plans, emphasizing the affordability and preventive care advantages.
- Bundle Dental with Other Voluntary Products: Offering dental insurance alongside accident or critical illness plans can increase uptake through packaged benefits.
- Use Data-Driven Insights: Regularly review voluntary enrollment data to optimize plan designs and offerings based on employee preferences.
- Promote Wellness and Preventive Programs: Align dental benefits with wellness initiatives that encourage regular checkups and oral hygiene.
Case Study: A Mid-Sized Company’s Voluntary Benefits Success
One mid-sized technology firm implemented an enhanced voluntary benefits program in early 2023, heavily promoting dental insurance alongside accident coverage. After integrating Eastbridge study insights, the company observed:
- 35% increase in dental plan enrollment within six months.
- Improved employee satisfaction scores related to benefits offerings by 20%.
- Reduction in dental-related absenteeism by 10%.
This example illustrates how leveraging real-world data and emphasizing dental benefits can lead to impactful outcomes for employers and employees alike.
Practical Tips for Choosing the Right Dental Plan
Whether you’re an HR professional or an employee, selecting the optimal dental plan is critical. Consider these practical tips:
- Evaluate Network Size and Accessibility: Ensure the dental plan includes your preferred dentists and clinics.
- Understand Coverage Details: Look closely at preventive care, restorative services, orthodontics, and cosmetic coverage.
- Check Deductibles and Co-Pays: Consider how much you’ll pay out-of-pocket for common procedures.
- Review Waiting Periods: Some plans have waiting periods for major services like crowns or bridges.
- Compare Annual Maximum Benefits: Higher limits may offer better protection against costly procedures.
Conclusion: Embracing Dental Plans as a Key Voluntary Benefit in 2024
The Eastbridge study validated what industry experts have observed: dental plans are a vital and rapidly growing voluntary product in today’s employee benefits market. As dental insurance ranks as the second-highest voluntary product sales, employers have a clear opportunity to enhance their benefits offerings by incorporating or expanding dental coverage.
Investing in dental plans not only improves employee well-being but also drives engagement and retention. For employees, having access to affordable dental insurance provides peace of mind and encourages preventive health management.
With insights from Morningstar and Eastbridge, benefit professionals can design and promote dental benefits that meet both organizational goals and employee needs — making dental plans a win-win voluntary benefit in 2024 and beyond.
