Latest Eastbridge Study Shows Dental Plans Account for Second-Highest Voluntary Product Sales – Yahoo Finance
The landscape for voluntary insurance products is continuously evolving, driven by a growing workforce awareness of supplemental benefits. The latest Eastbridge study, highlighted recently on Yahoo Finance, reveals a compelling trend: dental plans now rank as the second-highest voluntary product sales among voluntary benefit offerings. This insight brings forward valuable information for HR professionals, insurance providers, and employees alike, illustrating how dental coverage is rapidly gaining a foothold in the competitive voluntary benefits market.
Understanding the Eastbridge Voluntary Product Sales Study
Eastbridge Consulting Group conducts annual surveys to identify trends, preferences, and shifts in voluntary product sales across the United States. The latest edition analyzed responses from thousands of employers and brokers, shedding light on which voluntary benefits resonate most with employees.
- Dental plans surged to the second spot in voluntary product sales, following only disability insurance.
- Other voluntary products analyzed included vision insurance, critical illness, accident protection, and hospital indemnity plans.
This data set highlights evolving employee priorities, particularly the increased emphasis on comprehensive dental care as a critical component of overall health and wellness.
Key Findings from the Latest Eastbridge Report
| Voluntary Product | Sales Ranking | Estimated Sales Growth (YoY) |
|---|---|---|
| Disability Insurance | 1st | 5.2% |
| Dental Plans | 2nd | 7.8% |
| Vision Insurance | 3rd | 4.1% |
| Critical Illness | 4th | 6.3% |
| Accident Insurance | 5th | 3.9% |
The standout growth of dental plans suggests a strong demand for preventive and corrective dental coverage. Employers are increasingly promoting these plans as part of their voluntary benefits to enhance workforce happiness and retention.
Why Are Dental Plans So Popular in Voluntary Benefit Sales?
Several factors contribute to dental plans emerging as a top choice in voluntary offerings:
- Preventive Health Awareness: Employees recognize that regular dental checkups can prevent severe health conditions linked to oral hygiene, promoting higher participation.
- Affordable Premiums: Compared to other insurance types, dental plans typically offer more affordable monthly premiums, attracting budget-conscious employees.
- Coverage Variety: From routine cleanings and exams to orthodontics and major dental work, dental plans cover a wide scope of needs.
- Employer Incentives: Companies increasingly subsidize or facilitate dental plan enrollments, making it more accessible.
Benefits of Offering Dental Plans as Part of Voluntary Benefits
For employers, adding dental plans to voluntary offerings not only enhances employee benefits packages but offers distinct advantages:
- Enhanced Employee Wellness: Oral health is strongly tied to overall wellbeing, reducing absenteeism and increasing productivity.
- Cost Savings: Preventive dental care can help avert expensive treatments later, benefiting both employer and employee.
- Attraction & Retention: A robust benefits package appeals to top talent and encourages longer tenure.
- Customizable Plans: Employees can select plans matching individual or family needs, increasing satisfaction.
Practical Tips for Employers to Maximize Dental Plan Engagement
To leverage the popularity of dental plans effectively in voluntary benefits programs, employers should consider the following strategies:
- Communicate Clearly: Use multiple channels, including emails, webinars, and printed materials, to explain the value and scope of dental coverage.
- Highlight Cost Benefits: Showcase how preventive care reduces long-term dental expenses.
- Provide Enrollment Assistance: Offer direct support during open enrollment periods to simplify sign-up.
- Bundle with Other Benefits: Combine dental plans with vision or health insurance for bundled discounts or enhanced convenience.
Case Study: A Real-World Example
XYZ Corporation, a mid-sized technology firm, recently revamped its voluntary benefits offerings by heavily promoting dental plans during their annual enrollment. The result:
- Dental plan enrollment increased by 30% year-over-year.
- Employee feedback showed a 25% rise in satisfaction related to benefits.
- XYZ Corporation noted a reduction in dental-related absenteeism due to better preventive care.
This case emulates the broader industry trend Eastbridge identified, reinforcing the thesis that dental plans are a vital voluntary product for both employees and employers.
Conclusion: The Bright Future of Dental Plans in Voluntary Benefits
The latest Eastbridge study presents compelling evidence that dental plans have cemented themselves as a crucial voluntary product, second only to disability insurance in sales. For employers aiming to craft competitive benefits packages, incorporating dental plans is no longer optional — it’s essential.
As awareness around oral health increases and voluntary benefits markets expand, we can expect dental plans to continue climbing in importance, helping businesses foster healthier, happier, and more productive workforces.
If you’re an employer or benefits broker, now is the perfect time to evaluate your voluntary product offerings and consider prioritizing dental plans — a proven, employee-friendly solution well-aligned with current market demands.
