Did you know that 1 in 3 millennials reject a job in part because of poor insurance offerings? Employers offer trendy wellness benefits in an attempt to attract and retain younger employees, but according to the Anthem Omnibus survey, 35 percent of millennials aged 18 to 34 turned down a job offer either fully or partially due to the fact that they were dissatisfied with insurance offerings, compared to 27 percent of U.S. respondents overall.
Money Is an Issue
While trendy offerings such as in-office massages, fitness classes and extra time off might help lower employee stress levels, the leading stress-causing factor in America is still money, explained a report from the American Psychological Association. While a free massage at work might get the knots out of your back, disability insurance can better position you for long-term financial health.
The millennial generation is more likely than the previous generation (29 percent vs. 19 percent of 35- to 54-year-olds) to have engaged in long-term financial planning over the past year. This underscores that disability insurance, which protects a person’s income when they’re unable to work due to injury or illness, should be a critical part of a benefits package and of significant importance to younger workers.
An injury or illness that leaves millennial employees unable to work could have many negative outcomes. Of survey respondents who didn’t have disability insurance, 53 percent reported lacking coverage because either their employer didn’t offer it while another 32 percent said it was too expensive.
However, for less than the price of one yoga class, workers of all ages can buy disability insurance benefits that can protect against loss of income, as compared with average monthly disability premiums.
For employers, integrating disability and medical benefits with one insurance company can also help save money by helping employees get back to work sooner and reducing benefits administration costs. More than half of employers using this integrated benefits approach saw medical claims-based savings, according to an August 2015 study by Employee Benefit News.
Speak to your insurance broker or call your insurance carrier to talk about ways to add disability coverage to your benefits package. May is Disability Insurance Awareness Month so now is a good time start the conversation.
Jason Kinzy is a marketing manager at Anthem, Inc. and is responsible for the promotion of Anthem’s specialty business (dental, vision, voluntary, life and disability plans) to members, employers and brokers. He has 20 years of health care marketing communications experience.