PR Newswire
CHARLESTON, S.C., April 4, 2018
CHARLESTON, S.C., April 4, 2018 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), the leading provider of cloud-based benefits management software, today released its "State of Employee Benefits 2018 – Regional Edition" report, a snapshot of real, but anonymized employee benefit election data from 540 employers on the BENEFITFOCUS® Platform representing 1,281,447 individual consumers, broken out by U.S. Census region.
The data reveals benefit offering and adoption trends throughout the country related to health plan enrollment, voluntary benefits adoption and employer and employee HSA (Health Savings Account) contributions. These are valuable insights not only to employers looking to strengthen their benefits offerings ahead of Open Enrollment season, but also brokers who advise their employer clients on refining their benefits strategies and plan design.
"In today's competitive employment environment, where satisfying consumer preferences is key, attractive benefits can make the difference between whether a prospective employee accepts a job offer or not," said Benefitfocus CEO Ray August. "This regional data helps employers understand how they stack up against others in their area, and how brokers can advise their clients on which benefit offerings and elections are trending so they can be more competitive."
The State of Employee Benefits Regional data echoes many of the broader themes from the main State of Employee Benefits report, released by Benefitfocus earlier this year. Specifically, employees are embracing HSAs, and participation among eligible employees – those in High Deductible Health Plans – grew by more than 60 percent, from roughly 50 percent in 2017 to 81 percent in 2018. Voluntary benefits are also on the rise as employees gain understanding of how they can address many of their diverse needs, from critical illness to legal insurance, identity theft protection and pet insurance.
A sampling of region-specific data includes:
West leads in HSA contributions, corresponding with rising HDHP offerings
Midwest leads in HDHP offering and adoption rates
Employees in the Northeast pay the highest premiums
South leads in voluntary benefit choice growth, but pays highest deductibles
For more findings, download the full report here.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) provides technology and services that improve the way employers of all sizes manage their benefits investment. Through a combination of powerful cloud-based software, data-driven insights and thoughtfully- designed services, we provide employers, their brokers and insurance carriers with a single partner to deliver a world-class benefits experience. Learn more at www.benefitfocus.com, LinkedIn and Twitter.
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results or performance might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: our ability to compete effectively; management of growth; reliance on key personnel; our ability to maintain our culture and recruit and retain qualified personnel; the need to innovate and provide useful products and services; changes in government regulations; the immature and volatile nature of the market for our products and services and other factors that could impact our anticipated growth; fluctuations in our financial results; general economic risks; privacy, security and other risks associated with our business; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec-filings or upon request from our investor relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
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SOURCE Benefitfocus, Inc.
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