Previously in COVER, Denplan highlighted the importance of dental benefits in early detection of wider general health issues. But, asks Colin Perry, if we are going to sell dental benefits, what do customers think?
Employee respondents also viewed dental plans as the most important benefit in demonstrating their employer's support for their wellbeing (32%) and attracting new employees (30%).
With 46% of companies considering adding a dental benefit in the next year, it's worth exploring the reasoning behind this in order to give intermediaries the tools they need to sell this type of benefit.
In 2013, 62% of companies reviewed their benefits, a 4% increase on 2012. It also appears that the larger the company, the more likely it is to conduct a review, with almost three-quarters (71%) of large enterprises undertaking one in 2013. One of the most notable statistics, however, is the decline in number of medium and large companies that say they always review benefits each year, which has dropped by 10%.
When asked which of their current benefit providers they were planning to review in 2014, the results showed PMI was the most likely to be reviewed - with 66% of companies re-evaluating their current arrangements.
More than half (58%) of companies are reviewing dental plans, with employee assistance programmes shortly behind (45%). The most common reason (40%) for not reviewing benefits is that it is not a business priority, particularly among small companies.
Medium and large-sized companies are most likely to be happy with their providers, and for this reason will not review their benefits packages.
When asked which benefit they felt offered most value in recruiting and retaining staff, decision makers rated childcare vouchers (36%) along with critical illness protection (31%) the highest, with childcare vouchers also selected top to help retain staff (35%).
Health Screenings were the most commonly selected benefit to enhance employee wellbeing, at 33% of respondents, followed by dental plans (30%) and gym membership subsidy (26%).
It is important that employers select benefits that are relevant to employee needs. Employers' increasing recognition of the positive impact of a healthy workforce has pushed employee health and wellbeing up their agenda. This shows the importance of communication with employees to help companies benchmark their benefits programmes against needs.
It's clear the company benefits market is still a changeable and fluctuating one, but these results indicate healthcare benefits continue to grow in popularity and demand.
Dental benefits in particular are growing from strength to strength, and with so many companies considering dental plans and so many employees expressing an interested in them, now seems a perfect time to introduce such plans to existing company benefit schemes.
Colin Perry is corporate channel manager at Denplan
