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Specialty Trends Report for 2009-2010 from Anthem Blue Cross
Jan 05, 2010
As you get ready for 2010, consider these specialty product trends for dental, vision and life:
- Specialty expenditures continue to grow. Public, private and out-of-pocket expenditures on dental, vision, term life and voluntary products reached $186 billion in 2008, up 5.2% from 2007.
- Employers view dental benefits as essential. Close to three-fourths of employers offer dental benefits and 62% consider dental benefits an essential component of their benefits package.
- Employees want vision coverage. Even though vision benefits are relatively inexpensive (average annual cost of $49 in 2007) and are consistently rated as very or somewhat important by the majority of consumers (80% or higher since 2004), only half of all employers offered vision benefits in 2008.
- Employer contribution declines for life coverage. Employers shifted the cost of life insurance benefits during 2008, reducing their contribution from 81% in 2007 to 71% in 2008.
- Employer specialty contributions have declined. The decline resulted in an 8% increase in voluntary group sales in 2008. Communication is critical. Industry professionals say that employers are looking for help with communicating their voluntary benefit plans.
For more information on specialty trends, download the 2009-2010 Specialty Trends Report
or contact your b&p Sales Representative at 888.722.3373.