← Back to News & Updates
Specialty Trends Report from Anthem
Apr 16, 2010
Specialty Trends Report now available on anthem.com/specialty
Now you can download the latest specialty product and industry studies straight from Anthem's microsite. Just go to anthem.com/specialty, select your state and click on "Specialty Trends Report" at the top right-hand corner of the page.
Highlights from the report include:
- Specialty expenditures continue to grow. Public, private and out-of-pocket expenditures on dental, vision, short- and long-term disability, 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.
Majority of workers concerned about financial impact of a disability. Over 80% of workers are concerned about paying for living expenses if disabled for six months or longer, yet only 25% of workers say they have the resources available to cover expenses for one year.
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.
Increase your knowledge regarding the latest trends in specialty benefits. More than 200 people have already downloaded the report - so join them today!