5 Workplace Benefits That Are Fast Disappearing
Retiree Health Insurance
The major proportion of companies offering retiree health insurance has constantly declined from 25 percent in 2011 to 18 percent in 2014.
Bartling said, "In the early 90s, the awareness of the cost of retiree health benefits began to hit the radar when they were put on the balance sheets of companies in accordance with financial accounting changes." He further added that, “Since then, that awareness has led to efforts to control the risk exposure and manage the cost of those programs."
Long-term care insurance
The insurance cover which is certainly meant for long-term care is the only tool that can help employees cover costs associated with a chronic illness or disability; but unfortunately, this benefit has now taken a beating and only fewer employers are offering it.
Due to this the current proportion has now declined from 31 percent in 2010 to 24 percent in 2014. Along with this the number of employers willing to give loans to employees for emergency or disaster assistance has also further declined from 18 percent in 2010 to 12 percent in 2014.
"The number of insurance companies providing long-term care has been dramatically reduced," said Jeffrey Brown, a finance professor at the University of Illinois at Urbana-Champaign.
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