Zane Benefits Publishes New Information on Small Business Employee Benefits
Less than Half of Small Businesses Offer Employee Benefits.
Park City, UT (PRWEB) February 02, 2013
Today, Zane Benefits, Inc. published new information on small business employee benefits. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution and health reimbursement accounts.
According to Zane Benefits’ website, a recent study by LIMRA found that only 47 percent of small businesses with 2-99 employees in the United States offer benefits to their employees. According to the U.S. Census Bureau, 98 percent of businesses in the U.S. have fewer than 100 employees, accounting for approximately 35 percent of the U.S. workforce.
Additional Findings from the Study:
According to Zane Benefits’ website, LIMRA’s study found that:
- 78 percent of small businesses in the U.S. are family-owned.
- Family-owned firms experienced a sharper decline in benefit penetration between 2005 and 2012 than non-family-owned firms, with only 40 percent of these businesses offering insurance benefits in 2012 (compared with 47% in 2005).
- One quarter of small businesses are female-owned.
- Female-owned firms tend to be smaller, produce lower revenue than male-owned firms, and are less likely to offer insurance benefits (37 percent vs. 50 percent of male-owned small businesses).
- Among those small businesses that do offer insurance benefits to their employees, medical and prescription drug plans are by far the most popular, and tend to be the first benefits that companies bring on board.
- Dental and vision coverage to be common offerings among small businesses, as these products tend to be very popular with employees.
- Life insurance is frequently offered by small firms, whose preference for this benefit is most likely associated with its low cost and ease of administration.
- Products such as long-term disability, short-term disability, and accident insurance have fairly low penetration rates among small businesses.
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About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangement (HRAs) and defined contribution healthcare. The flagship software provides a 100% paperless administration experience to employers and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about ZaneHRA, visit http://www.zanebenefits.com.