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Fact Sheet: Small Employees
Overall Satisfaction with Benefits Package
71% of employees at small companies say their employers offer insurance benefits.
The benefits package for employees at small companies includes:
Flex Spending Plan
401k or Pension
Flex Work Options
Employees at small companies are less satisfied than those at large and medium companies when it comes to their benefits packages. Just 37% are very/extremely satisfied with their overall package and 19% are not very/not at all satisfied.
About 43% of workers at small companies say their current benefits packages meet their families’ needs extremely/very well, while 17% say their needs are not very/not at all well met. The satisfaction percentage is the smallest among companies of all sizes.
52% of workers at small companies feel protected by their current insurance coverage — a smaller percentage than workers at medium and large companies.
50% of employees strongly agree they would be more informed about health insurance choices if an insurance consultant were present during enrollment.
39% of employees strongly agree that a well communicated benefits program would make them less likely to leave their jobs.
46% of employees at small companies say their HR departments communicate too little about employee benefits.
The majority of workers (62%) get their insurance advice/information from word of mouth from colleagues, friends and family.
Employees at small companies are the least likely to get their information/advice about employee benefits from their companies’ HR professionals (39%).
Effectiveness/Engagement in Benefits
38% of employees strongly agree they need to be more engaged in making decisions about their health insurance coverage.
One-quarter (25%) of employees say they are not very/not at all informed about benefits offered at their companies; 38% say they are extremely/very informed.
53% of employees agree they are taking full advantage of their employee benefits, the least among workers at companies of all sizes.
61% of employees strongly agree they would be more likely to take advantage of benefits packages tailored to their personal situations.
On average, employees say 16% of work productivity is lost due to personal issues.
Level of Protection, Preparedness
52% of employees at small companies describe themselves as not very/not at all prepared to pay out-of-pocket expenses that aren’t covered by major medical insurance.
One-third of employees at small firms have less than $500 available to cover out-of-pocket expenses associated with an unexpected serious illness or accident.
38% of workers are currently experiencing personal issues that have affected their ability to get work done.
44% of them said adequate insurance coverage would have a significant effect on their ability to cope with those issues.
Role of Voluntary Benefits
29% of employees say they are offered voluntary benefits and 13% are enrolled.
17% of employees describe the availability of additional voluntary benefits as important because “it offers more options when it comes to health care coverage.”
14% say the availability of additional voluntary options would allow them to meet their needs; 10% say it would give them more comprehensive insurance coverage.
57% of employees at say they would be likely to purchase voluntary insurance benefits offered by their employers.
24% of employees say their HR departments are not very/not at all knowledgeable about voluntary benefits, and 37% describe their HR teams as extremely/very knowledgeable.
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Terms and Conditions
Coverage underwritten by American Family Life Assurance Company of Columbus. Group coverage underwritten by Continental American Insurance Company, which is not licensed to solicit business in Guam, Puerto Rico, or the Virgin Islands. For groups sitused in California, group coverage is underwritten by Continental American Life Insurance Company. For individual coverage in New York or coverage for groups sitused in New York, coverage is underwritten by American Family Life Assurance Company of New York.
Aflac processes most claims in about four days. Processing time is based on business days after all required documentation needed to render a decision is received & no further validation and / or research is required. Aflac Individual Company Statistic, October 2013.