May 17, 2019 | By Logan Butler

Much has been made of the rising level of diversity in the workforce – and its implications for employee benefits – over the past several years. The bulk of that discussion has centered on the five generations converging the workforce, and the wide range of preferences and expectations resulting from that convergence.

But while generational differences are an important consideration in the design and communication of a benefits program, workers' coverage needs are perhaps more heavily aligned with the stage of life (or career) they're currently experiencing. Thirty years from now, for example, millennials' perspective around benefits will have likely changed quite a bit from what it is today.

The Consumer Benefits Coverage Index™ (CBCI)

A few weeks ago, Benefitfocus introduced the first-of-its-kind Consumer Benefits Coverage Index™ (CBCI), which creates a new model for evaluating how well people's benefits portfolio meet their expected needs.

CBCI establishes approximate ranges of optimal and sub-optimal coverage based on how similar or dissimilar an individual’s benefit spending is to their peer group across three key categories of voluntary benefit products: health, wealth and lifestyle. Each category is scored on a scale from 0 to 100 – with an aggregate score range of 0 to 300 – reflecting the average amounts spent by a consumer in these categories relative to their peers.

Consumer Benefits Coverage Index