In recent years there has been a shift in the way companies are structuring employee benefits packages. With the rise in healthcare costs and the changes that are taking place with healthcare reform, many employers are finding it necessary to revamp the traditional benefit structure and integrate new innovative ways to cut costs without reducing the coverages offered to employees.
A great way to enhance an employee benefit package is with voluntary products. Examples of voluntary products that could be added benefits with no cost to the employer include:
- Additional Life Insurance
- Dental plans to replace or enhance your group plan
- Accident Policies
- Disability Insurance
- Vision Insurance
- Critical Illness
Other options that can strengthen a benefits package and bring value added services, include:
- Legal Services
- Financial Counseling
- Credit Union Membership
- Pet insurance
- Discount programs
All of the above programs can be offered at no cost to the employer. Voluntary benefits can create a well-rounded benefits package, but there are some things to consider when selecting which plans are right for your employees.
- Conduct an employee survey or a focus group – determine your employee demographics and which products would interest your employee population to help ensure the success of the benefits offered
- Educate employees about the coverage offered –explain in both group and 1-on-1 meetings (all conducted by the carrier or broker) the value of the added layer of protection that voluntary products can provide for employees and their families
- Distribute communication pieces year round – don’t wait until the annual open enrollment to discuss benefit options available (i.e. web based enrollment, use of onsite enrollment counselors, payroll deductions for the premiums). Use email, employee portals or company specific social media sites to raise employee awareness and encourage participation.
