Navigating the similarities and differences between individual and voluntary benefits can seem challenging. Which ones do your employees want? What can employees get from individual benefits that they can’t from voluntary? How can benefits attract and retain great talent?

 

Here is a list of the major similarities and differences between the two to help you navigate what benefits you want to provide.

Similarities 

  • Customizable options: Both benefit options have multiple coverage options available. These customizations give people the ability to change their options to cater to their needs, their family size, and their budget.
  • Dependent coverage: You have the ability to add eligible dependents, like your spouse and children, for an additional charge.
  • There are various areas that are covered: Both types of insurance cover dental, vision, disability, and life insurance.

Differences 

  • Voluntary benefits are sponsored by your employer: Voluntary benefits are only offered through employer-sponsored healthcare plans. Those who are not employed do not have access to voluntary benefit options. The employer also chooses what options are offered and what the coverage levels are. As an employer, this can be a great way to differentiate your company.
  • Individual insurance is completely paid for by an employee: Some business owners pass the cost of voluntary benefits on to their employees, though it is not required. Some employers will also cover a portion of voluntary benefit elections for their employees. With individual coverage, the employees take the entire cost.

At Innovative HIA, we understand how important your employees are to your organization. Offer your employees the most options for coverage. When you offer your employees more options when it comes to benefits, they will likely have higher engagement levels as they feel you care for their wellbeing. Contact us to learn more about the voluntary benefits you can offer your employees.

 

Read on to learn more about how you can add value to your existing benefits plans. 

 

Article originally published on SBMA Benefits.

infographic on how to navigate individual and voluntary benefits

Employee benefits administration can be a pain for any HR department. At Innovative HIA, we aim to simplify the process, by giving you access to everything you need in one place. Our enrollment portal houses everything you need for:

  • Onboarding 
  • Off boarding 
  • Enrollment 
  • Portal assistance 

Our employee benefits professionals have the knowledge and expertise that can save your company time and money. We aim to offer comprehensive benefit management, not only with our portal, but also as it pertains to ACA compliance, providing low-cost options, and offering fast and reliable service.

The convenience of SBMA’s employee benefits administration support allows your Human Resources department to work on their daily tasks and responsibilities without the headache of a difficult benefits administrator. Our one-stop-shop portal helps reduce the paperwork your HR department has to deal with and therefore, improves your bottom line.

Employer Resources

Our website is equipped with plenty of employer resources that give easy and secure access to your records and the ability to make plan changes at your fingertips (i.e. (enrollment portal, adding dependents, employee termination, and more). Adjusting benefit plans couldn’t be any easier with SBMA. Additionally, every task includes video tutorials, walkthroughs, and instructions. 

 

Watch the videos below to see just how easy navigating our portal is. 

 

Enrollment portal walkthrough

 

Adding Dependents walkthrough 

 

Termination walkthrough 

 

 

Partnering with us takes the burden off of your HR department and places it on us, your benefits administrator. Ready to get started? Reach out to us today

 

Innovative HIA supports HR departments with onboarding, off boarding, and more

Article originally published by SBMA Benefits.