Tag Archive for: voluntary benefits

Voluntary Benefits Aid In Attracting the Best Employees

Including options for voluntary benefits and supplemental benefits is quickly becoming the norm for most employers who offer health insurance to their employees. As an employer, attracting the best talent and keeping them is of the utmost importance to maintaining a successful business. 

Over the last few years, there has been an increase in demand for voluntary benefits. While major medical coverage is the foundation of a good employee benefits program, it’s important to ask the question: how can I use these voluntary benefits to make my company more attractive to new prospects?

Let’s take a look.

Benefits of Offering Voluntary Benefits to Employees

Enhanced Employee Satisfaction and Retention

Offering voluntary benefits can increase employee loyalty and commitment to the company, as it shows that the employer is invested in their well-being.

Employees who have access to a wider range of benefits may experience less financial stress, which can lead to better job performance.

Access to voluntary benefits can also contribute to higher morale among employees, leading to a more positive work environment.

Attracting Top Talent

Companies that offer a comprehensive benefits package, including voluntary benefits, have a competitive edge in attracting top talent in their industry.

The ability to offer more benefits may also lead to an increase in job applicants, as potential employees are drawn to companies that invest in their employees’ well-being.

By offering a wider range of benefits, employers may also be able to recruit and retain employees who would otherwise look for positions with higher salaries.

Cost-effective Way to Offer More Benefits to Employees

Many voluntary benefits have limited or no cost to the employer, allowing them to offer more benefits without increasing their budget.

Voluntary benefits can also be affordable options for employees who may not have access to certain benefits otherwise.

Offering voluntary benefits can also provide tax advantages for both employers and employees, further increasing their value.

Most employers view voluntary benefits as a way to provide a choice to their employees, to offer options for their diverse workforce, and to ensure that their employees are happier and healthier. Employees need solutions that they can cater to their specific lifestyle.

Voluntary Benefit Options

Employers can offer a variety of voluntary benefits to employees to support their overall well-being and attract top talent. Health and wellness benefits such as telemedicine, wellness programs, and critical illness insurance can help employees maintain good physical and mental health. 

Financial benefits like retirement savings plans, student loan assistance, and life insurance can help employees manage their finances and plan for the future. Lifestyle benefits such as pet insurance, legal assistance, and travel assistance can provide additional support for employees’ personal needs.

 Other popular voluntary benefit options include hospital confinement, accident and critical illness coverage, disability, cancer, legal services, identity theft protection, and commuter benefits. This shift towards offering a wide range of voluntary benefits allows employers to align their benefits strategy with their overall company values and attract employees who value comprehensive coverage. Additionally, offering voluntary benefits can help employers retain top talent and create a loyal, committed workforce.

Implementing Voluntary Benefits Programs

Employee surveys and needs assessments are critical to identifying the most valuable benefits to offer in a voluntary benefits program. Employers can use surveys to gather information about what types of benefits employees would be interested in and what benefits they may already have. Additionally, needs assessments can identify the specific needs of different employee groups, such as new hires, long-term employees, or those approaching retirement. This information can help employers choose the benefits that are most relevant and valuable to their employees.

After identifying the most valuable benefits, the employer must evaluate and select benefit providers that offer the best value for the company and employees. This involves researching and comparing different providers to find the best offerings and pricing. Employers should also ensure that the providers they choose have a good reputation and are reliable.

Once the benefits have been chosen and the providers have been selected, the employer must communicate the benefits options and enrollment procedures clearly to employees. This may involve creating informational materials such as brochures, presentations, or videos that explain the benefits and how to enroll in them. Employers may also want to offer workshops or one-on-one consultations to help employees understand the benefits and make informed decisions about their enrollment.

Finally, to ensure the program’s success, the employer should measure and evaluate its effectiveness regularly. This may involve collecting feedback from employees, tracking enrollment rates and utilization of benefits, and reviewing the program’s impact on employee satisfaction and retention. This information can help employers identify areas of improvement and make adjustments to the program to ensure it remains aligned with employee needs and expectations.

In Summary

Offering voluntary benefits is an effective way to attract and retain top talent, increase job satisfaction and performance, and provide cost-effective benefits to employees. Employers should conduct employee surveys, evaluate benefit providers, communicate benefits options clearly, and measure program success to ensure a successful voluntary benefits program. As such, employers should consider offering voluntary benefits as part of a comprehensive benefits package to attract and retain the best employees.

With multiple generations involved in their workforce today, an employer must offer benefits that would cater to each of their needs. Those who are older might consider traditional benefits packages to be sufficient, but younger generations might prefer voluntary options.

Not only do these benefits allow your company to attract and retain talent that will benefit your company in the long run. For more information on how you can offer the best, affordable benefits to your employees, contact our team.

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Why You Should Offer Voluntary Benefits Plans

Voluntary benefits are referred to as employee-paid benefits or supplemental insurance. They are benefits offered by employers to their employees at no additional cost to the employer. The employees pay the full cost of the plan, but it’s made available to them through their employer. 

Voluntary benefits offer employees access to purchase additional benefits if they choose to do so in addition to the basic benefits their employers may provide. Typically, employees who choose to purchases also receive a discounted group rate they wouldn’t be able to receive on their own. 

When offering voluntary benefits, employees have the opportunity to customize their plan based on their lifestyle. 

The Benefits Employees Can Choose From Encompass Areas Ranging From:

  • Health 
  • Dental 
  • Vision
  • Wellness/Lifestyle
  • Financial 
  • Security
  • Personal and miscellaneous 

The customization that voluntary benefits allows is rising in popularity, especially as Millennials and Generation Z grow in the workforce. 

According to a study from LIMRA, about 57% of employers in the United States offer voluntary benefits. They tend to lean towards voluntary benefits because of the flexibility offered in customization of what they want covered instead of blanket coverage they won’t use. Employers looking to attract younger talented populations should consider offering voluntary benefits. 

Learn more about Affordable Benefits, talk with one of our team members!

Employee Advantages of Voluntary Benefits:

As an employee, what are the benefits to choosing a voluntary benefit plan instead of a traditional coverage plan? The list below explains the Ad of voluntary plans: 

  • Group purchasing rates help you as an employee have access to discounted benefit prices that you normally wouldn’t have access to alone. 
  • Choose what you want to include and exclude in your plan based on your personal needs. 
  • One less bill to pay monthly because it is deducted from your payroll before tax. 
  • They can offset increased prices in healthcare insurance premiums. 
  • Financial safety net in case traditional insurance does not fully support you. 

Traditional insurance plans include premiums and deductibles for coverage you may not even want. With voluntary benefits, you can mix and match. Let’s say you are looking to cover dental care, and critical illness insurance, but you don’t want to include vision services. 

You Can Create that Plan and Only Pay for What You Want and Need, Nothing More.

Employer Advantages of Voluntary Benefits:

As an employer, offering voluntary benefits helps you all around:

  • Reduce out-of-pocket health care costs 
  • Paid 100% by the employee
  • Access to group rates 
  • Gives employees the choice to choose a tailored healthcare plan instead of a stringent plan 
  • Saves you billing time through automatic payroll deductions 
  • Attract and retain top talent since about 77% of workers say that benefits packages are important in deciding to accept or reject a job offer
  • These benefits can be offered to full and part time employees

By offering the opportunity to take advantage of voluntary benefits, you establish peace of mind for employees that they are covered the way they best see fit. Employees with peace of mind are able to focus more at work, and be more satisfied and engaged. 

Voluntary benefits are a win-win situation for employees and employers. The employer saves on coverage costs while the employee takes advantage of creating their own plan. 

At Innovative HIA, we understand the rising importance of voluntary benefits in the workforce. Our goal is comprehensive coverage to provide a complete solution for employers who want to provide affordable benefits to their workers. We provide a variety of options for employees to choose from. Reach out to see what voluntary benefits you can offer your employees today. 

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Open Enrollment 2022-2023: What You Need to Know

What is Open Enrollment?

Open enrollment is the one period of the year where employees can sign up for health insurance or change a health insurance plan provided by the employer. Remember that this period also allows employees to disenroll in health insurance if they no longer wish to have coverage. 

 

The only exception to enrolling, changing a health insurance service, or disenrolling is through a qualifying event. Qualifying events can vary depending on the state the employee resides in.

Qualifying events include:

  • Marriage
  • Divorce
  • Having or adopting a child
  • Loss of insurance due to employment change or termination of employment 
  • Death of someone covered on the plan 
  • A dependent no longer qualifies as a dependent
  • Moving to a new state 
  • Becoming a U.S. citizen

When is Open Enrollment for Health Insurance? 

Open enrollment periods range depending on the healthcare provider and the state the employee lives in. Nationally, open enrollment periods begin on November 1st 2022 through January 15th 2023. In order for coverage to begin January 1st 2023, enrollees must enroll by December 15th.

 

Check here for Affordable Care Act (ACA) open enrollment dates by state. 

Is There Health Insurance That Doesn’t Use Open Enrollment?

Yes, a few health insurance policies do not have the same open enrollment restrictions that others do. This means that there aren’t restricted time periods when employers can sign up for insurance. It is available to them year-round.

 

Different types of health insurances that don’t follow open enrollment rules include:

  • U.S. government’s Children’s Health Insurance Program (CHIP)
  • Medicaid 
  • Short-term health insurance 
  • Travel insurance 
  • Supplemental insurance programs 
  • Medigap 

How Can Offering Voluntary Benefits Save Your Business Money? 

Voluntary benefits are offered by employers to their employees at no additional cost to the employer. They are often referred to as employee-paid benefits or supplemental insurance. The employer makes the benefits available to the employee, but the employee pays the full cost of the plan. It is not split between the two. 

 

This form of insurance is rising in popularity because it allows employees the flexibility to choose the type of insurance or health coverage that best fits their lifestyle instead of paying for coverage the employee does not want or need. 

 

Employer benefits of offering voluntary benefits include:

  • Reducing out-of-pocket health care costs
  • Access to group rates 
  • 100% of the insurance cost is paid by the employee 
  • Gives your employees choice in healthcare plans 
  • It is available to part-time and full time employees 
  • Helps your company attract and retain top talent (77% of workers say that benefits packages are an important part of deciding on accepting or rejecting a job offer)
  • Saves you billing time through automatic payroll deductions

 

At Innovative HIA, we provide comprehensive coverage plans for employers to provide affordable benefits to employees. Here, our voluntary benefit plans encompass:

  • Health
  • Dental
  • Vision 
  • Wellness/Lifestyle 
  • Financial 
  • Security 
  • Personal and miscellaneous 

Why is Employee Insurance Enrollment Important? 

Employee health insurance is important for businesses, especially Applicable Large Employees (ALE). Under the Affordable Care Act (ACA), ALEs who do not provide health insurance are penalized for every employee who is not offered health insurance.

 

This year, fines can range from $2,700 to $4,000 per employee not offered coverage. In comparison, offering our ACA compliant Minimum Essential Coverage (MEC) is an affordable way for ALEs to maintain coverage compliance. Look below for a cost comparison of how providing MEC benefits to employees saves your business money.

 

Besides avoiding hefty fines, employee health insurance provides the support employees need if they ever fall ill, and keeps employees healthy. One of the main benefits of coverage is that covered preventative care visits monitor any health concerns that may arise an employee cannot physically see or feel yet. 

 

Healthy employees are more present and productive at work. Employees who are supported through covered care gain access to resources that combat preventable illness, and are more likely to be positive, engaged and determined to do their best during work.

 

Another benefit of maintaining a healthy workforce is that it reduces the costs you as an employer must front when an employee takes sick leave or if you have to find someone to cover a shift.

Actionable Ways to Increase Benefit Enrollment 

Actively encourage employees to sign up and renew health insurance during open enrollment, and especially before, so employees have time to prepare and choose a plan best suited for them.  

 

Employers can encourage employees to sign up for health insurance during open enrollment 2022 through:

  • PDF one-pagers: One-pagers have information about health benefits that are easily distributed around the office.
  • Pamphlets: Similar to a one-pager, pamphlets have information, graphics, and contact information for the employee.
  • Offer a point of contact: A knowledgeable employee within your business can answer FAQs and help employees find the right plan.
  • Text or email campaigns: Sometimes the most effective method of communication is through technology.
  • Pay stubs: Add information about enrollment to paystubs because employees receive them regularly.

Curious about how else your business can increase health insurance enrollment this year? Read our article here on how opt-in vs opt-out insurance policies make a bigger difference than you’d think.

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Navigating Individual and Voluntary Benefits

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

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How Can You Add Value to Your Existing Benefits Plans?

Benefit plans serve as a great way to provide value to employees beyond their salary. Because benefits are becoming increasingly important, it’s important that you give your employees the option to tailor their benefits to their needs. At Innovative HIA, we believe in meeting your employee’s medical needs with additional benefit options. We offer our clients the option to choose various voluntary/worksite, ancillary, and virtual health benefit options. 

How do ancillary benefits (vision and dental insurance) bring value to your employees?

Oral and eye health are essential to our overall well-being. There are quite a few serious conditions that can be detected with regular check-ups for eye exams and oral exams. More than 90% of common diseases have oral symptoms. Among these diseases that can be identified and managed due to regular oral exams are diabetes and heart disease. 

The dental plans included in our benefit offerings include preventative care and basic procedures. The preventative care services include checkups, cleanings, and x-rays. They also include cavity fillings and other basic procedures.

Vision care plans can help make annual eye exams more affordable. With the greater use of screens and an increase in eye strain because of the usage, eye exams are essential to ensuring overall health and well-being. It can also help your employees save on eyewear, lens coating and enhancements, and corrective surgery. 

How do worksite/voluntary benefits bring value to your employees? 

Accident, term life, critical illness, and hospital indemnity insurance provide an avenue for you to meet your employees medical needs beyond benefits. Accident insurance helps employees pay for the medical and out-of-pocket costs that may incur after an accidental injury. Term life insurance is an affordable way to provide financial protection for your employee’s loved ones during working years. 

Critical illness coverage adds a safety net for under-insured persons. Lastly, hospital indemnity insurance can offset high deductibles and out-of-pocket expenses so that a hospital stay does not become a financial crisis. Giving your employees the chance to cater their benefits to their needs is essential to their happiness. 

How do virtual benefits bring value to your employees?

Lastly, virtual benefits provide a great way to ensure your employee’s needs are met. Right now virtual health benefits are essential to a well-rounded benefits program. With Innovative HIA, your employees get 24/7 access to doctors at no cost to them! They are able to speak to a licensed physician when and where you need one by phone or on video. 

Behavioral health is also essential to your employee’s benefit programs. Our virtual health plans offer behavioral health/therapy at a $50 copay. Your employees can speak to a therapist whenever they need one.* Lastly, our benieWALLET stores their health-related information in one easy place so they are easy to access anytime, anywhere.