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When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first-timer. Among the suite of benefits you’re likely to be offered, voluntarybenefits are often misunderstood. Check out our other first-timer series blog posts on health plans and employee benefits.
As open enrollment season approaches, most companies are looking to enhance their benefitspackages without breaking the bank. Voluntarybenefits offer an excellent solution, providing added value to employees, at little to no cost for employers. Ask your CorpStrat representative about voluntarybenefits for your team.
Both employers and employees have much to gain from a solid voluntarybenefits program. For employers, offering a range of voluntary insurance products can help increase employee satisfaction – along with loyalty and morale – and make the business more competitive in attracting and retaining the best talent.
Most employers offer major medical coverage to their full-time employees. But that still leaves workers and their families with significant exposure to financial hardship in the event of a serious medical emergency. The worker can use this cash benefit for any purpose, including: Deductibles. Hospital indemnity insurance.
When it comes to navigating the world of employee benefits, there's a lot to take in, especially if you're a first-timer. Among the suite of benefits you’re likely to be offered, voluntarybenefits are often misunderstood. Check out our other first-timer series blog posts on health plans and employee benefits.
Credit: Achira22/Shutterstock What are off-the-shelf voluntarybenefitspackages? Voluntarybenefits are additional benefits that employers can offer to their employees alongside their salary. They can then use that information to improve their benefits offering in the future.
A benefits broker specializes in guiding organizations through the process of selecting and managing their employee benefits. Their expertise lies in understanding the insurance landscape and creating benefitspackages that meet the unique needs of an employer’s workforce.
The majority (85%) of organisations plan to enhance their benefitspackages for employees, according to research by HR and employee benefits consulting services firm Gallagher. Voluntarybenefits such as bikes-for-work schemes have increased to 75% from 73% in 2022, while gym memberships rose to 45% from 34%.
Because of this, employers have to be crafty in how they set up their benefitspackages so that they address these various needs. But don’t fret, getting something that everyone likes into your package is not too expensive, particularly if you are offering voluntarybenefits to which you may or may not contribute as an employer.
One way you can give your staff more choice in the employee benefits they receive is to offer them a cafeteria plan, which allows them to put together a benefitspackage that works best for them. Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis.
Credit: branislavpudar/shutterstock Need to know: A strong onboarding and induction programme will help seasonal workers understand their benefitspackage and feel valued. Benefits should be tailored to the sector and the type of seasonal worker the organisation wants to attract. “This is attractive.”
Financial stress is one of the top motivators driving organizations to invest in financial wellness programs and 40 percent say that addressing financial stress is a top reason for increasing voluntarybenefits, according to a new survey by Buck. . 59 percent of employers want to help employees deal with unexpected medical expenses.
At Flimp Communications, we offer both PLANselect, focusing on healthcare plans, and BENEFITchoice, ideal for presenting supplemental and voluntarybenefits. Most employees are familiar with the medicalbenefits their employers offer but know little about available voluntarybenefits.
Examples Recently Amazon announced that as part of its employee benefitspackage it would offer the therapist-like app Twill. Often, the apps will include disclaimers that they are “not intended to be a medical, behavioral health or other health care service” or “not an FDA-cleared product.”
While their health insurance will cover their medical expenses, it won’t cover the cost of living while they recover. Coordination of benefits: The amount of benefits your employees receive from the insurance company is dependent on other benefits they may receive because of their disability.
Are your employees stressed about medical bills? Medical care can be expensive, and group health insurance isn’t always enough. Employers can help their employees by offering worksite benefits like hospital indemnity insurance and other supplemental benefits. If they are, they’re not alone.
VoluntaryBenefits. VoluntaryBenefits, commonly referred to as AFLAC, can help employees maintain their income by paying cash benefits directly to them. Employees can use these cash benefits to help cover rent, groceries, and other daily living expenses while they’re out of work.
Job Market Report, two in three job seekers agree that workplace benefits are more important to them now than they were before the pandemic, and 80 percent think that employers need to reevaluate their benefitspackage. Additionally, 54 percent would consider taking a job that paid less if the benefits were better.
From the rising costs of healthcare and benefitspackages to retaining and recruiting to helping employees understand their benefits to the ever-changing regulatory landscape, HR teams face many challenges that present obstacles to organizational success. It’s all about benefits choice and customization.
Workers’ compensation benefits vary by state but typically include coverage for medical bills and prescriptions and some compensation for temporary disability while the employee is unable to work. Employees who do not recover and suffer permanent disability may be eligible for permanent disability benefits. Learn more.
From the status of healthcare as a hot-button political issue to rising medical costs, health benefits stay top of mind for most Americans. According to Benefits Pro, the growing desire for voluntarybenefits plans exemplifies this trend. Engagement levels.
The best way to identify who you’re competing against and what types of health and welfare benefits they’re offering is to undertake a benchmarking study. Benchmarking studies yield details like: Medical plan type. Medical copay. Voluntarybenefits offerings. Employee premium cost. Employee premium contribution.
“PeopleStrategy understands the need for today’s employers to go beyond traditional medicalbenefits to remain competitive in the war for talent.” ” “As a 21 st century broker, PeopleStrategy is always looking for ways to help our clients attract, manage and retain talent.
Bankruptcy and Foreclosure: Although employed, workers can still face financial hardship due to factors like medical bills, excessive debt or unforeseen expenses, which could lead to bankruptcy or foreclosure. If you’re interested in offering legal services, whether as part of an EAP or as a standalone benefit, Higginbotham can help.
USI’s employee benefits offerings are designed to meet the needs of a diverse workforce and support employers in creating a supportive and healthy work environment. USI’s benefits offerings include a comprehensive suite of health insurance options, including medical, dental, and vision insurance.
Credit: tomertu/Shutterstock Need to know: Benefits strategies have evolved because of influences including employee expectation, cost and the pandemic. Flexible benefits , voluntarybenefits, and allowances or pots offer the potential for greater personalisation. It can be a huge benefit.”
Buying Supplemental Life Insurance Without a Medical Exam Although employees can purchase life insurance on their own, life insurance offered through an employer may be preferable because it is often available without a medical exam. When you offer supplemental life insurance as a voluntarybenefit, your costs are minimal.
These include: The category for Best public sector benefits, which celebrates the steps a public sector organisation has taken to implement a successful benefitspackage or initiative for its employees. The 22 categories also include several designed to recognise the achievements of individuals within the industry.
Although it may seem easier to boost wages and forget about employee benefits, due to potential tax breaks, offering health insurance can be a financially sound strategy. A benefitspackage can also boost your company’s bottom line by supporting a healthy workforce. Bankrate found that 32 percent of U.S.
According to the American Veterinary Medical Association (AVMA), 38.4 In both cases, comprehensive pet insurance coverage that includes accident and illness coverage may cover costs related to exams, tests, surgery, treatment and prescription medications, depending on the terms. Pet Insurance as an Employee Benefit.
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