December 21, 2017 | Peter Marcia | HR Technologist
With the new year approaching, HR managers are shifting their focus to benefit planning for the 2019 plan year. While questions loom about what direction healthcare benefits will take, the stability of voluntary benefits continue to be top of mind for many employers. Savvy benefit planners recognize that these programs round out compensation packages and contribute to their employees financial wellness.
Understanding potential gaps in medical plans, HR managers are working to decrease out-of-pocket expenses for employees by offering worksite benefits that complement the core medical plan. Employers are also using voluntary benefits to enhance their benefits offerings to attract and retain competitive talent.
Here are three voluntary benefits offerings that gained traction in 2017 and we expect will continue the momentum into the coming year. When properly communicated, these benefits, can add tremendous value to your employees and drive overall engagement within your workforce.
2. Worksite Benefits:
To confront the challenges of the cost shift in core medical plans from employers to employees, voluntary benefits are designed to help employees cover the out-of-pocket costs from unexpected medical issues. The most widely provided programs tend to be critical illness insurance, accident insurance and hospital indemnity insurance. These programs generally pay a cash benefit directly to the employee regardless of existing insurance for a covered accident or hospitalization.
As healthcare benefits evolve and the workforce changes, the flexibility of voluntary benefits will continue to play a role in employers overall benefit packages. Voluntary benefits are the weapon that employers can use to differentiate themselves and attract and retain an engaged workforce. Financial wellness will be more achievable for employees with a well thought out voluntary benefits strategy.