Voluntary Benefits for the Multi-generational Workforce

T H E M U L T I - G E N E R A T I O N A L WO R K F O R C E

S O C I E T A L T R E N D S & V O L U N T A R Y B E N E F I T S

H OW T O L A U N C H A V O L U N T A R Y B E N E F I T S P R O G R A M

T H E R O L E O F T H E V O L U N T A R Y B E N E F I T S C O N S U L T A N T

STEP 1. Offer Voluntary Benefits based on what you know about your employees. What kind of benefits do your employees want and need? Needs can arise from workforce demographics, life events, or gaps in your core coverage that cause plan participants to experience significant out-of-pocket financial risk. Survey your workforce to determine their preferences. But be careful with wording of survey questions because employees may not understand the context. Keep it simple and don’t assume that employees comprehend insurance jargon or common terminology. Start with one question: “Could we do a better job by providing Voluntary Benefits?” If more than 20-30% of employees respond with a “yes,” follow up with another short survey. The first question in next survey should be, “What is the benefit that you want or need most?” or “What is missing from our benefits program?” When it comes to health and welfare benefits, a “need” typically predicates a “want.” Next, ask employees to rank Voluntary Benefits in order of importance. These could range anywhere from Accident, Critical Illness, Vision, Dental, Disability and Long-term Care benefits to Student Loan Repayment, Pet Insurance, Legal plans and Group Medical Bridge coverage. The results of this ranking survey can help you determine which Voluntary Benefits you offer. 8 steps to a successful voluntary benefits program

8 STEPS TO A SUCCESSFUL VOLUNTARY BENEFITS PROGRAM

STEP 01 Survey your employees to identify insurance preferences.

STEP 03 Define goals and objectives; secure management’s buy-in.

STEP 02 Conduct a gap analysis to on current benefit offerings vs. competitors.

STEP 08 Complete your post-enrollment follow-up.

STEP 04 Choose carriers; set the strategy and calendarize every step.

STEP 06 Offer channel-of-choice enrollment options.

80% of employers now offer an HDHP.

STEP 05 Conduct group and individual educational meetings.

STEP 07 Simplify your messaging and repeat it often.

- Empyrean Benefit Trends Report

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