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

7. Repeat your message, and repeat it again. The first rule of a Voluntary Benefit program roll-out: communicate, then communicate again. The second rule: keep it simple. Employees typically require at least three communication touch points during a Voluntary Benefits roll-out to review plan information and process it. In addition to one-on-one sessions and group meetings, send a benefit announcement email from your CEO or president. Provide personalized benefits booklets. Hang posters and fliers. Include notices with payroll. Host a webcast. Send reminders throughout the plan year. 8. Conduct a post-enrollment follow-up. Accurate employee enrollment data must be communicated quickly to carriers to ensure the underwriting process has begun. Deduction reports must be generated and submitted to the employer and payroll provider. Then, conduct a post-enrollment meeting to assess the program and plan for future rollouts. A final assessment and ratings of carriers and enrollment counselors should also be done. Remember to survey employees for their feedback, too. Their participation can actually raise engagement. Your benefits broker should assist you every step of the way. 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.

66% 12%

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

STEP 06 Offer channel-of-choice enrollment options.

of employees who experienced a critical illness declared bankruptcy. - Sun Life Financial Inc., “Well-Placed Fears: Workers’ Perceptions of Critical Illness”

of employees diagnosed with a critical illness must make financial sacrifices to pay their healthcare costs. - Sun Life Financial Inc., “Well-Placed Fears: Workers’ Perceptions of Critical Illness”

STEP 05 Conduct group and individual educational meetings.

STEP 07 Simplify your messaging and repeat it often.

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