Voluntary benefits are becoming a popular way to allow employees to customize their compensation. As you work hard to provide the right menu of voluntary benefits, how can you help your employees find the options that are right for them?
Your employees’ needs are changing.
With 2020’s rapidly changing economy, needs are changing. Uncertainty is the prevailing sentiment in the global economy, so look for voluntary benefits which can help your employees sleep better at night. Here are five trends for voluntary benefits you can use to raise awareness as Open Enrollment season approaches.
Identity Theft Protection: An ongoing need no matter what a person’s plans for 2021 are, identity protection benefits are becoming a twenty-first century must-have. Constant credit card scams, hacks, malware break-ins and other data theft have become so commonplace, consumers scarcely notice them anymore. Until, of course, the breach affects them directly. Illustrate identity theft protection as a key (and inexpensive) component of financial wellness – a defining trend of 2020, for sure!
Legal Insurance: With the sizable amount of uncertainty facing many employees, legal insurance may provide some measure of comfort and stability. Situations which require legal aid, from evictions to elder care, are bound to be on the rise in 2020 as people deal with fallout from the pandemic. Legal insurance typically offers covered members access to legal advice and consultations, bypassing the headache of seeking out the right attorney and paying upfront fees. Some might find it a small price to pay for advice on navigating such an uncertain time period.
Critical Illness Insurance: Everyone is feeling a little leery about their health these days, and the headlines about massive healthcare bills being passed on to consumers aren’t helping soothe those emotions. Critical illness insurance, which is generally seen as a complement to regular medical coverage, pays a lump sum to the covered individual in the case of a covered critical illness. Those illnesses can include organ transplants, heart attacks, strokes, and other serious medical events. The potential to receive a pay-out that covers associated medical bills could feel like a worthwhile investment in a period when many people are feeling particularly fragile.
Hospital Indemnity Insurance: This is a lump-sum benefit to pay the uncovered costs with a hospital stay. Since your employees might be concerned about being hospitalized over something not covered by critical illness (like COVID-19, for example) this is a different kind of safety net from critical illness insurance. Employees concerned about exposure to COVID-19 and the risks it poses for hospitalization and lost wages may be particularly interested in adding this coverage.
Financial Counseling: In an economic downturn, everyone’s minds turn to their own bank accounts and retirement funds – or a lack thereof. If your voluntary benefits package includes financial counseling packages, remind your employees. Whether your employees are dealing with student loans, decreased income, or the prospect of a delayed retirement, right now, everyone could use a little expert help managing their money.
Every employees’ needs are different, but reading into economic trends and consumer anxiety can tell us a lot about where their mindsets are as we approach another Open Enrollment. Utilizing a decision support tool to help employees find the right choices for their needs, along with showcasing benefits information through videos, are ideal ways to make their benefits enrollment smooth. Visit our services page to learn more about how WBD can assist you in creating an ideal enrollment for your employees!