What Are Your Employee Insurance Needs?
Employee Benefit Needs Review
Does your company invest in the same employee insurance program year after year? It’s time to step back, reevaluate, and measure its relevance to your employee benefit needs.
Workers come and go. They age into retirement and younger employees take their place. The insurance program you had even five years ago may include features that today’s employees don’t want and rarely use.
A yearly employee benefit needs review helps you determine if you’re giving your employees the insurance coverages they need. You can save money by eliminating unused programs and add coverages to make your benefits package more valuable and attractive. Here are a few things to consider.
The recent push-back against an ACA repeal made it clear that health insurance is a must-have option. The Glassdoor research study, The Benefits Most Employees Want Most found that it’s the number one desired employee benefit. Health insurance is a must-have, although your program might need an update.
- Are you ACA compliant?
- Have you considered Vision and Dental coverages?
- Have you updated same-sex spousal coverage options?
- Does your program address men’s and women’s varying medical needs?
Employees in their 20s and 30s may not see the need for life insurance unless they’re married and have children. Single employees near retirement with grown dependents may want only “burial” insurance. Your employee life insurance program should be flexible enough to address these divergent needs.
An annual Disability Awareness Month study by Life Insurance Marketing & Research Association (LIMRA) revealed that concern over disability income was skewed by age. While 56% of Americans were concerned about income during a disability, the rate increased to 70% for Millennials and 68% for Gen-Xers.
Ask Your Employees
Insurance isn’t a one size fits all solution. When you conduct an annual employee benefit needs review, you should begin with those who will benefit the most from your choices.
- Do an employee benefit needs assessment, looking at past enrollment and use of existing programs.
- Conduct an employee survey to determine employee benefit needs.
- Look at other company’s benefits programs to see if your insurance program is competitive.
Let HCG Help
Our experienced insurance professionals will help you conduct your annual employee benefit needs evaluation. We’ll review your company, employees, corporate culture, and other factors to help you implement an insurance program that’s a good fit for your employees and your company.