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When is The Right Time for Employers to Offer Voluntary Benefits?

Voluntary benefits are a difference-maker; one way to stand out from the competition is to provide an excellent and enticing package of insurance benefits.

Employees are the lifeblood of any company. All employers should be striving to attract, recruit, and retain top-tier talent in their industry, no matter what that industry is supposed to be. Voluntary benefits are a difference-maker; one way to stand out from the competition is to provide an excellent and enticing package of insurance benefits. Here is a look at how to know when to extend these benefits. 

Employer-Sponsored Healthcare Has a High Deductible Health Plan 

Income protection is essential. In these uncertain days that we have all endured for the past five months, it has become even more difficult to do. Coverage gaps are common, especially when they are associated with high deductibles. Fortunately, you can cater to different types of insurance products depending on the different types of employees you have on your team. Hospital indemnity insurance is highly valued, as is accident insurance. If you need critical illness insurance for your workforce, then you can choose to procure that as well.  

Your Team Has a High Claims History 

Does your team have a high claim history? It is entirely possible. Younger teams are more likely to be more active and spend time playing sports in recreational leagues. Those sports are going to be baseball, soccer, and hockey – sports that call for contact, speed, and nimbleness. All can lead to injury as well. Conversely, your company might rely on older workers who are more susceptible to serious illnesses such as cancer or Parkinson’s disease. Thus, you might consider purchasing disability coverage (both long-term and short-term), life insurance, cancer insurance, and accidental and death and dismemberment coverage as well.   

Cutting Back on Healthcare Costs 

Depending on the resources that your company has on hand, you may or may not be able to cover all of the costs for your employees. Even so, cutting back on healthcare costs doesn’t need to be an obstacle. Voluntary benefits are a boon to your budget while still giving your workers what they need. So go ahead and experiment with products like pet insurance, identity theft protection, will preparation, legal services, and travel services as needed! 

A Customer Testimonial 

We have another pleased customer to tell you about: Sergio Malarin of Mobtown Fermentation. He needed help with an insurance claim related to reconstructive knee surgery. According to him, our own William Fedo served as a point of contact between Sergio and Aflac and was extra helpful with the client, reminding him to get all of the necessary paperwork filed and to ensure that the doctor’s office submitted their documents correctly as well. 

Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!

Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!

 

This entry was posted on Friday, August 28th, 2020 at 3:53 pm. Both comments and pings are currently closed.

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