Voluntary Benefits Thrive in Times of Uncertainty

46%

of adults say they either could not cover an emergency expense costing $400


53%

of large-sized employers reported that supplemental insurance improves employee recruitment


There are a broad array of voluntary benefits available today, both health and non-health related.

While the pandemic may be waning, employers can expect voluntary benefits to continue to deliver value as employees navigate unforeseen health or financial issues.

Increased Demand for Voluntary Benefits Due to COVID-19

During the pandemic, employees started paying closer attention to their health care benefits, asking, Do I have the coverage I need?  Voluntary Benefits, such as:

Critical illness,  with or without contagious disease riders

Hospital indemnity, to add a layer of financial protection for hospital stays and accident-related inpatient rehabilitation expenses.

Supplemental life plans, to expand existing coverage and potentially cover costs related to a COVID-related hospital stay.

Off-Cycle Enrollments
Employees’ needs change over time – from getting married or having kids, to encountering a global pandemic. With voluntary benefits, employees don’t necessarily have to wait until open enrollment to purchase benefits that address their new needs. Having off-cycle enrollments throughout the year ensures employees have the appropriate coverage.

When offering off-cycle enrollment, employers should draw clear connections between how these supplemental coverages work together to provide comprehensive protection for employees and their families. As with traditional benefits enrollment, taking a personalized, education-focused approach to voluntary benefits enrollment is critical for engaging employees on their options – especially considering the array of benefit types and coverage levels available today. Customized materials and one-on-one telephonic sessions with benefits experts will go the distance for the employee who is considering which product may be right for him or her.

Voluntary benefits give employees control in times of uncertainty. Employers should make sure they are communicating the value of voluntary benefits clearly to employees. The only thing employers know for sure is that life is uncertain – and voluntary benefits can be incredibly valuable options to ensure employees have the coverage they need, regardless of what life throws at them.

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The Success of Off-Cycle Benefits Enrollment

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