Welcome Back! to the Beyond the Benefits Series from CH Insurance. Because Open Enrollment is upon us in New York State within the next week, we're focusing during this busy time of year for HR Departments, on Group Benefits for your employees.
"The more robust your total benefits offering is to your employees and potential/recruit employees, the greater the opportunity is to distinguish yourself, better retaining current employees, and recruitment of new talent," says Joe Courcy of CH Insurance.
What are Voluntary Benefits and how does it impact employees?
Voluntary benefits are products—such as life, disability, critical-illness and accident insurance, as well as pet coverage, ID theft protection, legal services and financial counseling—offered through an employer but paid for partially or solely by workers through payroll deferral.
TOP FOUR VOLUNTARY BENEFITS NEEDED
Essentially, there are four critical life needs that voluntary benefits fulfill:
1. Health – typically helping employee well-being, while minimizing health risk at a reasonable cost
2. Wealth accumulation – protecting income and assets, ensuring retention of lifestyle
3. Security – protecting our survivors, vulnerable people or even people’s identities
4. Personal – products that cover what’s important to the individual interests and needs of the person
Why provide them to your employees?
A way to control rising health care costs
With the cost of healthcare on the rise, employers are starting to shy away from providing top end, ‘cover all’ primary health care benefits. Instead, they are choosing less expensive coverage and offering workers a wider range of voluntary health benefits to help fill the gaps.
They're not just for 'BIG' business
There's a misunderstanding among small business owners who often believe that voluntary benefits are too complex and too costly for a small business to offer them to their employees. In actuality, there are fairly easy ways to make voluntary benefits turnkey through payroll, etc.
"There are certain tax advantages that can be utilized and you can in fact implement voluntary benefits even with a small number of employees - there's no minimum number that's required," says Trisha Tyminski of CH Insurance. The dedicated group benefits team at CH Insurance can guide you through the particular aspects of voluntary benefits one on one. But rest assured, voluntary benefits can and do get implemented all the time with small businesses. It's an incredible offering to retain your employees as well as you'll read in the next paragraph.
Attracting Top Talent
The more robust your total benefits offering is to your employees and potential/recruit employees, the more opportunity you have to distinguish yourself and retain employees and recruit new talent," says Joe Courcy of CH Insurance. As the marketplace becomes increasingly competitive for top talent, how you frame your benefits program, tell your Group Benefits Story, can make or break it when securing that desirable candidate for your growing team.
CH Insurance is well-versed in Group Benefits and is excited to devote some of their Top Group Benefits Talent to guiding you through the Group Benefits maze. Contact CH Insurance at 315-234-7500. CH Insurance is in your corner.