In recent years, the US health insurance landscape went through some dramatic changes. The prospect of changing in such a big way can be daunting. Lucky for you, business owners out there, there is one option that is a no-brainer. Offering Voluntary Benefits will help your business and your employees.
Voluntary insurance works in conjunction with major medical plans to pay health-related costs their primary insurance might not cover, as well as other out-of-pocket costs. Voluntary insurance includes, but is not limited to Accident, Cancer, Disability, Dental and Hospital policies.
In the ever-changing world of insurance, the benefits of offering voluntary or supplemental insurance to your employees are numerous.
No Direct Cost to the Business
Voluntary Insurance policies do not add any direct costs to the business, which will allow you to create an extensive benefits offering for your employees while staying within your budget and growing your bottom line.
When an employee is dealing with personal financial or health issues their productivity can rightfully suffer. According to a Harris Interactive/Aflac study of U.S. small business owners:
· 47 percent of employees who work for a small business said they were dealing with a health or financial problem that influenced their ability to complete their jobs.
· 58 percent of small business owners believe that their companies have lost 5 to 20 percent of productivity because employees are concerned about personal issues.
· Another 32 percent of small business owners say they have lost at least 20 percent of work productivity.
According to a Harvard research study, 62 percent of personal bankruptcies are caused by health problems. When an employee is going through something as tumultuous as bankruptcy, their performance will undoubtedly suffer. Allowing them to take advantage of voluntary benefits can fill in the gaps, ensuring that they are better to prepared when disaster happens.
Attract and Retain Top Talent
A business is only as strong as their weakest employee. That is why attracting and retaining the best team members must be your top priority. The same Harris Interactive/Aflac study found that:
· Just 40 percent of employees feel well informed about the benefits their companies offer, and less than half (46 percent) feel their HR departments are extremely/very knowledgeable about those benefits.
· 63 percent of small business owners think that their benefits packages are very influential in employee satisfaction and loyalty.
· Another 18 percent believe that these packages are very influential in an employee’s decision to leave the company.
Having an expansive insurance offering that includes voluntary benefits will set you apart from other employers, including ones much larger than yourself, allowing you to attract and hold on to the best talent in the country.
In the ever-changing health insurance landscape, one constant remains. Offering Voluntary Insurance as part of your benefits package will attract and retain top talent and increase productivity, without costing your business any additional direct costs. Reach out to your local independent broker, like Insurance Service of Asheville, for help successfully implementing a voluntary offering for your company.
Nick Saunders - Insurance Service of Asheville - firstname.lastname@example.org