Employee Paid Benefit Programs
While it is estimated that healthcare costs will double within five years, the demand for additional health plan coverage options will also increase. Many companies find it difficult to match the needs of all employees through one health plan. Fortunately, voluntary benefit plans offer an ideal solution for employers wishing to expand their employees' healthcare options without adding more expense to the organization.
An Employee Benefit Trends Study conducted by MetLife found that 44 percent of all employees, and 52 percent of employees with children under age 18, are generally interested in a wider-array of benefit offerings.
Voluntary Benefits Explained
Voluntary benefits are elective employee benefit coverages, made available to employers on an a la carte basis for purchase. Although coverages can be tailored to each employer, four key characteristics exist in a global voluntary benefits program:
• They are 100% employee paid
• They are purchased through an employer
• Employees are enrolled through an insurance carrier or by a professional enrollment firm
• Payments are automatically deducted from the employee's paycheck
The Capitol Group Benefit Solutions
We understand that every employment situation is unique. We provide value to employers by acting as a benefits partner, allowing them to focus on other important matters within their organizations. In addition, we find that when employees understand what their benefits have to offer, they find them to be of greater value. We educate your employees so they understand the value of what you provide to them.
At The Capitol Group, we have a history of expertise in voluntary benefit solutions. Our team of specialists assists in the entire voluntary benefits process, including explaining coverage options, assisting in enrollment, providing counsel for those unsure of their needs and providing ongoing support throughout the year.
How Do We Measure the Effectiveness of Voluntary Benefits?
To make sure that voluntary benefits offerings are effective, employers should measure the effectiveness every one to two years. We help employers conduct surveys to gauge your employees' awareness and understanding of benefits, as well as their satisfaction with the voluntary benefit plans. We can also provide you with benchmarking statistics to help you compare your offerings to the industry.
To educate your employees about the advantages associated with voluntary benefit offerings, we can initiate comprehensive employee communications campaigns, discussing the details of their benefit plans and how the options can protect their future well-being. Keeping employees informed of trends, issues and guidelines is essential to success and a positive outcome.