Common Employee Misconceptions About Benefits

The only way your employees will get the most out of their benefits, and for you to ensure your organization is getting a good return on its investment, is if they fully understand them. But in the Open Enrollment Survey done by Aflac in 2012, only 16 percent of employees reported feeling confident they hadn’t made any mistakes during open enrollment, and almost a quarter felt they hadn’t picked the right coverage for their needs. Employees can get the wrong ideas about their benefits, and miscommunication, apathy or ignorance can perpetuate those misconceptions. The cost of ignorance is high: Employees may not have the coverage they need, and you may be paying for coverage they’re not using. This guide will help you understand four common misconceptions employees have about benefits offerings and what human resources leaders can do to educate them. How Much They Cost Experts say one of the …

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How to Determine Which Voluntary Benefits to Offer

You know voluntary benefits can help boost employee satisfaction, but where should you start? Ensuring you offer the right kind of voluntary benefits will help you get the most out of the entire benefits package. These tips will put you on the path to offering voluntary benefits your employees will take advantage of — and value. Identify Gaps One of the main purposes of voluntary benefits is to provide coverage where core benefits fall short. This is seen most often in health benefits, with voluntary benefits covering costs that core benefits don’t or adding onto coverage. If you look into voluntary health benefits, ensure they fill gaps, says Darren Ambler, managing director at Insight Insurance Agency. “It is very important that employers offer voluntary benefits that complement existing programs so that no overlap occurs.” Duplication can result in offsetting benefits as opposed to enhancing them. Work With Your Vendor Your …

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How to Pick the Right Voluntary Benefits for Your Lifestyle

A recent survey from Towers Watson says more than 90 percent of employers expect voluntary benefits to be an important part of their value proposition to employees in the next three to five years, compared with 59 percent who said the same in 2013. As a result, chances are you’ll see an increase in the scope of voluntary benefits your employer offers. Voluntary benefits can be a great way to get coverage for a variety of issues at a reasonable cost, but it can be a challenge to determine which ones are right for you. Here’s how. Consider Your Needs Your voluntary benefits needs will rely on factors such as life stage, current income, plans for the future and dependents. Take stock of what’s at risk and what could be better served by purchasing voluntary benefits options. Entry-level workers, for example, are more likely to be single and have no …

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