Want Successful Renewals? Know Benefits Trends
By Ken VanCleave
Ameritas - Group Division
Sponsored Thought Leadership
It’s that time again: benefits renewal decisions are on the minds of small and large employers. They’re analyzing budgets, evaluating current benefits and new choices, checking on private and public exchanges, and reviewing updates to the Affordable Care Act. Before meeting with employers, study trends to tailor benefit choices to employees’ needs. Consider three ideas for success:
- Enhance benefit choices – With today’s diverse workforce, employers should offer a range of benefits to meet their different needs. A Society for Human Resource Management study shows employers will continue to offer medical, dental and wellness programs, but they also are exploring other options, such as vision coverage, flexible schedules, paid parental leave and rewards to recognize employee accomplishments.
- Keep stand-alone coverage – Research reinforces the importance of regular dental and vision exams for early detection of many serious medical problems. Employees expect dental and vision plans in their benefits packages. But employers find dental and/or vision coverage combined within a medical plan often does not meet employees’ needs. Stand-alone dental and vision plans are still the best option to provide plans employees expect. Although the Affordable Care Act has changed the structure of medical insurance coverage, the good news is that dental and vision plans still are available as stand-alone options. In fact, stand-alone coverage is available in many private and state exchanges and federal marketplace exchange programs.
- Engage employees with communication – Studies show benefits packages are the primary reason employees considering other jobs decide to stay with their employer . Employees appreciate benefits that help them take care of personal and dependent family health needs, so they can focus on other things they value. To keep employees engaged, employers must invest time helping employees understand plan options, including coverages and costs, and provide reminders throughout the year encouraging them to take advantage of preventive care and other plan features.