Top 10 Priorities for Optimizing Your Group Insurance Benefits Plan

Unprecedented competition.  That’s how experts characterize the current job market.  The pandemic and consequent economic downturn have created a job market never before seen in American history. 

On the one hand, consumer spending continues to rise.  This puts money in the coffers of companies.  It also creates demand for competent employees. 

And there’s the rub.

Fewer work-eligible people are willing to work.  Many who are employed are seeking higher wages and better overall compensation packages.

If you want to recruit and retain the best and brightest employees, you must prioritize more than their paychecks. 

The insurance benefits you offer employees matter more now than ever. 

Cost of Onboarding New Employees

Employee acquisition is one of the most costly components of operating a business.  Good help is hard to find. 

According to the Society of Human Resource Management, the cost of adding a new employee – from recruitment to onboarding – is estimated to be three to four times the employee’s annual salary. 

That’s a MASSIVE cost!

On the conservative side of the estimate, it will cost you $4,700 just to hire a new employee.  That doesn’t include onboarding.  On-the-job learning. 

Or any of the “soft costs” of grafting a new employee into the existing ecosystem of company culture. 

For your company to stand out in today’s uber-competitive job market, one advantage you can give yourself is the insurance compensation you offer your employees as a part of their salary package. 

10 Priorities for Group Insurance Benefits

A high-quality benefits package for your employees can demonstrate care and appreciation for them.  It can also help you attract and retain top talent. 

With over 30 years in the insurance industry, JFA Insurance Brokerage and Associates Inc. knows what you need to offer employees a competitive benefits package to stay ahead of the competition. 

Here are eight of the top priorities for your group insurance benefit plan. 

1: Health Insurance:

Let’s start with the obvious.  Health insurance cannot be ignored.  Consider offering plans that allow for network flexibility, varied ranges of premiums and deductibles, prescription drugs, mental health services, and family coverage.

2. Dental and Vision Coverage:

Many group health plans do not cover dental or vision.  Don’t overlook this.  Everyone needs to tend to these issues.  Especially people who are raising children. 

3. Disability Insurance:

Disability insurance provides your employees financial protection if they cannot work due to illness or injury.

Short-term disability covers a portion of an employee’s income during a temporary disability, while long-term disability provides coverage for an extended period or permanent disability.

4. Life Insurance:

This one brings out the feelings.  People don’t like to consider life insurance, but we all must.  Life insurance coverage provides employees with peace of mind and financial security for their families in the event of their untimely death.

5. Retiree Health Coverage:

Company loyalty is not what it was.  One way to foster loyalty is to offer health coverage that will activate upon retirement.

This will also set a culture in the company where employees know they are taken care of – for who they are, not just what they produce.  

6. Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs):

FSAs and HSAs allow employees to set aside pre-tax dollars for qualified medical expenses. Including these accounts in the insurance plan can help employees manage their healthcare costs and reduce their taxable income.

7. Employee Assistance Programs (EAPs):

EAPs provide confidential counseling and support services for employees dealing with personal or work-related issues.

Recognizing the full humanity of your employees, including their mental health, will help you attract and retain people committed to holistic health.

This will only benefit them, their coworkers, and the company culture.  

8. Wellness Programs:

Implementing wellness programs can encourage healthy habits among employees and potentially reduce healthcare costs.

Consider providing resources and incentives for gym memberships, smoking cessation programs, or health screenings.

9: Leave Management:

This helps you and your employees manage various leaves or absences. It involves tracking, administering, and coordinating leaves, such as sick time, vacation leave, maternity/paternity leave, and other types of authorized time off.

10: Voluntary Benefits

The previous nine benefits on this list are some of the most common.  Here are several other coverages you can consider offering your employees to let them know you see them, care about them, and want them to thrive. 

Supplemental Health Insurance:

Regarding health care, there is no shortage of hoops to jump through and red tape to prevent you from doing so. 

Supplemental health insurance can help your employees navigate their particular needs that standard health insurance plans may not cover. 

These can include coverage for specific medical conditions, critical illness, accident insurance, and hospital indemnity plans.

Employees can enroll in these additional coverages based on their needs.

Accident Insurance:

This covers medical expenses, disability, or death resulting from an accident. It can help offset the out-of-pocket costs associated with accidents, such as emergency room visits, hospital stays, or physical therapy.

Legal Assistance:

Some group insurance plans offer voluntary legal assistance as a benefit option. This can give employees access to legal services, such as document preparation, legal advice, or discounted rates for attorney services.

Identity Theft Protection:

Identity theft protection is an increasingly popular voluntary benefit. It provides services such as credit monitoring, identity restoration assistance, and insurance coverage to protect employees from financial losses due to identity theft

Get the Insurance Guidance You Need Today!

Feeling a bit overwhelmed?  You don’t have to.  We’re here to guide you in obtaining the insurance coverage you need. 

Over the years, we’ve stayed ahead of the curve.  We understand how cultural shifts impact personal and corporate needs. 

We also have first-hand knowledge of insurance companies have adapted to each. 

Our team is ready to put our expertise to work and your mind at ease – so you can focus on what matters most. 

Reach out today for a free quote!