As we covered in our last blog post, supplemental benefits can be an important part of an employee's total benefits package. According to the most recent Aflac WorkForces Report, “more than half, 51%, of all American workers view supplemental benefits as a core component of a comprehensive benefits program,” and, while only about one-third of employees had access to supplemental benefits through their employers, most employees stated that the need for supplemental insurance has been increasing.
In this era of financial instability it is more important than ever for your organization to provide a well-crafted benefits package. And this includes more than just health insurance. Supplemental benefits have begun to take center stage during benefits enrollment, and for good reason. In this article, we’ll review exactly what supplemental benefits are and how they can help employees further protect themselves against risk while saving them money in the process.
We all know prices have been consistently increasing over the past several months - but just how much have they actually increased and how is that affecting your employees? Here’s some perspective: Food prices have risen by 11% in the last year. For a family of 4 on a moderate budget, that translates to around an extra $125 per month in groceries! With inflation reaching levels we haven’t seen in over 40 years, everyone is thinking about ways to spend smarter and optimize their budgets.
In our last few blog posts, we explored Picwell’s health plan recommendations. We reviewed how preferences and financial wellness affect benefits decisions, and how often employees actually choose Picwell recommended plans.
In our last blog we explored reasons why the lowest cost health plan may (or may not) always be the best option. We also reviewed how Picwell recommendations work to help guide employees to the best plans for their needs. But, while Picwell will recommend a specific plan, employees may still choose something other than the recommendation.
So far we’ve reviewed how preferences and financial wellness impact employees’ benefits selections and as a result, why the lowest cost plan is not always the best option.
In our last post, we covered the concept of employees’ “capacity to pay” for unexpected medical bills. As many as 40% of employees would not be able to afford a surprise medical bill of $1,000 or more, and, given this result, it's important for employees to consider their financial preparedness for unexpected costs when choosing benefits.
Every year, the Federal Reserve conducts a study on the financial health of American households, and one of the most frequently cited statistics from this study comes from the following question:
Open enrollment is almost here and it’s time to commit to a benefits decision support solution. As you evaluate your options, we know that the process can feel overwhelming. With all of the tools available on the market, it can be difficult to determine which one will work best for your organization’s (and your employees’) needs. But, you’re in luck - we’ve compiled our top tips to ensure you choose the right benefits decision support solution this year.
