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.
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:
In our last blog post, we explored the idea of risk aversion, including what it is and how it affects benefits decisions. We reviewed different levels of risk aversion and how those variations impact the way employees think about their health care benefits. Now it’s time to dig even deeper and find answers to questions like,
When employees hear the word “risk”, they may experience a wide range of emotions. Oftentimes, it’s associated with a type of behavior that ignites excitement and a rush of adrenaline, such as jumping off a 10’ high diving board or betting everything on black in Vegas. However, when it comes to health care benefits, the word “risk” can have quite the opposite effect, leaving employees with feelings of fear and doubt.
So your last team member has enrolled in their benefits, and you breathe a huge sigh of relief that open enrollment is over. But, while you should celebrate for a moment, it’s important to remember that your work isn’t done yet. Your employees will still need your support throughout the year. Here's what your employees need after open enrollment to get the most out of their benefits.