Presented by: Chad P. S chneider Broker Development Coordinator - - - PowerPoint PPT Presentation
Presented by: Chad P. S chneider Broker Development Coordinator - Aflac S mall Business Landscape (Fewer than 500 employees) Represent 99.7 percent of all employers Employ more than half of all private sector employees Pay 44
Presented by: Chad P. S chneider Broker Development Coordinator - Aflac
. private payroll
firms
years
more than large businesses for the same health plan because they cannot benefit from pooled risk the way a large company can.
faster than the growth of real earnings.
to enhance benefits package opening door for voluntary benefits.
morale, satisfaction, and productivity.
companies benefits package.
voluntary benefits?
therefore excluded from adhering to reforms.
daily living expenses including out-of-pocket costs for accident and illnesses.
– Pre-existing conditions – Guaranteed Issue – Annual/ Lifetime benefits – Loss ratio requirements
considering adding voluntary products to their benefits package in the next five years.
benefits.
purchase insurance products at the worksite.
each year.
favorable underwriting, dependent coverage, and convenient payment methods.
people who have maj or medical insurance
bills do not stop and mouths to feed do not go away.
by employee through payroll deduction.
ection 125 tax savings for both employer and employee.
complex and will only contribute to their ongoing HR administration burden.
related to implementing and maintaining voluntary benefits but approximately 80%
slightly gone up.
handled effortlessly with a good voluntary benefits partner.
implementing new programs and their workers won’ t be interested enough to participate.
71 percent of employers expect their workers to be more enthusiastic about voluntary benefits in the next 12 months.
$49 per month
month on voluntary benefits.
enrollment process could take with their employees when implementing a new program. The time it takes to educate
voluntary enrollment hampers productivity and takes time away from core business operations.
strategy with your vendor and broker will eliminate this perception.
enrollment options are available.
designed for only for large corporations.
to voluntary benefits and a customized package can be tailor made to address each companies unique challenges.
as 3 employees.
increasing premiums.
voluntary participation for employees
A involvement
ickness Insurance
um plans
– TeleDoc S ervices – Rx discounts – Chiropractic discounts – Etc.
tatements
A Administration
ervices
. Department of Labor it costs a company
her.
their workers about benefits.
leads to reduced turnover in the workplace.
employees and pre-tax savings.
Off-anniversary voluntary enrollments are quite common.
tep 1: Determine enrollment needs – Choose a method that is in line with your companies culture. – Consider your employee base. Are the maj ority of your workers desk-bound or in the field? – S urvey your employees. A recent study showed that 62%
their benefits package.
company.
tep 2: Conduct an enrollment planning session – Collaborate with your enrollment representative and draft a detailed timeline. Commit to sticking to deadlines to ensure a successful implementation. – Identify roles and responsibilities both internally and
an extension of HR and assist you with education to employees. – Identify which communication tools you are going to utilize for enrollment to make sure your employees are well informed.
tep 3: Pre-enrollment approvals, Trouble-S hooting, Training – Conduct a mock enrollment training session to trouble shoot any roadblocks or enhancements that need to be made. – Have key HR and company officials involved to make sure they are comfortable with enrollment methods. – Have frequent and clear communication with your broker, voluntary carrier and HR. Weekly strategy calls to check in have been proven to work.
tep 4: Conduct a Quality Enrollment – The most important rule during a live enrollment is to provide employees with as much guidance and support as they need. – For one-on-one enrollments have appointments with employees scheduled before you arrive. These can be scheduled in pre-enrollment meetings or
– For enrollments that do not utilize enrollers, consider call center for additional support.
tep 5: Perform Post-enrollment Debriefing – It is important to review enrollment once complete to identify what went well, areas that need improvement, and agree on servicing/ follow-up visits. – Review post-enrollment materials provided by carrier and evaluate effectiveness. – Communicate with your enrollment representative when benefits change and new products are needed to evaluate future enrollments
with your broker and ask: – Is the company responsive? – Does the company have hassle-free services? – Does the company offer a wide array of products? – Is the company reputable? – Does the company have industry experience? – Does the company have strong financial ratings? – How quickly does the company pay claims? – Does the company have local representation?
– Voluntary Benefits have been proven to help companies in many arena’ s:
no extra cost to employers.
enrollment platforms.
in employee package.