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What do company benefits plans have in common with pie-eating contests? Plenty, actually. Just as judges at pie-eating contests award blue ribbons for the tastiest pastries, employees judge benefits plans by comparing them to those of competing companies. And in this atmosphere of smaller raises, reduced bonuses and passing benefit costs on to employees, it's more important than ever to earn the top prize.
If your clients are like most employers, they probably include products such as dental and vision insurance among the insurance products available to workers. Over the years, they've become almost standard-issue — companies are more likely than not to include them among their benefits options. That's a good thing, because every worker needs regular dental and eye examinations.
Companies that want to earn blue-ribbon status, however, are learning they need to go the extra mile by providing workers with additional, more urgently needed options — options such as critical illness, hospitalization and accident insurance. The reason? It's simple: While dental and vision insurance are highly valued by workers, many can afford to pay the relatively small bills stemming from new glasses prescriptions or the occasional cavity. It's much more difficult for them to absorb the sometimes astronomical bills that can result from serious accidents or illnesses.
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