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Employees have higher expectations about their experiences with health care providers and insurance carriers than ever before. In fact, according to the Aflac Healthcare 2025 survey, 75 percent of employees agree that as they take greater control over their health care choices and costs, they also expect a better experience from carriers and providers.1
The Aflac survey also finds that 63 percent of consumers would like more guidance and advice from their brokers to help make these decisions easier. Jargon-filled discussions about physicians, specialists and even their carrier often involve terms that are unfamiliar and intimidating. In addition to bringing their expertise to the table, brokers can help keep clients and their employees informed by providing regular, ongoing information about benefits and tips for how a range of benefits can be used to better protect their financial security.
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Enhance benefits education with a holistic communication strategy
Due to many employees' lack of preparation for benefits selection, and the complexity of benefits plans, some are left overwhelmed and confused about their options. Brokers can help show more value to their clients and empower employees by including benefits education in their strategy. Below are tips for implementing effective education programs that simplify and ease pain points for clients and their employees:
- Provide easy-to-access online resources: Many businesses today are turning to online portals where employees (and other decision-makers in the home) can access information, tools and tips about their company's benefits packages whenever and wherever they like. Regardless of whether a company uses an intranet or website, make sure it is simple and easy to use and includes interactive elements like videos.
- Year-round engagement is essential:Too many companies think that communicating their benefits program to workers during open enrollment season is enough. However, in today's landscape, where costs are increasing and perceived value is decreasing, it's important to engage employees throughout the year, showing them how to get the most value from their benefits selection. It can be overwhelming and confusing for employees to digest so much information at once. Communicating at least once a quarter can help improve awareness and understanding, making future open enrollments a smoother, simpler process for everyone.
- Find more ways to reach employees: Don't rely on only one communication vehicle to reach workers. Consider utilizing a variety of methods, including email, printed materials, online resources and in-person meetings.
Give employees coverage options that can be tailored to their unique needs
It's important for employees to understand that their major medical insurance doesn't cover all of their medical expenses. Oftentimes, there are still out-of-pocket costs associated with an illness, accident or hospital stay. Considering that 65 percent of employees have less than $1,000 in savings to pay out-of-pocket expenses associated with an unexpected illness or accident,2 employees need options that offer additional financial protection now more than ever.
Employees' concerns about the financial realities they face can open the door to conversations about how supplemental insurance can help protect them from out-of-pocket costs associated with an illness or injury that could result in unexpected debt. To ensure all employees receive the coverage that best suits their needs, brokers should communicate the importance of a comprehensive benefits package, which may include supplemental policies such as hospital indemnity, accident, critical illness, cancer, short-term disability and life insurance plans. Education on how voluntary insurance plans work – paying cash benefits directly to them, unless otherwise assigned, to help cover their living expenses, lost wages, copayments and deductibles – is essential to helping them understand how they provide more complete protection than major medical insurance alone.
Voluntary benefits options are a win-win for employees and their employers for several reasons. Employers can provide these policies with little-to-no direct effect on their bottom lines, since premiums are paid by employees, who determine their specific needs and apply for the coverages that work best within their budgets. Offering voluntary insurance will not only help employees better customize their insurance coverage, but also will demonstrate that their employer cares about providing them with a range of coverage options that provide more comprehensive financial protection.
Bottom line
As employees take greater control of their benefits and health care decisions, more emphasis will be placed on finding coverage that provides the best financial protection for their needs. Brokers have an opportunity to offer clients and their employees guidance and education, improve understanding of available options, and demonstrate the positive impact voluntary insurance can have on the work environment and their personal lives.
[1] Aflac. "Healthcare 2025" study. Conducted by Research Now on behalf of Aflac, and fielded online in the United States between July 23 and July 28, 2015, capturing responses from 1,024 employers and 2,047 consumers. Learn more at aflac.com/roadmap2025.
[2] Aflac. The 2016 Aflac WorkForces Report, conducted in Jan. 2016 by Research Now on behalf of Aflac, accessed June 8, 2016 – http://workforces.aflac.com/
This article is for informational purposes only and is not intended to be a solicitation.
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