Imagine a world where you could Skype with your doctor from your couch and get a diagnosis. Now imagine working part-time as a salesperson during the retail season while still getting the same benefits as a full-time employee.
Related: 5 voluntary trends to keep an eye on
To take it one step further, imagine facing a sudden financial crisis, only to have a weight lifted off your shoulders because you have support through work. These benefits might not have seemed possible a decade ago, but in 2016, they all became a reality.
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In 2017, voluntary benefits will become an important staple to an employer's benefit offerings, and there are three in particular we're likely to see evolve in 2017.
Telemedicine services
Thanks to the rise of high-deductible health plans (HDHPs), people are seeking innovative ways to drive down the cost of health care. According to Benefitfocus' 2016 State of Employee Benefits report, 52 percent of large employers are now offering at least one HDHP, and 41 percent of employees select an HDHP over a traditional plan when given the option.
When paired with a health savings account (HSA), HDHPs are great for cutting costs, as consumers pay lower premiums every month, but the high deductible still poses a problem since employees must cover medical expenses until that deductible is met. This means that people are heavily analyzing medical costs and even skipping out on "unnecessary" doctor's visits all together.
Telemedicine has emerged as a way to close the high deductible gap. A telemedicine visit typically costs around $40 (to compare, an office visit is around $125), and under an HSA, it's covered tax-free. This allows people to be seen by a doctor before a slight issue turns into a real emergency.
This year, 59 percent of large U.S. firms cover a telemedicine program (last year, that number hit only 30 percent), and adoption is growing rapidly.
The benefits of telemedicine cater to a wide variety of people, from millennials on the go to seniors living outside of the metropolitan area, and since many providers offer 24-hour access, it's reducing stress in a huge way. In a day where employers are seeking affordable health care that exceeds traditional coverage, telemedicine use is hitting the ground running.
Part-time employee benefits packages
Employers have long had to balance hiring quickly with finding top talent, particularly when it comes to holiday and gig economy workers.
Related: Gig work is taking over
These employees are often customer-facing and have the responsibility of representing the brand. During more stressful, high-traffic periods like the holidays, it's especially important for employers to keep morale up — since there are so many other freelance and flexible job opportunities out there, they need to offer unique benefits to stay competitive.
Part-time employee benefits packages have become more prevalent in the past year, thanks to their implementation by larger brands like Starbucks and UPS. Since technology is evolving and administrative work is becoming more digital, employers can afford the time and cost barriers to bring in these benefits packages.
Part-time benefits packages offer many of the same perks as those for full-timers. Since offerings are largely voluntary, employers/employees can pick and choose benefits like tuition reimbursement, pet insurance and on-site child care on an à la carte basis.
In 2017, we're sure to see part-time benefits packages spike in adoption to compete for part-time talent, and increase employee retention and satisfaction.
Financial wellness
As the health care landscape rapidly changes, employees are grappling with more decision-making and financial responsibilities. It's a tough place to navigate, and financial wellness undoubtedly has a profound impact on their productivity and satisfaction.
Did you know that two-thirds of Americans have trouble coming up with $1,000 to cover an emergency? Worse still, some are turning to lenders with high-interest loans, maxing out credit cards and living week to week. In the case of an unexpected illness or accident, they're left with few options.
Financial stress is a sensitive topic, but some employers are considering preemptive and educational benefits they can provide to their employees for immediate and varied financial needs. They are going beyond 401(k)s and HSAs, offering services like student loan refinancing, debt repayment, credit score improvement and financial education for future planning.
Regarding the latter, out of 48 percent of Americans who receive financial advice, 77 percent wish they'd done it sooner — this is an area where employers can help. In 2017, we're likely to see employers get even more creative with the financial benefits they offer their workforce, realizing the payoffs of employing a happy, fulfilled and financially-sound workforce.
As companies get more creative on their employee benefits packages, the prevalence of voluntary benefits will continue to expand. Telemedicine will offer employees the chance to cut high health care costs. Part-time employee benefits packages will peak the interest of America's gig and contingent workforce, as job competition between these workers becomes fierce.
Financial wellness will no longer be a taboo conversation, and employers will instead take a proactive stance on assisting employees. In 2017, we will see these three trends become an essential part of the benefits package and pave the way for new voluntary benefits yet to come. Employers and employees, take note.
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