We have officially entered the heart of football season, and while many of our home teams have plenty of time to clinch that championship trophy, it's the two-minute warning for your clients' employees to select their benefits before the open enrollment season ends. Some clients may be ready to throw in the towel, but now is a perfect time for advisers to work with their clients on one final push to increase employee enrollment before their time is up.
Encourage clients to keep benefits communications relevant
According to the 2015 Aflac Open Enrollment Survey, 44 percent of employees say there are some things they don't understand about their policies. Even for clients who consistently communicate with employees about their benefits options, it can be difficult to capture their full attention. Using information that is most relevant to employees is one way clients can help deliver their message so employees know what coverage they have — and what coverage they might need — to more fully protect their health and finances. Additionally, there are tried-and-true ways employers can begin to improve their benefits enrollment process. Some employees need more time, while others are interested in consultation from benefits experts. Nearly half (49 percent) of employees say, if given the chance, they would discuss their benefits options with someone face to face or over the phone, according to the 2016 Aflac WorkForces Report.
Talking through examples with clients may spark some new ideas for them to utilize in their communications. Below are three products that could be helpful to highlight.
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1. Accident: For employees who are still reliving their high school football glory days, accident coverage may be a great option to help cover the costs associated with serious and not-so-serious accidents, such as a tear or sprain after an illegal tackle on the field. Not to mention, since the cash benefits are paid directly to employees (unless assigned), they can choose how to use the money.
2. Hospital indemnity: Not everyone is a top chef, but that won't stop an employee from trying to deep-fry a turkey that wasn't thawed properly, finding themselves in the emergency room. Hospital inpatient care accounts for nearly one-third of U.S health care costs, and the average length of a hospital stay is 4.5 days at a cost of $10,400. Even if an employee has good major medical insurance, that coverage may not always be enough to pay the expenses associated with a hospital stay. Hospital insurance pays cash for covered hospital stays, diagnostic procedures, surgery, ambulance transportation and more, helping employees get back to their family celebrations without having to worry about finances.
3. Disability: The colors of the changing leaves are beautiful to look at, but not so great when they clog gutters. While plenty of people are just fine balancing at the top of a ladder, some employees could find their lives turned upside down if they experience a disabling injury. In fact, there is a 3 in 10 chance of a person suffering a disabling illness or injury that would keep them out of work for three months or more. Even if a disabling medical event occurs, there are still bills that must be paid. Disability insurance policies are created to pay employees directly and quickly so they'll have the cash they need when they need it.
A benefits touchdown
Since 65 percent of Americans have less than $1,000 in savings on hand to pay out-of-pocket expenses associated with an unexpected serious illness or accident, understanding what their policies cover could spare them additional headache and stress. Nobody should have to choose between recovery and financial stability, and working with clients now to educate employees may help them avoid a huge financial set back, even if they have to ride the bench due to an injury.
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