For many employers and employees, Fall is a time of year when companies are enrolling their teams for benefits. While it can seem like a monotonous annual task, it is actually a great time to review both what’s in place and what has changed. Let’s take a look at some ways both employers and employees should approach it.
Deductibles and Premiums
Health plans change, sometimes yearly. Your premiums may be impacted by the size or demographics of your team, as well as by market factors. Here are some things to consider:
- Employers: Have the age or health factors of your team impacted your premiums? It may be time to revisit your options and discuss if other plans are better suited for your company’s needs.
- Employees: While your plan and deductible options can likely be changed to manipulate your premium, be sure that the coverage you need will still be in place. Saving money in the short term may cost you if you a health issue with a higher deductible and/or less coverage in place.
Employee Benefits Plan Options
While health insurance is often the focal point of plans, what else is impacting your offerings?
- Employers: There are a plethora of ways to add or change benefits to your package. Some of them can increase offerings without much additional expense. Is having more benefits always a positive? Typically, yes, and especially if you do a good job explaining them to your team.
- Employees: Are you taking advantage of everything that’s offered? If not, should you be? While some benefits may not be appealing or may add to your expense, a proactive planning approach can be critical to maximizing your preparation for the future.
Life Changes
Has your team had key life changes that would impact their policies? Has the company had staffing changes that impact the size of the plan?
- Employers: Hiring, firing, or departures can change your plan size or even the needs for your team. In addition, if they have changing family dynamics, you should be aware of them and the potential impacts or needs for coverage and planning.
- Employees: If you have had life changes (e.g., marriage, children, divorce, etc.), you need to be sure that you reflect that in your decisions for benefits. It can be a costly oversight if something is not added or changed correctly.
Retirement Objectives
Have team members retiring or approaching retirement? Have a younger team planning for their future? The objectives and timeline are key for all parties involved.
- Employers: If your team has members near retirement, how are you preparing for that change? If your team is still in their planning stages for retirement, how are you assisting them?
- Employees: No matter where you are on your retirement journey, it is never too early to plan. Are you taking advantage of any matching contributions or investment options? Don’t leave money on the table!
Disability
Sometimes, people believe they have coverage for an injury that prevents them from working through workers’ compensation or health coverage. But what if the injury doesn’t occur at work? What if the health plan doesn’t include cash benefits like you may have seen on Aflac plan additions? Companies and their teams should be prepared.
- Employers: Disability plans are about taking care of your team should an issue arise. And while your good nature might say, “We’ll take care of them directly,” that may not be as financially feasible as you think. In addition, they can be a relatively low-cost offering.
- Employees: Often, for a small amount from each paycheck, you can have disability protection in place that can serve a critical purpose if it’s ever needed. Be sure you’re aware of what the options are and the differences.
Let us help you prepare! We’re happy to discuss your goals, needs, and objectives and help you plan to maximize your benefits as an employer or employee.
Resources:
SHRM