Voluntary Benefits Divided Into Parts
Voluntary benefits are various insurance and other health plans for employees. Though these are not required, the right benefits will provide security and will, therefore, be very appealing to them. These benefits require three groups to be on the same page: the employee, the employer, and the provider. We’ll focus on those first two here.
The employee must play their part by enrolling in the benefits. After all, if they don’t sign up, they won’t get any of the benefits.
This means they must find out whatever information they need to determine what to sign up for, if they’ll be required to pay a copay, what is covered and what isn’t, etc.
Additionally, since some of the plans vary according to marriage status and other details, it’s the responsibility of the employees to ensure that all this is up-to-date for the employer and the provider.
The employer’s job is mostly to keep on top of things and direct employees to the provider for questions and things of that nature. Basically, if the provider is a good one like us, employers should have to do very little.
Examples Of Voluntary Benefits
The most common types of benefits are regular health insurance plans for small or large groups. There are also common vision and dental options. Less common are accident insurance, cancer insurance, legal shield insurance, and insurance for other things.
ERB offers all these things and more. Basically, if there is a high chance of a group of employees needing insurance for something, there’s almost definitely a benefits provider capable of covering it.
How A Provider Should Help
ERB will work for you to determine what plans are best suited for your employees, get the best deal on the agreed-upon plans, ensure your employees are informed about all the plans to help them enroll, and offer support for you and your employees throughout the year.
Basically, a provider should help with every single step, doing the bulk of the work to make enrolling for benefits simple and easy for both employer and employee.
How To Measure The Results
We offer post-enrollment reviews to confirm that the benefits plans chosen are the most effective ones, have been correctly understood by employees, etc.
As there are benchmark numbers for various industries when it comes to participation rates, looking at these and comparing them to your employee participation in voluntary benefits plans is a great indicator of whether or not you’re in the right place.
