We’ve been “Voluntary Evangelists” before it became popular (For Pamela, it’s been since 1996) and now the experts have spoken. In 2019, employee-paid benefits are no longer “nice to have” but critical for a savvy organization have in place to attract and retain quality employees. Let’s learn more:
NO WASTED CALORIES
- 92 percent of US employers believe voluntary benefits and services will be important to their employees over the next three to five years*
- Voluntary benefits are no longer just “nice to have.” They’re becoming the mainstay of employer benefits offerings, as companies increasingly work to address workers personal needs. Just 5% of employers in the WTW study said voluntary benefits had little to effect on their employee value proposition.
- Voluntary benefits also speak to the need for personalization, which workers say they want in their benefit plans. These are voluntary benefits for a wide range of personal needs, which technology has made more accessible through apps and high-tech tools.
- Personal financial problems are one of the greatest distractions for employees at work, according to the Center for Financial Services Innovation.
- Recruiting and retaining quality employees: Employers that offer a suite of employee-paid benefits address a no-cost solution focusing on employee satisfaction. Satisfied employees don’t quit. Having an expert array of choices is one way to keep those valued employees from leaving for greener pastures.
The Elite-VB team has over 250 clients and over 65,000 employees served by our Corporate Midtown Anchorage office with clients all over Washington and the entire state of Alaska (from Barrow to Nome to Dutch Harbor to Tok as well as Anchorage and Fairbanks). Let our clients tell YOU why they offer voluntary.
Why do you offer Colonial? “Because it’s wrong NOT TO. Our employees deserve the reassurance if something happens, they can take the necessary time away they need to while knowing they have the voluntary benefits to financially assist them during that time.
HR Director – AHVI
Colonial client since 2013
EMPLOYEES – TRADITIONAL
You want the what’s best for you and your employees’ health and well-being. Yet rising health care costs can make it difficult for employees to take care of themselves and their families – and your budget can only go so far. Employees are in a fragile state and voluntary benefits provides personalized protection. Elite-VB will tailor affordable employee-paid benefits to the needs of your workforce while also complimenting your employer-paid benefits portfolio. Benefits include:
Disability insurance can replace a portion of an employee’s income if they are unable to work if they’re sick or hurt.
Life insurance helps provide peace of mind and financial security for the people who matter most in your employees’ lives.
Help employees pay for out-of-pocket costs associated with minor and major accidents – costs their medical insurance may not cover.
HOSPITAL INDEMNITY INSURANCE
This coverage helps cover expenses associated with a surgery or a stay in the hospital that aren’t covered by most medical plans.
CRITICAL ILLNESS INSURANCE
Critical illness insurance provides a lump-sum benefit to cover out-of-pocket costs if an employee is diagnosed with a covered illness.
Cancer insurance can help offset costs associated with cancer treatment and recovery, so employees can focus on getting well.
DENTAL AND VISION INSURANCE
Keep employees smiling with dental insurance that can help cover routine and more costly dental procedures. Optional vision coverage is available.
Medical carriers pay the doctors and hospitals. Benefits such as accident, critical illness and hospital indemnity “bridge the gap” between what the carriers cover and what is out-of-pocket. 46% of the bankruptcies in the US are from Americans who have health coverage. CASH benefits help alleviate employees’ financial concerns regarding being able to financially recover from an injury or illness. Disability and Life programs can compliment your employer-paid programs and most plans cover family as well as employees who may not qualify for medical. Voluntary Dental is one of the hottest benefits around. The benefits of voluntary are many and we’ll uncover the ideal programs for your organization when we meet.
For over 18 years, Colonial Life has been the primary carrier for our clients and for good reason. Colonial invented voluntary/supplemental benefits in 1955, and that is all they do. With over 90,000 businesses, 4.5 million policyholders, conducing 25,000 core enrollments each year, they have mastered all aspects of the voluntary process. The list includes providing “best in class service” with their benefits, enrollments conducted with Harmony (their secure and online award winning enrollment platform), their integration capabilities with other HRIS Platform, and most important, with their claims paying ability (with over 1 million claims in 2018, Colonial paid nearly $700 million (and most claims were paid in one day). Ideal clients for Colonial Life is the under 100-market where personalized benefit counselors will be able to meet individually with employers to make elections.
Larger employers may be a better fit for VOYA and even small organizations may benefit from Transamerica’s streamlined enrollment systems and terrific programs…all custom designed by EVB to fit your organization’s benefit plan.
A great voluntary benefit partner will not only provide your employees with “traditional” employee-paid programs, but also provide programs that will “sweeten” the enrollment experience by incentivizing employees to attend a group presentation. Many of these programs are either provided at no cost or with discounted funding options in year two and beyond:
One of the reasons Elite-VB’s first choice in voluntary carriers is Colonial, is due to the plethora of benefits that they support including but not limited to:
InfoArmor can provide your employees with identify theft protection for one year.
HRANSWERSNOW RESOURCE WEBSITE
This complimentary human resources website includes a labor law library, state employment laws, and templates for job descriptions and performance reviews.
LEGAL DOCUMENT PREPARATION
Your employees can receive one year of access to legal document preparation services trought LawAssure.
EMPLOYEE FINANCIAL WELLNESS PROGRAM
KOFE (Knowledge of Financial Education) provides financial education through phone access to financial counselors, webinars and calculators.
LEARNING GIVES BACK
Colonial life will donate $5 to the Children’s Miracle Network Hospitals for each employee who sits with a benefits counselor during an enrollment session.
STUDENT LOAN ASSISTANCE
Help employees with student loan debt through a variety of services available through FutureFuel.io.
MDLIVE* can provide your employees a convenient way to receive 24-hour medical care for common conditions.
Through our partnership with Superior Vision, you can offer vision coverage to your employees (Available for 10+ employees).
HEALTH AND SERVICES DISCOUNT CARD
WellCard provides discounts on prescription drugs and medical and dental expenses, along with access to a telemedicine provider and medical bill consultation.
PREMIUM-ONLY PLAN ADMINISTRATION
With complimentary administration of your Section 125/cafeteria plan through Ameriflex, you can offer certain Colonial Life products on a pre-tax basis.
When we meet, Elite-VB will go over the benefits that speak to employees in each workplace demographics: Baby Boomers, Millennials and now, Gen Z. Guess which ones are most concerned with their finances? Which ones are wanting a face-to-face benefit counseling session? You might be surprised, as benefits themselves are only as good as the communication strategy implemented to explain them. That’s the strength of an Elite-VB designed program: benefits + communication strategy + enrollment plan + on-going service!
OUR CORPORATE PARTNERS
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