Offering voluntary benefits is a great way to enhance your benefits package, differentiate from competitors and increase employee satisfaction — all with little impact on your budget.   However, while employers may choose to offer convenient and valuable voluntary benefits, many employees do not understand the advantages or are unclear about how they work. Educate your employees on the advantages of these voluntary benefits so that you both reap the rewards.  Demonstrate the value of voluntary benefits  When compared to employer-sponsored benefits, many employees may fail to see the value of voluntary benefits that they must personally finance.  For example, research shows that employees might not be aware that purchasing insurance through their employer group is often cheaper than buying individually.   When promoting your voluntary benefit options , discuss the advantages of having insurance coverage and the risks of going without and emphasize the conve...

Financial stress lowers employee productivity and morale and is far more common than you may think. According to an economic report from the Federal Reserve , nearly four in 10 American adults wouldn’t be able to come up with $400 in an emergency.   This article explores how employers can reduce employees' financial stress with voluntary benefits.   The real-world costs of financial stress  Financial stress takes a toll on employers and employees alike. According to a recent Salary Finance survey , lost productivity due to financial stress costs the country around $500 billion each year. What’s more, employees under such stress are more than twice as likely to seek other employers, according to the same survey. And financially stressed employees are several times more likely to suffer anxiety attacks, experience depression, miss deadlines and produce lower-quality work than their non-financially stressed counterparts.  How employers can help with voluntary benef...

As healthcare costs continue to rise, so does demand for voluntary benefits. Since many employers find it increasingly difficult to provide employees with a complete benefit package, voluntary benefits have become an ideal solution.   Voluntary benefits are attractive to employers because there is no added cost for the organization.  Employees benefit because they have a variety of insurance options available conveniently in one place — often with lower premiums than if they were to buy individual policies.  What are voluntary benefits?   Voluntary benefits are coverages and products made available to employees for elective purchase though payroll deductions. These programs have four key characteristics:   100% employee-paid;   offered through an employer;   solicited and enrolled through a carrier or enrollment firm;   paid through payroll deductions.   Because of their cost efficiency, voluntary benefits are becoming a central componen...

Studies reveal that employees suffering from legal problems are typically absent from work five times more than average. These absences harm their productivity. Group legal plans can alleviate stress and reduce the time it takes for employees to resolve legal issues, enabling them to focus on their jobs. What are legal plan benefits? Group legal plans are voluntary benefits employers can offer to give their employees better access to legal services. Employees pay into the program through payroll deductions so that when they need legal assistance, they have access to an attorney to help them, without the usual high cost of legal fees. Legal plan benefits can help employees in a variety of situations, from phone consultations to courtroom appearances. Common service categories used by employees with group legal plans include: telephone advice and office consultations with an attorney; estate planning documents, including wills, trusts, living wills and powers of attorney; real estate ma...

Benefits have always been crucial for attracting and retaining top performers, and voluntary benefits are a great way for employers to enhance their offerings. These extra perks allow for more personalization that can help satisfy the unique needs of each worker, especially in today’s multigenerational workforce. Although individual needs vary, some common themes — physical, mental and financial wellness — are universal. Employers can help address these pressing issues by offering expanded voluntary benefits. A rising number of organizations recognize that voluntary benefits are beneficial to employees and their families — and many come at little to no cost for the employer. This article highlights three important voluntary benefits trends for 2023. 1. Emphasis on holistic voluntary benefits offerings The voluntary benefits market has steadily expanded in recent years and will continue to grow in 2023. According to a Willis Towers Watson survey, nearly all employers (94%) say voluntary...

Many individuals need help making sense of their options when receiving health services. In fact, a recent study from Quantum Health found that 8 out of 10 people said they faced challenges when receiving care. The study also noted that these challenges were worsened by benefits complexity. In other words, confusion toward health benefits can take a toll on employees in the workplace. According to Quantum Health’s findings, the vast majority of consumers have reported facing hurdles while receiving care during the past two years. These challenges include issues understanding coverage levels, locating providers and navigating the insurance claims process. Issues like these were compounded for individuals with chronic conditions—90% of whom said they faced additional challenges, such as making sense of diagnoses or test results. Here are other main findings from the study: Of the majority who experienced health care challenges, 57% of these consumers said they suffered negative impacts f...

Employee retention is a top concern as we enter a post-pandemic world. As the pandemic progresses, high numbers of workers have left their jobs for better compensation, benefits and work environment factors, such as work-life balance and remote or hybrid arrangements. This reality has impacted employers, who struggle to attract and retain the talent they need. As employers develop and evolve their return-to-work plans, critical retention factors must be thoughtfully included to navigate the current talent shortage. Why Do Employees Stay? Why Do Employees Leave? What Can Employers Do? Download the  HR Edge Q4 2021 Newsletter  to learn answers to these questions and also about 2022 HR technology trends and the importance of mental health in the workplace. For more human resources trends, industry insights and proactive strategies to maintain a competitive edge in today’s workplace, contact HANYS Benefit Services by  email  or by calling 518.431.7735. This is not intend...

When employees are new to Medicare or changing their existing coverage, understanding the different Medicare programs can make them feel overwhelmed. Through our new partnership with USA Medicare Consultants, HBS clients have a valuable resource to answer all their Medicare questions, identify the best coverage options, and assist with enrolling employees in a plan that makes the most sense for them. Since 2007, the team at USA Medicare Consultants has been offering individuals expert guidance about how to secure the most appropriate Medicare coverage. We can help answer your questions about Medicare. For more information on healthcare and employee benefits changes, contact HANYS Benefit Services by  email  or by calling (800) 388-1963.

Open Enrollment Trends to Watch Expect major disruptions to open enrollment this year. From an operational standpoint, COVID-19 might surge in the fall and force states to reclose businesses. From a personnel standpoint, employees may not be comfortable returning if they feel unsafe in the workplace. These are two worst-case scenarios, but they exemplify the multitude of potential disruptors stemming from COVID-19 this enrollment period. In fact, many organizations are expected to hold entirely virtual open enrollments due to health-related fears. Virtual enrollment has been trending for several years, and the COVID-19 pandemic is helping to solidify its prominence. A virtual enrollment process typically includes an online enrollment platform for selecting benefits, remote meetings between employees and HR, and downloadable benefits resources. While virtual enrollment will almost certainly be the new standard, it’s not necessarily the solution for everyone. Employees’ technology skill ...

Open Enrollment Trends to Watch Expect major disruptions to open enrollment this year. From an operational standpoint, COVID-19 might surge in the fall and force states to reclose businesses. From a personnel standpoint, employees may not be comfortable returning if they feel unsafe in the workplace. These are two worst-case scenarios, but they exemplify the multitude of potential disruptors stemming from COVID-19 this enrollment period. In fact, many organizations are expected to hold entirely virtual open enrollments due to health-related fears. Virtual enrollment has been trending for several years, and the COVID-19 pandemic is helping to solidify its prominence. A virtual enrollment process typically includes an online enrollment platform for selecting benefits, remote meetings between employees and HR, and downloadable benefits resources. While virtual enrollment will almost certainly be the new standard, it’s not necessarily the solution for everyone. Employees’ technology skill ...

You know the importance of having health care coverage and a 401(k), but are you taking advantage of all the benefits your organization offers? Voluntary benefits are additional benefit options offered through the company. Unlike traditional benefits like health coverage, employees are responsible for paying most or all of the cost of these voluntary options. What’s the Advantage? You may wonder–if you’re responsible to pay, then why elect any voluntary benefits? There are several advantages. Lower Price If the benefit in question is something you are planning to purchase for yourself regardless, then it is probably more costeffective to purchase through your organization. The group rate HBS can secure is generally lower than what you’d pay buying individually from an insurance company.  Convenience When you elect a voluntary benefit option through our open enrollment, your premium is paid through convenient payroll deductions just like your other benefits (and you receiv...

You know the importance of having health care coverage and a 401(k), but are you taking advantage of all the benefits your organization offers? Voluntary benefits are additional benefit options offered through the company. Unlike traditional benefits like health coverage, employees are responsible for paying most or all of the cost of these voluntary options. What’s the Advantage? You may wonder–if you’re responsible to pay, then why elect any voluntary benefits? There are several advantages. Lower Price If the benefit in question is something you are planning to purchase for yourself regardless, then it is probably more costeffective to purchase through your organization. The group rate HBS can secure is generally lower than what you’d pay buying individually from an insurance company.  Convenience When you elect a voluntary benefit option through our open enrollment, your premium is paid through convenient payroll deductions just like your other benefits (and you receiv...

HANYS Benefit Services is partnering with CyberScout, a leading identity management and data theft services company. CyberScout delivers valuable prevention education, proactive protection services, and swift and appropriate incident remediation for more than 17.5 million households and more than 770,000 businesses. The hidden cost of identity theft to employees and employers: When identity thieves take advantage of employees’ stolen personal information to obtain credit or loans, or to commit various types of fraud, both employees and employers pay a steep price. For example, victims: need 165 hours, on average, to resolve identity theft;  are absent five times more than average; and use twice as much sick time. Consider that in 2017 the Equifax data breach alone exposed the sensitive personal information of 143 million people. And since there have been more than 1,792 breach incidents (that we know about), millions of people are at risk for fraud and identity theft. Employees and...

HANYS Benefit Services is partnering with CyberScout, a leading identity management and data theft services company. CyberScout delivers valuable prevention education, proactive protection services, and swift and appropriate incident remediation for more than 17.5 million households and more than 770,000 businesses. The hidden cost of identity theft to employees and employers: When identity thieves take advantage of employees’ stolen personal information to obtain credit or loans, or to commit various types of fraud, both employees and employers pay a steep price. For example, victims: need 165 hours, on average, to resolve identity theft;  are absent five times more than average; and use twice as much sick time. Consider that in 2017 the Equifax data breach alone exposed the sensitive personal information of 143 million people. And since there have been more than 1,792 breach incidents (that we know about), millions of people are at risk for fraud and identity theft. Employees and...

Many employers provide disability benefits to their employees as part of a comprehensive employee benefits package. Disability benefits replace a percentage of pre-disability income if an employee is unable to work due to illness or injury for a specified period of time. Employers may offer short-term disability coverage, long-term disability coverage, or integrate both short- and long-term disability coverage. Group disability benefits can be structured in a number of ways. The taxability of these benefits generally depends on how the premiums for the coverage are paid. For example, if an employer and its employees split the cost of premiums for disability coverage, and the employees’ premiums are paid on a pre-tax basis through a cafeteria plan, the disability benefits are fully taxable to employees. This Compliance Overview answers common questions regarding the taxability of disability benefits. Are the disability benefits paid to an individual included in gross income?   ...

Many employers provide disability benefits to their employees as part of a comprehensive employee benefits package. Disability benefits replace a percentage of pre-disability income if an employee is unable to work due to illness or injury for a specified period of time. Employers may offer short-term disability coverage, long-term disability coverage, or integrate both short- and long-term disability coverage. Group disability benefits can be structured in a number of ways. The taxability of these benefits generally depends on how the premiums for the coverage are paid. For example, if an employer and its employees split the cost of premiums for disability coverage, and the employees’ premiums are paid on a pre-tax basis through a cafeteria plan, the disability benefits are fully taxable to employees. This Compliance Overview answers common questions regarding the taxability of disability benefits. Are the disability benefits paid to an individual included in gross income?   ...

by Wesley Price Voluntary benefits have been around for several decades. These are coverages and products made available to employees for elective purchase at the employee’s expense. Over the years, as the cost of health insurance has continued to increase, employers have shifted the portfolio of offerings from employer-paid to voluntary. As a result voluntary benefits has evolved from being limited to main core benefits like dental, vision, and life insurance to including accident insurance, disability and critical illness. Additionally, new benefits are emerging based on growing demand, such as pet insurance, fraud protection and legal services. The administration of employee benefits has also evolved. Previously, new enrollment into plans would require personnel onsite to enroll, educate and deliver the policies causing a potentially cumbersome disruption to an organization’s daily operations. The expansion of online enrollment has taken the burden out of the enrollment process, mak...

by Wesley Price Voluntary benefits have been around for several decades. These are coverages and products made available to employees for elective purchase at the employee’s expense. Over the years, as the cost of health insurance has continued to increase, employers have shifted the portfolio of offerings from employer-paid to voluntary. As a result voluntary benefits has evolved from being limited to main core benefits like dental, vision, and life insurance to including accident insurance, disability and critical illness. Additionally, new benefits are emerging based on growing demand, such as pet insurance, fraud protection and legal services. The administration of employee benefits has also evolved. Previously, new enrollment into plans would require personnel onsite to enroll, educate and deliver the policies causing a potentially cumbersome disruption to an organization’s daily operations. The expansion of online enrollment has taken the burden out of the enrollment process, mak...