Almost all benefit advisors are adept at presenting the merits of major medical coverage options to their employer clients. But few present the virtues of voluntary benefit coverages to these same clients. Is it the name? Should we call these benefits Supplemental, Ancillary or Enhanced benefits?
With the rapid changes in the medical benefit market, the value and demand for voluntary benefits is growing in the employer/employee community. Still, marketing folks are burning the midnight oil to figure out how to get the advisor community to realize this opportunity.
Is there a more effective way to introduce advisors to the value proposition of these coverages? Let’s take a look at a few of the reasons employers find value in offering voluntary benefits to their workforce.
- Efficiently improve benefit and wellness communication with their workforce.
- Encourage employee selection of consumer driven health plans or high deductible plan options.
- Reduce workers’ compensation claims.
- Enable employees to personalize and control their benefit plan to fit their own lifestyle.
These are just a few of the ever-increasing reasons why employers are not waiting for advisors to introduce these coverages to them. Perhaps we should call these coverages “Value Benefits.”