Enrollment season is upon us, and there’s no better time to ensure your employees understand their coverage options and unique needs. This is especially true when it comes to disability insurance.
Many employers struggle with educating employees about the array of health management programs in their benefits package. It’s in an employer’s best interest to encourage participation, as it can help decrease costs that result from employee illness and disability.
The Affordable Care Act has changed the way HR managers are considering all employee benefits — especially those that have previously been considered ancillary add-ons. With all the changes and choices employers have had to make about health insurance coverage, many are weighing the decision to offer benefits in a new defined contribution model.
Next year, millennials will make up 36 percent of the United States workforce — increasing to 46 percent by 2020. Millennials — otherwise known as Gen Y — are generally defined as those born between 1981 and 2000 — making them a generation too big to ignore and a “must” target for benefits such as disability insurance.
Health care costs are steadily increasing, causing many employers to make adjustments to their company’s benefits offerings. Now, instead of offering employer-sponsored coverage, companies are turning to voluntary products to save money.
When it comes to managing your workforce, employers must be more proactive. By shifting the focus away from waiting until an employee reports a disability to catching it before a claim is even filed, you can save time, money and valuable productivity. One way to make this happen is to take an integrated approach to disability management. Here’s how.