From Small Business to Worldwide Organization
Today's employee works anytime, from anywhere. Our employee population is also more diverse than ever. And, when it comes to the company employee benefit plan, we want, and expect, our employer to know current trends and offer proactive solutions for our changing employee needs.
According to a Guardian Workplace Employee Benefits Study, HR administrators said that their most important priority in offering benefits is "advocacy". Employers want to know that they have professional expertise readily available to help them navigate employee health care challenges when they need it in recruiting and retaining employees. And they want to make sure their employee benefits broker knows their business, company, work, plans, and needs, and will get them the types of help their organization requires every time.
So to ease the burden, simplify the process, and empower a world-class benefits program, let's review some basic small business employee benefits program detail and then address employee benefits solutions for larger businesses with many employees.
What do employee benefits packages cover?
Employee benefits packages may consist of many different types of health insurance, here are some examples of what companies offer ;
- Medical insurance
- Dental programs
- Vision programs
- Life Insurance
- Disability Insurance
- Short Term Disability
- Long Term Disability
- Retirement Plan Benefits
- Health Savings Account Benefits
- Flexible Spending Accounts
- Voluntary Benefit Plans
- Supplemental Insurance; accident, hospital and specific-disease
- Paid Time Off (PTO) - paid sick leave, work leave, etc.
Is offering a health plan benefits package required?
No law directly requires business owners to provide health benefits to their employees. However, the Affordable Care Act imposes penalties on larger employers that fail to provide health insurance.
Under the ACA, employers with 50 or more full-time employees (or the equivalent in part-time employees) must provide health insurance to 95% of their full-time employees or pay a penalty to the IRS. This penalty is quite hefty—$3,860 per employee per year (in 2020). As a result, large employers have a strong incentive to provide health plans. However, employees have no right to demand a health care program under the ACA.
To comply with the ACA, health insurance plans must meet minimum requirements for benefits and affordability. Coverage must also be extended to the employee’s dependents, which are defined as biological or adopted children under the age of 26. However, spouses are not considered dependents under the ACA, nor are stepchildren or foster children.
What doesn't a benefits package cover?
Depending on the line of insurance there will always be exclusions or limitations. For example, chiropractic coverage is often not included without a specific rider. Orthodontia coverage is not automatically covered under dental insurance. Adult orthodontia is available but not necessarily automatically covered. It is important for both employer and employees to understand insurance limitations before a claim occurs.
What is employee benefits liability coverage?
Employee benefits liability (EBL) is insurance that covers businesses from errors and omissions that occur when employee benefit plans are administered. Employee benefits liability covers a wide range of employee plans, including health, dental and life insurance, profit-sharing plans, retirement plan programs, workers' compensation, employee stock plans, and the like.
The Top 5 Employee Benefit Solutions
To simplify the process of attaining the world-class employee benefits program, and empower benefits awareness, and support employers and employees need, the benefits plan should be built upon these top 5 benefit solutions...
Solution 1 - Control Costs
"Awareness" is the key to helping control health benefits costs. Awareness empowers us to make better benefits decisions. It gives us confidence and courage to do things we might have thought impossible.
VANTREO brokers play a vital role in providing the awareness and support that employers need to educate both employees about organization employee benefits. Whether your plan is fully-insured, self-funded, or a combination of both, we help you make informed decisions, get the programs employees like, and access automated information instantly along the way. Your VANTREO team delivers powerful support to both employers and employees when it comes to cost reduction benefits strategies.
Solution 2 - Maximize Technology
According to an Aflac survey, 50% of employees spend 30 minutes or less making benefit selections during open enrollment each year. This means employers have a short window of time to educate employees and make sure they're armed with the right information to feel confident in their benefits selection.
To do this effectively, HR needs to move past brochures, handouts, lengthy employee packets and paper applications and look for ways to meet employees where they live... online.
With VANTREO, your benefits program comes wrapped in easy technology that not only simplifies HR onboarding and benefits administration, manages ACA compliance, and includes unlimited reporting capability, but this technology also offers a digital experience that employees truly enjoy.
Solution 3 - Satisfy Diverse Benefit Expectations
The workforce now includes people living a wide variety of lifestyles. There are more single women than ever. Same-sex marriages are increasingly common. Careers are lasting longer, and many people have several careers in a lifetime. This diverse mix of people represents new benefits realities for employers.
Yes, employees are more diverse than ever before and they want to be recognized as the unique, multidimensional, and "whole" people that they are.
Here's what they want from their employer-sponsored benefit plan...
Broader & Tailored
A broader definition of benefits that are more tailored to their needs.
Accessible & Clear
More accessible benefits expertise and a clear explanation of benefits.
A simplified enrollment and engagement experience.
As employees have a broader, clearer understanding of the types of insurance life retirement benefits the company does offer, they can make choices that better fit their needs. And with a simplified process, employees are able to discover the immense value of their benefits. As a result, their appreciation can enhance their loyalty and commitment to their company.
We are here to help provide the experience that satisfies both you and your team.
Solution 4 - Empower Work/Life Wellness
A recent MetLife employee benefits study reported that today's employees put an increased focus on happiness at work. Personal well-being and satisfaction can be as important as the numbers on their paycheck. To that end, employees look to employers to help safeguard them against work-life stress, anxiety and to provide wellbeing programs that reward healthy behavior (even if the employer does not pay for them).
Participation is voluntary.
Wellness plans may be included in health insurance programs or stand-alone. These plans may include but are not limited to tobacco cessation, exercise, weight management, or other behavior modification programs.
While participation in wellness programs is voluntary, employers may offer incentives for participation or even disincentives for non-participation. Benefits success occurs as employees adapt to the "new and evolving" organization culture of healthier living.
Solution 5 - Manage Regulatory Compliance
The easiest way to stay in regulatory compliance with the Affordable Care Act is through technology. Eligibility tracking, employee changes, open enrollment, and even employee self-service capabilities are easily done online.
With VANTREO, your benefits program and retirement plans come wrapped in technology that not only simplifies HR on-boarding and benefits administration, manages ACA compliance, and includes unlimited reporting capability, but this technology also offers a digital experience that employees actually enjoy...at no additional cost to you.
Every relationship begins with “a wish list”. What’s most important to you? VANTREO works to combine quality benefits products and benefits services with results that meet both the employer’s and employee’s needs. The goal is to achieve the desired level of protection and overall financial fit for both the business organization and its people.
VANTREO services and expertise are focused. Small business owners receive solutions tailored for small businesses. Large companies benefit from one-on-one strategy from experts who know unique medical insurance life, retirement plans, disability insurance, and both fully-insured and self-insured components that create broad value so every stakeholder has that one solution they really like.