When designing an insurance plan, it’s important to carefully consider the specialty benefits you’re going to offer your employees.
Review the overall demographics of your staff, and select the plans and supplemental products that will directly address their needs. Of course, your workforce will always have a diversity of ages (and medical needs), but by choosing the best plan options for your staff, you’ll find an increase in job satisfaction and a decrease in sick time used.
The best way to categorize your staff is in three age groups: young workers, career employees and close-to-retirement workers. If you have an even distribution of ages, then you may need to offer more specialty benefit plans. If you have a high concentration within one age group, however, you can cater the benefits to match likely needs. But be careful — you should also consider turnover rates. If you have a high turnover in young workers, for example, offering specialty benefits might go unappreciated. (Of course, by adding those benefits, you might reduce the number of employees leaving.)
Employees in their early to mid-twenties generally aren’t concerned about life insurance or dental insurance. Typically, young workers don’t have families to protect. They’re usually healthy and may not have encountered troubles with their teeth.
Young workers are often eager to spend their disposable income on lifestyle choices (clothing, dining and travel, for example). Accordingly, they don’t want to see a significant portion of their income going to benefits they don’t yet appreciate. With younger workers, you may want to consider benefits tailored more to flexible schedules and workplace conveniences. But also, consider showing them the importance of specialty plans like the dental plans that may not be immediately interesting to them. If you can frame up the plans the right way, you can get them to see the value in protecting their health and well-being.
Career employees are generally concerned about having the best benefits for their families. You want to offer the widest range of benefits to these employees, as they likely have the most needs.
They’ll want dental, vision and health insurance plans with low out-of-pocket costs to assist them with monthly budgeting. Career employees also want to have affordable disability and life insurance to protect their families in case of an accident or death. Some individuals might be caring for both a younger and older generation in the same home, so look for plans that include older parents as recognized dependents.
Any package of specialty benefits for older employees has to include an excellent dental plan. Teeth become an increasingly challenging problem (physically and financially) for anyone over 60, as the American Dental Association describes. A good vision plan is a close second. Because older workers are naturally less active, boost your internal wellness program to encourage physical fitness. Be sure your wellness plans directly address ways to stay engaged in healthy living practices — offering discounted gym memberships is a great approach.
Your employees depend on you to select the best plans. And as you review health insurance, specialty benefits and wellness options, your employee demographics should guide you in making the right decisions.
This content is provided solely for informational purposes. It is not intended as and does not constitute legal advice. The information contained herein should not be relied upon or used as a substitute for consultation with legal, accounting, tax and/or other professional advisers.
Dylan Murray has an MBA from San Diego State University and a bachelor’s degree in communication from Boston University. He is a licensed insurance agent in California, but he works as a professional researcher and writer reporting on business trends in estate law, insurance and private security. Dylan has worked as a script analyst with the Sundance Institute and the Scriptwriters Network in Los Angeles. He lives in San Diego, California, and Marseille, France.