Ever since its establishment in the 1950s, group benefits insurance policies have changed in the previous decades. This is to fit the working conditions of the current times. However, there are instances when employers forget to renew their policies. If you notice these things in your group benefits plan, there is a chance that it is already outdated, and it is time to shop around for ones to fit your employees better.
Rates for Single-Parent Families
Society continually evolves, so there are also changes in the typical familial components. Many employees nowadays are working to support their families as single parents. If you take a close look at the rates of your insurance policy, you might see that the salary count would refer to two people. Single parent families might not be able to afford these rates. An updated policy would consider these people and change their prices. If you have a single parent in your team, you can talk to your insurance provider about what you can do to help them.
Low Maximum Disability Benefits
As the employer, you must be concerned about the financial security that your employees have. You must make sure that they are appropriately compensated in case they become injured due to a work-related task. Aside from the compensation, they must also be able to receive enough replacement income. The group benefits insurance must offer them with high maximums regardless of the evidence of insurability. You can ask your financial advisor to check these rates while considering the rate of inflation.
Lack of Employee Assistance Program
We, as a society, have been slowly progressing to care more about everyone’s mental health. While the stigma surrounding mental health is gradually disappearing, people are taking it more seriously by including it in insurance benefits. In the same way, you must also make sure that your group benefits insurance consists of the mental health of your employees.
Research shows that mental health issues occupy around 30% of long-term disability cases. You must make sure that your employees have someone to turn to whenever they experience personal or professional problems. An excellent example of this is the Employee Assistance Program, an inexpensive tool that helps people with their psychological needs. Since it does not cost much, you can ask your insurance provider to add this to your current plan.
Taking care of your employees also means that you are getting them the best protection in the form of insurance policies. While it is hard to find an insurance that perfectly fits an individual, you can certainly shop around to find the appropriate one for your employees.
At Alliance Health Group, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (813) 501-4006. You can also request a free quote by CLICKING HERE.