One of our clients approached us during a pre-renewal meeting to ask how they can further control costs without drastically impacting the well-being of their employees.
They already had done most of the things we had recommended in past years, but there was one area left that could help…voluntary benefits. We suggested they offer a portfolio of programs that included life and disability coverage, allowing them to reduce the scope of their "rich" company paid plans and enabling anyone interested to supplement the reduced benefits by purchasing the coverage on their own. This, we felt, was a great way to save premium dollars without creating too much hardship on anyone.
The carrier we chose provided benefit counselors who presented information on the available options at several staff meetings. Additionally, they made themselves available at strategic locations throughout the company’s offices to sit one on one with any interested employees. This client experienced high participation in both the voluntary life and disability programs and by reducing the level of company paid benefits, was able to save over $46,000 in annual premium.