The What and Why of Flex Benefits
What are Flex Benefits?
In a nut shell, it's the short form for flexible benefits, referring to such items as life insurance, short and long term disability, health and dental etc. Things are changing fast. Technology now allows everyone access to information on an individual basis at any time. Historically, insurance companies offered "packages" to employers and many things came in those packages that could not be utilized by employees and costs were hard to control. In today's world of benefits, employers can choose their budget and employees can choose the benefits which work best for them.
Independent Brokers like The Benefit Guys have been helping employers set up flexible benefits for years using Health Spending Accounts, etc, to offer flexibility to employees and cost controls for employers. Traditional Insurers' are now starting to introduce their own style of "flexible benefits". Within five years, that is all you will see. How do you plan for this current approach to employee benefit planning? If you are currently in a traditional plan, how are you planning your transition?
Like everything, there is an upside and downside to every change that takes place. The biggest challenge we find, is in the education of employees about what's really in it for them. Making a change to "flexible benefits" can initially appear to be a loss of benefits to employees and can affect moral in a company. You should plan for it.
New drugs are appearing on the market regularly. They are expensive to develop and will be expensive therapies to buy. A simple Hepatitis treatment plan currently runs around $90,000 Companies are concerned about controlling today's and future costs. Flex Benefits address the cost challenges first and foremost. The Benefit Guys will help you be proactive in adjusting your current plan or designing a new plan which will work for everyone.
Give The Benefit Guys a call at 519-622-3347 and let their 40+ years of experience work for you. Let's discuss what will work best for your business and your employees. The Benefit Guys offer affordable, meaningful options. We use simple language.
"No matter how many employees you have - it's perfect. And it starts with one!"
Our Best Practices Annual Review is available for download. You need to reduce your benefits liability exposure. The content in this document will help you.