In a labor market that is changing, companies are looking for every advantage to attract and retain the best talent. In fact, 76 percent of U.S. hiring managers indicate attracting qualified candidates is their biggest challenge. Coincidentally, U.S. employees consider health and wellness benefits the key to feeling “healthy, happy and satisfied”, according to a 2023 MetLife research study.
What if there were a way for your company to offer your employees a captive supplemental program including accident, critical illness, and hospital indemnity coverage with better benefits and total transparency? A midyear rollover for voluntary benefits programs can be a game changer for employers and their employees.
What is a midyear rollover?
If your company currently offers Accident, Critical Illness, and Hospital Indemnity coverage to your employees, you have the option to switch carriers outside of the open enrollment period. All current employees who are enrolled in the coverage at the time will be transferred to the new carrier plans without having to re-enroll.
Finding a proven supplemental benefits solution.
Look for a provider that offers midyear rollover options that can benefit your employees and your organization. Research your options for a group captive model that provides better coverage and lower premiums allowing employees to get more financial coverage with better plan designs. Your company deserves full transparency regarding claims and expenses and with clearly identifiable value. Additionally, make sure that there is no risk or extra costs for employers to participate. The best solution may provide potential year-end dividends to be invested in additional employee benefits programs.
Additional benefits for your employees and company.
With a BeneRe midyear rollover, the transition is seamless and employees will be automatically enrolled in new, richer plans. You will begin to earn distributions the day your company signs up for the program. This means immediate participation in dividends for future investment in benefits programs. In addition, you’ll gain added credibility with your employees by offering them more value for their supplemental benefit program investment.
If you are looking for more ways to recruit and retain the best talent, a midyear rollover program may be an attractive option. When you’re ready to make a change to increase the value of the supplemental benefits you offer employees, ask your broker or contact the team at BeneRe for more information.