A growing number of employers are rethinking how and when they make changes to their supplemental benefits programs. Rather than waiting for annual enrollment cycles, forward-thinking organizations are exploring midyear rollover strategies to improve employee value and increase transparency. For companies looking to deliver stronger benefits without added complexity, the opportunity to make a change midyear can be a true differentiator.
Key Takeaways
- A midyear rollover allows employers to switch supplemental benefits carriers outside of open enrollment
- Employees are automatically transitioned to new plans without needing to re-enroll
- Group captive models can deliver richer coverage at lower or equivalent premiums
- Employers gain full transparency into claims, costs, and program performance
- Year-end dividends create an opportunity to reinvest in employee benefits programs
- A midyear transition can improve employee value while strengthening recruitment and retention efforts
In a labor market that is changing, companies are looking for every advantage to attract and retain the best talent. In fact, 96% of employers report their benefits budgets have grown in recent years, reflecting a broader shift toward expanding offerings that better support employee wellbeing and financial security.
What if there were a way for your company to offer your employees a group captive supplemental benefits 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 for voluntary benefits?
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.
Proven supplemental benefits for an effective employee benefits strategy.
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.
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Additional supplemental benefits program value.
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.