Top Non Traditional Benefits for Open Enrollment
  • Benefits Strategy

Top Non-Traditional Benefits to Offer this Open Enrollment

Open enrollment is no longer a 'check-the-box' activity for employers. It has become an opportunity to showcase the value of benefit offerings and build an employer of choice reputation. And employees are looking for more value. In fact, 60 percent of employees are interested in a wider array of non-traditional, non-medical benefits, even if they have to cover some of the costs.

So whether you're an employer wanting to stand out or a broker advising clients on how to stay innovative, consider expanding beyond the status quo to deliver an extraordinary benefits package. 

Get started with these four benefits, and help your employees protect themselves against life's little surprises that can cause devastating damage. 

1. Identity Theft Protection 

Simple everyday activities like online shopping, banking and even browsing can expose personal information to cyber-criminals. Data breaches of large consumer companies also put personal information at risk. The scariest part is that it can go undetected for months, which is plenty of time for someone's credit to be ruined. 

It can also take a toll on employee productivity and overall financial well-being. More than a quarter of victims reported having to borrow money from family or friends and 22 percent took time off work to resolve the issue.2

Offering identity theft protection as part of a benefits package can bring awareness to this growing problem and give your employees access to around-the-clock credit and dark web monitoring as well as up to $1 million in reimbursement for stolen funds, lawyer fees and more. Not only that, identity theft vendors are staffed with specialists that clear the issues for the individual, so your employees don't have to spend their time stressing about how to fix it.

2. Pet Insurance & Veterinary Discounts

The 2019-2020 American Pet Products Association Survey reported that more than two thirds of U.S. households own at least one pet and estimates over $75 billion will be spent on pet products in 2019 alone (up from $72 billion+  in 2018).3 Veterinary care, treatments and medicine account for nearly half of that expenditure.

If you've ever had to pay a vet bill, this probably doesn't come as a surprise. Even an annual check up can quickly add up with office visit fees, vaccines, heartworm tests, etc. Pet injuries as well as chronic conditions can cost thousands. And when the cute cocker spaniel or playful persian kitty is treated as a member of the family, money is no object — three out of four pet owners say they would go into debt for their pet.4

By offering pet insurance, your employees can avoid having to spend their savings to save their fur baby. Veterinary discount programs are also becoming popular as a way to save on health care for pets that have pre-existing conditions or a condition that may not be covered by insurance. These programs are also usually not limited to just dogs and cats like typical pet insurance products. 

3. Legal Insurance

An argument could be made that most people at some point in their lives will require attorney services. What most people don't realize is how much those services will cost for something as simple as closing on their first home or writing their will. With 58 percent of Americans having less than $1,000 in savings5, any legal matter they may face could be detrimental to their well-being.

When you offer legal insurance, similar to both pet insurance and identify theft protection, you're bringing awareness to a burdensome situation that can be avoided at a low cost per month. Legal insurance provides a valuable service at a reasonable cost, covering common life events such as buying or selling a home, divorce, adoption, estate planning and more. Plus, employees don't have to hesitate to ask for legal advise if they have legal insurance, helping them avoid potential issues. 

4. Financial Wellness

As mentioned above, most Americans don't have robust savings they can count on for unexpected events. Financial matters also top the list of stressors for employees in the workplace.6

This doesn't seem shocking when you consider that average personal debt exceeded $38,000 in 2018 – not including loan balances.7

Financial wellness programs are emerging as a way for companies to alleviate the distraction of financial stress. And with more than 87 percent of employees indicating they want at least some help with their personal finances, there's no doubt they're receptive to these programs and benefits.6 Benefits like student loan refinancing and loan assistance can provide employees a way to reduce debt and allocate more money to savings in the short term. Programs like financial coaching and retirement planning are more focused on long-terms savings. 

Ready to give your employee benefits program a boost with these benefits? Schedule a one-on-one consultation to find out how easy it is to get started.

 

1. MetLife’s 17th Annual U.S. Employee Benefit Trends Study 2019

2. Identify Theft Resource Center Aftermath Study

3. APPA’s 2019-2020 National Pet Owners Survey

4. https://animalwellnessmagazine.com/debt-pet/ 

5. GOBankingRates Savings Survey

6. PwC 2019 Employee Financial Wellness Survey