Ancillary Benefits: The Top Choices According to Employees
To meet the changing expectations and needs of today’s workforce, employers need to build benefits plans that meet their employees’ assortment of needs. Employers should also confirm that employees fully understand the value of their benefit options. Ancillary benefits are products that are acquired as an add-on purchase when buying another product. Insurance policies can be purchased as ancillary products.
Ancillary products play a role in helping employees achieve goals regarding their personal lives and work. They address many facets of an employee’s life including family, personal finances, retirement and more.
Here are the top health-related ancillary benefits that employees want based on MetLife’s 2019 Employee Benefits Trend Study:
• Life Insurance
• Disability Insurance
• Accident Insurance
• Critical Illness
• Hospital Indemnity
• Cancer Insurance
So, what does that mean for you as an employer?
It means that you should review your benefits plan to see where you could improve. According to MetLife’s study “3 in 10 employees report that they would actually be willing to trade a higher salary for better benefits.”
Traditional health, dental and vision insurance are extremely valuable to employees. Those benefits in conjunction with ancillary benefits such as life insurance, disability insurance, accident insurance, critical illness insurance, etc., provide additional safety measures that can support the diverse needs of employees.
You can view MetLife’s complete study at https://www.metlife.com/employee-benefit-trends/ebts-thriving-in-new-work-world-2019/.
If you want to consider adding or expanding any of these ancillary benefits for your employees, you can talk to a benefit solutions specialist at JS Clark Agency – no obligation or hassle.