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Career Coverage: The Shift Towards A Family Focus

In part one we looked at career coverage for employees who were in the first decade of their careers. In this issue, we'll take a look at employees who now perhaps have a shift in their focus towards more family obligations.

Voluntary insurance policies are optional benefits that employers may choose to offer to employees, who usually pay the premiums.

Voluntary insurance helps ensure people who are sick or hurt have the funds they need to pay health-related costs their primary insurance might not cover, such as deductibles, copayments and prescriptions. Plus it helps pay the regular bills such as rent, utilities, car payments and groceries that continue to roll in even if a person is too ill or injured to work.

There are several types of voluntary insurance. While every employee has different needs, the following lists will give you a general idea of the types of insurance that could benefit people at different stages of their careers. Use this information to help you decide the types of coverage that would work best for your employee population.

Prime time to evaluate insurance needs

A decade or two into their careers, employees are often family-focused. They may be married, raising children and also keeping a close watch on aging parents or grandparents. They’re likely to be more aware of potentially hereditary health issues in their families. Retirement is still a long way off, but they should be planning for it.

They think applying for benefits during open enrollment is mundane — 90 percent of employees say they choose the same benefits year over year.3 But major life changes such as marriage, divorce, birth, relocation and home ownership should inspire them to evaluate their changing financial needs.

Here are the types of voluntary insurance policies to consider making available if you have employees who are in the middle of their careers:

In part three, we'll look at the types of voluntary insurance coverage to consider offering to employees in the final decades of their careers.

If you have any questions about any of the information provided here, or would like to know how to implement a new or even review an existing benefits strategy, please contact me at (318) 834-4395 or visit my website and leave your contact details and we'll be in touch shortly.

#Recruiting #HR #EmployeeBenefits #SmallBusiness #HR #employeebenefits #healthinsurance #healthcarereform

Wimer and Associates LLC



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