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 With heart pounding rapidity, the new age of Consumerism is creating an environment where employees are being asked to assume more of the financial burden and decisions affecting their healthcare. They are coming to the stark realization that the entitlement mentality of the 80’s and 90’s is no longer acceptable in today’s workplace. This poses some interesting dilemmas for employees and employers alike. Employees are now on a frantic quest to find new ways to save money. Employers are on an equally frenzied search to find innovative ways to attract and retain employees within their budget.
There is a viable and cost effective solution at hand if companies are willing to evolve and be more creative in how they deliver benefits to their workforce. Solutions exist that encompass all parts of an employee’s life, while boosting productivity and morale. Although New Benefits’ core offering predominantly focuses on discount medical benefits, we have found that unique lifestyle products round out and are an essential part of a meaningful benefit portfolio. Discount benefits could hold the key to adding value at affordable prices for both employers and employees. It’s a win win scenario for everyone.
In the marketplace today, millions of consumers already use discount cards to save on medical costs such as vision and dental care, prescriptions, doctor visits, hearing aids and vitamins for a very low monthly fee, usually just a few dollars per benefit. Now the trend is to include products and services people use every day – like discounts on pet care, elder/dependent care, tax preparation, legal services, debt counseling and elimination, dining, movie and theme park tickets, auto maintenance, hotel/motel, and so much more. While healthcare deductibles and premiums are both mounting, adding high value/low-cost lifestyle benefits allows employees to save money in all areas in their life while also helping to reduce out of pocket costs on medical expenses.
The landscape is changing. Now is the time for employers to evaluate the ever changing needs of the workplace by offering products that offer assistance in balancing work/life pressures. Wellness products are a beginning but Benefit Managers today, more than ever, need to understand what inventive options are out there and then help teach employees how to use them. So how do you do this? By adding lifestyle benefits and/or discount medical products to an employee benefit offering, you can educate employees to become proactive consumers, saving money at the point of service and taking control of their everyday health and lifestyle costs.
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One example is Roadside Assistance. Among its many features are the popular towing service, flat tire repair and dead battery assistance. This is a “no excuses” program which virtually eliminates calls from employees saying their car won’t start and they can’t come in to work. Another benefit helping to keep employees at work is Family Consultation, a service that provides resources, facilities and advice for elder and dependent care needs. Going a step further, elder care products can also help locate nursing homes, assisted living centers and in-home health care where pre-negotiated discounts are available to benefit holders.
Leading the pack and becoming a more mainstream benefit is discount legal services. A typical program is one where employees can obtain affordable, capped rates in addition to preparation of a simple will, review of documents and five other services at no cost. Employees who have this benefit will be less likely to take time off to tend to pressing legal matters.
Credit debt is one of the most debilitating issues facing the majority of employees today and can cause an otherwise productive worker to take a downward turn in performance. Organizations that make Financial Wellness programs available offer immediate relief as workers learn how to get control of their finances quickly and effectively. A typical program includes financial literacy, student loan consolidation and debt settlement programs.
Armed with a powerful discount benefit arsenal, HR managers now have the tools and resources to increase productivity, morale and attendance. Many employers have discovered that it makes sense to pay for certain benefits that address their unique workplace concerns –like roadside assistance, legal services and financial wellness to help decrease absenteeism. But one size does not fit all. Flexibility and ability to customize benefit packages is key. Because consumerism is forcing employees to take control, offering a menu of benefits allows employees the freedom to select the benefits which best fit their family’s needs.
About the Author
Terry Tullo is president of New Benefits, a privately held company, with 100+ employees located in Dallas, Texas. New Benefits has been wholesaling and servicing customized discount health benefit programs since 1990. Non-insured benefits have been proven to attract and retain employees or members, add value to virtually any existing product offering, or create a profit center. With over 4,000 groups and 10 million members, New Benefits has perfected the optimum turnkey solution available to any organization wishing to provide "best in class" benefits, service and fulfillment. The organization’s entire focus is ensuring real value through a positive member experience every time the benefits are utilized.
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