Follow Will Linkedin Twitter Facebook
Email Will Email
Financial
Jul 15, 2015

Supplemental Benefits Can Help Recruit, Retain Employees

Sponsored Content provided by Will Brown - Owner, Will Brown Insurance Agency LLC

In my last article, I touched on the idea that job seekers and employees have a far greater appreciation for the value of a solid benefits package than ever before. Since many people who are actively seeking employment have worked as contractors, business owners or in companies where benefits are not available, they have been faced with the daunting prospect of covering health insurance costs out-of-pocket.
 
This has led to a widespread recognition that benefits plans have a significant, positive impact on the compensation an employee receives each year. In fact, people are even taking lower paying jobs if there are good benefits plans available. 
 
The truth is that even a solid benefits plan will usually only pay for about 80 percent of health care costs after all of the copays and deductibles are met. It’s unfortunate that a lot of people don’t realize their plans will not cover 100 percent of their health care costs, but unless they have had health problems in the past or work in a company that offers supplemental benefits, how would they know?
 
Considering the spiraling costs of medical care, many of the nation’s top employers are realizing that supplemental benefits plans can be a highly effective means of recruiting and retaining employees. This is partly due to the growing recognition among job seekers and employees about the ways in which supplemental benefits can be a lifeline for their finances if they are faced with an adverse event.
 
There is absolutely no cost for an employer to implement a supplemental benefits plan through a provider such as Allstate, so it’s always surprising for me to learn that there are still companies out there that do not provide this type of offering for their employees.
 
The strength of this argument is reinforced by the fact that every pre-tax dollar a person spends on supplemental benefits represents an annual savings of 7.65 percent to the employer, as well as the employee. After learning that the monthly costs for some of the higher-end policies at Allstate average about $40 per month, it’s easy to see why these plans are popular among employees. 
 
According to Andy Hester, a neutral third-party provider of insurance services and one of my independent strategic partners, “The supplemental benefits plans offered through Allstate are not only portable but also the most cost-effective option in the industry, so we prefer to sell their products. Simply put, there’s a reason they have the highest market share in the nation for supplemental benefit providers.”
 
My belief is that many organizations resist supplemental benefits packages as a result of the idea that the implementation will require a significant outlay of costs in terms of time and effort among their employees. Fortunately, Hester leads a substantial enrollment team that works hand-in-hand with organizations to help reduce the administrative costs of implementation.
 
For a consultation about how Supplemental Benefit Plans can increase employee buy-in, participation and thereby add to your company’s bottom line, please contact me at the number below.
 
Will Brown is the owner of the Will Brown Insurance Agency LLC, and represents Allstate Insurance Company. Brown and his staff offer property, casualty, health and life insurance, as well as personal financial services and Allstate Benefits, one of the nation’s leading voluntary benefit plans. The Will Brown Insurance Agency has a comprehensive protection and investment product portfolio, with a strong commitment to serving families and small businesses in an advisory role. Will Brown may be reached at (910) 599-9071, or by email at [email protected]. To learn more about the Will Brown Insurance Agency, click here.

Brown 55906 block ad rev
Ico insights

INSIGHTS

SPONSORS' CONTENT
Chris 16239425

‘Creative,’ An Adjective To Describe Your Accountant?!

Chris Capone - Capone & Associates
Untitleddesign4

Paving the Way to Better City Streets

Tony Caudle - City of Wilmington
Jane

The Childcare Cost Dilemma

Jane Morrow - Smart Start of New Hanover County

Trending News

Conservation Group Signs $8M Deal To Buy The Point On Topsail Island

Audrey Elsberry - Mar 26, 2024

Rezoning Could Bring 123 Townhomes To Growing Leland Corridor

Emma Dill - Mar 25, 2024

N.C. Ports Officials React To Baltimore Bridge Collapse

Audrey Elsberry - Mar 26, 2024

Engineering Firm Hires Four Employees

Staff Reports - Mar 26, 2024

National Organization Bestows Top Award On Cape Fear Professional Women In Building

Staff Reports - Mar 26, 2024

In The Current Issue

MADE: Polyhose Inc.

Polyhose manufactures and fabricates hose protection, paint hose assemblies and rubber hydraulic assemblies from its Pender County facility....


Hacking Cyberdefense Shortage

A shortage of cybersecurity professionals influenced professor Ulku Clark and her team to slowly evolve UNCW’s offerings to now include eigh...


INFO JUNKIE: Jack Fleming

Jack Fleming, owner of Socialry Marketing & Scourz and emcee for 1 Million Cups Wilmington, shares his media and tech picks....

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments