Three Keys To Maximizing Enrollment In Worksite Disability Plans
In an age of economic uncertainty and rising health care costs, worksite marketed employee benefit programs rapidly have emerged as an effective way for employers to offer a comprehensive array of benefits to employees while keeping their overall employee benefit costs in line.
In recent years, short-term and long-term disability coverages quickly have become two of the more popular offerings among employers.
The opportunity to purchase benefits at the worksite is appealing to employees as well. They can select the benefits and levels of protection that best suit their needs. Moreover, given that people today have greater access to tools, technologies and information to support them in their financial planning, employees are now better equipped than ever to make worksite product decisions.
For worksite disability insurers, maximizing enrollment and achieving high participation levels in worksite disability plans requires much more than offering an appealing contract to the group.
The insurer must also communicate effectively with employees about worker need for disability income protection and also about how this coverage works. When enrolling employees in worksite disability programs, they can benefit from applying the following three strategies. These will lead to increased participation as well as maximum employee and employer satisfaction.
1. Position the value of disability income protection within the context of life events.
It is difficult for anyone to contemplate the prospect of becoming disabled. Therefore, it can be challenging to get employees to consider planning for such an event.
Disability statistics can help by presenting a powerful story. Most employees understand the need for life insurance. However, few realize that nearly half of all mortgage foreclosures are due to a disability or that disabilities are 16 times more likely than death to cause foreclosure.