Maximizing Your Non-Medical Lines of Coverage

In today’s competitive job market, offering a paycheck alone isn’t enough. Employees are seeking more meaningful support from their employers and benefits that reflect their real-life needs and values. Non-medical benefits – like life, disability, dental, vision, accident, critical illness, and hospital indemnity - are emerging as a powerful tool to attract and retain top talent, provide critical support during life’s unexpected moments, and build a more holistic, future-ready benefits package.

Why Offer Non-Medical Benefits?

• Attract and Retain Talent: With five generations in the workforce, employees are asking for more benefits while employers are constantly looking for ways to stand out without going over budget in a tough job market.

• Support During Life’s Critical Moments: Often these benefits help employees when they need it most. 74% of people are living paycheck to paycheck. Providing options to assist employees with unexpected expenses is crucial to their well-being.

• Create a Holistic Benefits Package: Providing your employees with benefits that fall outside the traditional buckets of welfare/medical and compensation. Studies show that nearly 80% of employers are considering adding Supplemental Health Benefits. These benefits can help you cover more of your employees’ wants and needs.

  
  

What’s Often Overlooked?

• Non-medical benefits are often outdated and misaligned with employee needs due to infrequent review. Specifically, life and disability coverage, which can leave key employees underinsured.

• Non-medical benefits are typically under-communicated, which leads to low utilization and undervaluing by employees.

• Voluntary benefits often include overlooked contract stipulations that limit payouts, many of which can be negotiated or removed with proper negotiation tactics

• Non-medical lines that are non-compliant due to inconsistent documentation, lack of regular audits, and oversight gaps when managed across multiple carriers.

How to Maximize Your Non-Medical Benefits

• Strategically Bundle Coverage: Consolidating multiple coverages with a single carrier can lead to better pricing, improved contract terms, less compliance risk, and even potential premium refunds.

• Communicate Benefits Year-Round: Engaging employees outside of open enrollment helps them better understand their options. With consistent education, 63% of employees enrolled in at least one voluntary benefit.

• Listen to Your Employees: Use tools like Engage360 or BenefitWave to survey employees and ensure your benefits align with their needs. These insights reveal what employees value and what they do not

  
  

By reevaluating your offerings, staying ahead of market trends, and listening to your employees, you can create a benefits package that not only supports your people but also strengthens your organization. The right mix of benefits can make all the difference in building a resilient, engaged, and loyal workforce.

This process is complex and time-consuming, but you do not have to do it alone. If you’re interested in hearing more. Contact us.