INTRODUCTION TOVOLUNTARY BENEFITS Created by Ron Atkinson, PMP
Objective2     Provide brief education for business     owners and HR professionals on the     current market conditions t...
Current Market Conditions3       HEALTH CARE COSTS ARE GOING UP (↑)           Since 1999, family premiums for employer-s...
Current Market Conditions4       A COMPREHENSIVE BENEFITS PACKAGE IS        CRUCIAL FOR :           Employee retention (...
Challenge5     How can business owners and HR    professionals construct a substantial,      affordable, and valued benefi...
Voluntary Benefits6       What are Voluntary Benefits?         Benefitsoffered by employers and paid for by the         ...
Voluntary Benefits7       Voluntary benefits strengthens existing        benefits programs.         Coverage   options c...
Voluntary Benefits - Summary8           For Employers                              For Employees    1. An enhanced benefit...
Conclusions9       In the recent years, the model for delivery of employee        benefits is shifting towards placing gr...
Closing / Biography10      THANK YOU FOR YOUR TIME               QUESTIONS / COMMENTS                     Ron Atkinson PMP...
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INTRO TO VOLUNTARY BENEFITS

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Provide brief education for business owners and HR professionals on the current market conditions that favor adding Voluntary Benefits to their benefits portfolio.

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INTRO TO VOLUNTARY BENEFITS

  1. 1. INTRODUCTION TOVOLUNTARY BENEFITS Created by Ron Atkinson, PMP
  2. 2. Objective2 Provide brief education for business owners and HR professionals on the current market conditions that favor adding Voluntary Benefits to their benefits portfolio. INTRODUCTION TO VOLUNTARY BENEFTIS
  3. 3. Current Market Conditions3  HEALTH CARE COSTS ARE GOING UP (↑)  Since 1999, family premiums for employer-sponsored insurance have increased 120 percent while wages have gone up 44 percent and inflation has gone up 29 percent.  THE VALUE OF EMPLOYER HEALTH PLANS IS GOING DOWN (↓)  As cost of plans increase, employers are forced to:  Reduce or adjust core benefits  Share premium increases in the form of higher deductibles, copayments, or other out-of-pocket expenses with employees. INTRODUCTION TO VOLUNTARY BENEFTIS
  4. 4. Current Market Conditions4  A COMPREHENSIVE BENEFITS PACKAGE IS CRUCIAL FOR :  Employee retention (satisfaction)  Talent recruitment in a highly competitive market.  THE RECENT ECONOMIC DOWNTURN HAS FORCED COMPANIES TO REVIEW HOW FUNDS FOR EMPLOYEE BENEFITS ARE SPENT.  Health care benefits are the basis of many corporate challenges and can often make the difference between profitability and red ink. INTRODUCTION TO VOLUNTARY BENEFTIS
  5. 5. Challenge5 How can business owners and HR professionals construct a substantial, affordable, and valued benefits package in spite of limited resources, rising costs, and a highly competitive job market? INTRODUCTION TO VOLUNTARY BENEFTIS
  6. 6. Voluntary Benefits6  What are Voluntary Benefits?  Benefitsoffered by employers and paid for by the employees at a lower rate than if individually purchased (group rates).  Benefits are implemented at no cost to the employer  Employees pay 100 percent of the premiums through pre-tax payroll deductions. A few examples of voluntary benefits are dental, vision, life, disability, supplemental health , accident and cancer insurance. INTRODUCTION TO VOLUNTARY BENEFTIS
  7. 7. Voluntary Benefits7  Voluntary benefits strengthens existing benefits programs.  Coverage options complement existing employer- paid benefits and / or “fill in the gaps” when the value of core benefits are altered or reduced.  Voluntary benefits empower employees  Employees can select coverage relevant to their circumstances and build a benefits plan tailored to their specific needs. INTRODUCTION TO VOLUNTARY BENEFTIS
  8. 8. Voluntary Benefits - Summary8 For Employers For Employees 1. An enhanced benefits 1. Access to a broad array of package at no additional cost. benefits. 2. A competitive advantage with 2. Freedom to customize a benefit regards to attracting and package that fits their needs. retaining valued employees. 3. Affordable premiums 3. An option of expense control 4. Portable coverage in the face of rising benefit costs 5. Convenient payroll-deducted premiums 4. Reduced tax liability (lowered FICA amounts) INTRODUCTION TO VOLUNTARY BENEFTIS
  9. 9. Conclusions9  In the recent years, the model for delivery of employee benefits is shifting towards placing greater responsibility on workers.  Voluntary Benefits are becoming an integral part of the benefits equation for many businesses and their employees.  Voluntary Benefits have emerged as a viable solution to business owners who are struggling with rising health care costs and continuing a competitive employee benefits package. INTRODUCTION TO VOLUNTARY BENEFTIS
  10. 10. Closing / Biography10 THANK YOU FOR YOUR TIME QUESTIONS / COMMENTS Ron Atkinson PMP Email : ratkinson.vb@gmail.com Phone: 202.497.8927 Linked-in : Ron Atkinson INTRODUCTION TO VOLUNTARY BENEFTIS

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