As health care costs rise and voluntary benefits become more popular, competition among benefits advisors also continues to rise. This makes differentiating services more important than ever before, as clients want more and more options. One way to stay ahead of the competition is by offering benefits that include nontraditional, value-added services.
Value-added services are designed to offer employees additional assistance beyond health care to further address pain points and make employees’ lives easier. The types of services vary and can range from the ability to reach a medical professional anywhere, anytime, to resources that help employees navigate the sometimes confusing health care billing system. Below are three value-added services that advisors can introduce to clients to rise above the competition.
1. Fraud protection: According to the 2017 Javelin Identity Fraud Report, identity fraud reached new heights in 2016, with a 16 percent increase of fraud cases among U.S. consumers. Identity theft can be an overwhelming and stressful experience for employees, potentially leading to increased distraction and less productivity. By offering clients fraud protection, advisors can arm employees with proactive services that help monitor and protect personal information and provide quality support if a fraudulent incident occurs.
2. Health advocacy and bill negotiation services: The ever-changing health care system can be confusing to navigate for employees at every level. To ensure they receive efficient, affordable care, advisors can offer health advocacy services to clients. This service can help guide employees through complex topics and processes, as well as negotiate high medical bills to help cut down on employees’ financial stress.
3. Online wellness program: Wellness programs are becoming more popular among workplaces in the U.S., and these programs can have incredible effects on employee health and employers’ bottom lines. For example, a report from the U.S. Chamber of Commerce revealed that 60 percent of employers reduced their organizations’ health care costs by implementing a wellness program. By offering services like an online wellness program, advisors can take the pressure off clients and provide employees with the support they need to achieve health and wellness goals.
Creating more value
Advisors can connect benefits to something clients do care about — their company’s bottom line. Education on how offering voluntary products with value-added services can positively assist with attracting talent, retaining employees and even increasing productivity, is key. It’s also essential to emphasize the importance of choosing the right benefits partner when expanding clients’ benefits portfolios. Some insurance companies can embed value-added services in their existing plans, making it easier to increase the value of benefits at little to no cost.