Short and long-term disability insurance plans are among the most popular insurance plans.
Even though dental and vision insurance plans are both significantly important for employees, the next most popular ones are short and long-term disability insurance plans. When someone at a company misses a significant amount of time as a result of an injury or illness, no business owner or employer doesn’t often struggle to find a solution. It’s not just the employee who ends up being impacted — with a loss of income– the employer also suffers. With everyone being spread so thin, having a good solution to this common problem is essential. And this is precisely where short and long term disability insurance comes into play.
Improvement In Access To Disability Insurance
Over the last decade, there has been a slight increase in employer-provided access to both the short and long term disability benefits. When it comes to long-term disability insurance, the increase among employees signing up for this specific coverage has grown significantly. This increase leads employers to question if they need to incorporate these types of voluntary benefits into their benefits packages as well.
But A Lack Of Interest Is Frustrating For Employers
Nonetheless, employers find it incredibly frustrating when it comes to providing options for their employees in terms of voluntary benefits. When it comes to short and long term disability insurance, enrollment tends to be low from an employer’s perspective compared to other voluntary benefit options. However, there are simple and easy ways that employers can help to increase the enrollment statistics for short and long term disability insurance coverage.
How Employers Can Improve Benefit Participation
The best way to increase your voluntary benefits coverage starts with employers being willing to cover a large percentage of the premiums. Employers who continue to shift the cost of employee benefits from the employees and onto themselves become incredibly essential and important. As a result, reducing employee premiums can ultimately improve enrollment.
Bottom Line
At the end of the day, offering employees short and long term disability insurance can do wonders for your business. Being open to covering a large portion of the premiums is a great way to increase the voluntary benefit enrollment processes within your business.
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than the MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today!
Also, be sure to like our Facebook page, and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!