Are Voluntary Benefits the Right Solution?

The past few weeks have found me spending most of my time talking with the leaders of small businesses about employee benefits.  The starting place for most of these conversations has been the question, “what can I do about benefits when I don’t have any money in my budget to pay for that”?  It’s a great question and it touches lots of pieces of the small business owner’s team building strategy.

In a recent article Corporate Wellness Magazine hit this topic dead on. (see the article at http://bit.ly/2JHpEWp)  They wrote that the solution for many (most?) small businesses is to offer voluntary benefits.  This is most certainly the right option for almost every small business and there are lots of ways to put them in place.  Here are some things to consider.

  1.  Any business with 3 or more employees is potentially eligible to add voluntary benefits to their benefits plan.
  2. You have a number of options for insurance carriers to find the right fit for your small business.  While we prefer and usually recommend Aflac, they are not always the right solution and we believe every business should have an adviser who brings all of the options to the table.
  3. Voluntary benefits offer flexibility to the team because each individual can choose the benefit options that best meet their budget and best cover their individual or family risk.

Now consider this. Many small business owners in the process of exploring voluntary benefits discover that one of the best ways to attract new talent and reward their current team members is to offer to pay for one or more “supplemental” or “voluntary” products.  And the cost is surprisingly low.  Here’s an example:

We recently worked with a small business (only three employees) to help them develop a benefits strategy.  In the process we helped them figure out where to get health insurance for themselves without paying the high cost of an individual market place plan.  We also helped them review voluntary options with Aflac.  As we were going through those options the business owner had an ahh haa moment.  They realized they could offer every team member Accident/Injury coverage for less than $34.00 per month per employee.  When they did the math they figured out their total cost for this plan was equal to less than .20 cents per hour.  They had been considering offering a .50 cents per hour raise to their team.

The business owner discussed this with the employees and learned, much to their surprise, that the employees would rather have the benefit than the raise.  Why?  The raise, after taxes, would net the average employee somewhere around $18.00 per week.  The insurance plan would give them coverage to protect against accident or injury that could be worth thousands of dollars to the individual employees.  For this team, that mattered more than the small increase in weekly pay.

Here’s the point. Small business owners have options.  Too often the problem is that you don’t know what the options are.  We are here to help with that.  Contact us today to schedule a review of your benefits options. We promise, the time will be well spent.

Cheers,

Kevin

Guess Who’s Having A Baby?

I remember the night I came home and my wife started our dinner conversation with that question.  I immediately thought of our circle of friends wondering which one of them had received the happy news.  I wasn’t prepared for what she said next.  With a huge smile on her face she said “US.”  What? Who? When? Oh my!!  I was shocked, then I was over joyed.  This is what we had always wanted.  It was really happening.  What a blessing.

The next day, sitting at work I began to think about all the things we would have to do to be ready for the baby to arrive.  I started building a to do list.  You can imagine how it went: paint the baby’s room, get a crib, buy baby toys, buy baby clothes, buy life insurance.

Wait, what?  Where did that last item come from? What new dad puts buy life insurance on his new baby to do list?  I did, and here’s why.  I have seen too many times the tragedy that visits a family when something tragic happens and mom or dad are taken from the family.  While we are young we feel invincible, but none of us can predict the day or hour of our death.  Its not something that we keep at the top of our mind, but it should be in our mind and it should be in our preparations.

Life Insurance is a gift of LOVE!  It is one among many ways to show the people who matter in our lives how much they matter to us.  As we approach Valentines Day this year and millions of men and women consider what gifts to give to their romantic partners, consider this.  Prepare for the future economic security of your family now.  Contact me today and let me show you how.

The Top 5 Things That Keep Business Owners Up At Night – 2018

The Tax Reduction and Jobs Act of 2017 is now the law of the land.  I have read so many articles and opinions about the new law it’s hard sometime to separate truth from fiction.  One thing is clear, though, there is still an awful lot of uncertainty for the small and medium sized business owner.  Looking ahead to 2018 I’m reminded that there is still plenty to keep a business owner up at night and I got to wondering what it is that other business owners are concerned about.

I started doing some looking around and found a Forbes article from January 2017 with the title Top 10 Things That Keep Business Owners Up At Night.”  Reading it through I thought it was right on many of the things that I think about, but it missed a few for me as well.  Then I got to thinking, maybe what I need to do is ask other business owners what they think going into 2018.  So, here is your chance to join the conversation.

To start, check out the article from last hear.  You can find it at http://bit.ly/2CSOIXB.  After you read it, please take a few minutes and comment on my page about what you think are the key issues in 2018.  I’m looking to compile a list of the top 5 issues business owners are concerned about heading into the new year.  I’m very interested to know what you think.

Cheers,

Kevin