product spotlight | employee benefits Going Beyond the Basics in Employee Benefits

These value-added services reduce financial risk for many employees.

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By Brenda Mullins

According to the Consumer Financial Protection Bureau, medical debts account for 52 percent of debtcollection actions that appear on consumers’ credit reports.1 With high-deductible insurance plans and rising costs of medical care, employers would be wise to consider new ways of helping employees reduce the financial risks and out-of-pocket costs associated with an unexpected illness or injury.

With products like life, hospital, disability income and critical illness insurance, voluntary insurance is a great first step to expanding employee benefits without negatively affecting a company’s bottom line. In addition to voluntary insurance, employers can also offer value-added services, which are designed to offer assistance on Day One of the policy going into effect to make sure that employees’ day-to-day lifestyles go uninterrupted. The types of services vary and can include anything from wellness programs and financial planning, to resources that help employees navigate the intricacies of the health-care billing system.

Here are a few value-added services businesses can offer to suit every employee’s needs.

Benefits-management support. A study conducted in 2015 found that the U.S. health-care system spends an estimated $375 billion annually in billing and insurance-related paperwork. 2 This alarming number should prompt businesses to consider offering a service that provides administrative support to help employees understand their benefits. As well as providing support with medical bills, benefits-management support can connect consumers with highly qualified health-care professionals through telemedicine to evaluate common conditions and provide personalized treatment remotely, a low-cost and convenient option for employees who are constantly on the go.

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Fraud-protection services. In today’s technology-driven world, identity theft is top of mind for consumers and businesses alike. Businesses can help employees achieve peace of mind by offering services that will work to protect their personal information and finances. Fraud protection is a cost-effective addition to any benefits offering, can provide ongoing internet monitoring and deliver full identity restoration for those impacted by a data breach.

Flexible spending. By offering employees a flexible spending account (FSA), businesses can help enable them to set aside a portion of their salary before taxes to be reimbursed for certain medical expenses throughout the calendar year. For example, workers can use their funds to buy eyeglasses, pay for a visit to a chiropractor, or purchase wellness items, including first-aid kits, vitamins, or thermometers.

Overall, today’s employees want immediate return with their benefits, as well as long-term value. With voluntary benefits offerings and value-added services, businesses can give their employees more resources to solve their everyday challenges.

This article is for informational purposes only and is not intended to be a solicitation.

Brenda J. Mullins is vice president of Human Resources and chief people officer at Aflac. She is responsible for the core human resources functions in the U.S. for Aflac’s more than 5,000 employees and has developed the framework for expanding Aflac’s diversity efforts through recruitment, retention, relationships, reinforcement and recognition.

1 Consumer Financial Protection Bureau. “Consumer credit reports: A study of medical and non-medical collections,” accessed June 14, 2017 - http://files. consumerfinance.gov/f/201412_cfpb_reports_consumer-credit-medical-and-non-medical-collections.pdf

2 BMC Health Services Research. “Billing and insurance-related administrative costs in United States’ health care: synthesis of m icro-costing evidence,” accessed June 14, 2017.