2014 Industry Forecast: Top Three Trends in Employee Benefits

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Industry expert David Embry provides insight on emerging trends in the benefits space.

The younger employees have become accustomed to choice and customization. Insurance exchanges offer both, allowing employers to evolve to meet the needs of employees at all life stages. - David Embry, President of SelectQuote Benefit Solutions

As employee benefits continue to evolve, employers are seeking appealing, low-risk benefit options to provide to their workforce. President of SelectQuote Benefit Solutions, David Embry, offers the following insight on emerging trends in the benefits space:

1. “Choice Model” exchange platforms offer customized plans. Gone are the days of one-size-fits-all benefits. Offering benefits through private exchanges gives employees the ability to shop the market to discover the best plans at the best prices, and allows for employers to accommodate the needs of a diverse workforce. By providing personalized options for both Baby Boomers in search of retirement planning and Millennials seeking additional benefits beyond health insurance, such as auto and home coverage, employers can meet the multi-generation needs of their workforce. “The younger employees have become accustomed to choice and customization,” according to Embry. “Insurance exchanges offer both, allowing employers to evolve to meet the needs of employees at all life stages.”

2. Retirement planning is less rigid, more flexible for retirees. With a movement from group plans to individual-focused plans, retirees now have quality, competitive alternatives to consider as they plan for retirement. Employers are offering comprehensive benefits to retirees and their families to supplement traditional group retiree plans, such as health care for pre-65 retirees, Medicare Supplement insurance and Health Reimbursement Account options to allow retirees a supreme level of customization to fit their lifestyle needs. “The biggest expense in retirement is health care,” said Embry. “Retirement is not just about how much money you’re going to have; it’s about understanding what your expenses are going to be. That equation allows retirees to plan accordingly for their retirement.”

3. Voluntary benefits extend further than ever. Offering a wide range of choices to employees demonstrates an employer’s loyalty to their workforce. Not only are employers including a diverse portfolio of options as a part of their benefits strategy, they are also extending benefits and group discounts to friends and family members of their employees to allow them access to competitive options not otherwise available. According to Embry, “Employees need to see benefits with what you’re offering; and by extending benefits and discounts beyond the household, employers are demonstrating loyalty to their workforce in a new way.”

About David Embry and SelectQuote Benefit Solutions: David Embry has over 20 years of experience in the employee benefits industry. He has been with SelectQuote Benefit Solutions since 2011, and was previously the Managing Director of Sales and Client Service for JPMorgan Retirement Plan Services. SelectQuote Benefit Solutions operates insurance exchanges for auto & home, term life and Medicare insurance products. Through its insurance exchanges, SelectQuote offers voluntary benefit programs that provide substantial cost savings. For more information visit SelectQuote Benefit Solutions online or connect via LinkedIn, Facebook or Twitter.

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Jason Grill
VI Marketing and Branding
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