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The 2010 Best Practices Guide: Voluntary Benefits Checklist

Voluntary benefits are becoming more and more popular as a way to give employees additional coverage options at more affordable group rates. Use this checklist from The Principal 10 Best Companies to help your organization get the most out of voluntary benefits:

Do you make voluntary benefit meetings mandatory?
By insisting that employees attend meetings about voluntary benefits you can help ensure that they more fully understand and appreciate them.
Do you choose voluntary benefits based on need and financial risk?
Offer voluntary benefits that insure risk that employees can’t afford to self insure such as disability, death and long-term care.
Are you tracking EAP use to identify potential voluntary benefit needs?
After noticing a high utilization of legal services through its EAP, Franklin International added pre-paid legal as a voluntary benefit.
Have you looked at adding voluntary benefits to offset cost increases in other benefits?
Offering employees more voluntary benefits may help soften the blow if you have to increase premiums or copays.
Are you providing thorough education?
To make sure employees understand their voluntary benefit options, hold detailed informational meetings during open enrollment sessions and allow employees to meet individually with a benefits representative.
Do you include spouses in educational meetings?
In many cases, it may be the spouse who makes benefits decisions
Are you working with a broker or advisor?
These financial professionals can keep you abreast of trends and innovations in voluntary benefits and help you select the right benefits for your employee demographic.
Are you asking employees what they want?
One of the best ways to uncover voluntary benefit needs is to listen to employees either by an annual survey or even face to face.

Insurance products from the Principal Financial Group issued by Principal National Life Insurance Company (except in New York) and Principal Life Insurance Company. Plan administrative services are provided by Principal Life. Principal National and Principal Life are members of the Principal Financial Group®, Des Moines, IA 50392.

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