Group Benefits Policy Comparison
Minimize costs and maximize coverage by comparing market options
Group Insurance Testimonials
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How to Identify the Right Group Benefits for Employees
When it comes to employee benefits to businesses, the most commonly sought-after are group insurance.
Designing and managing group benefits can be a challenge. Key questions you may be asking yourself include:
- Are the employee benefits cost-effective?
- Are the employee benefits meeting my needs?
- Are the employees engaged in employee benefits?
- Are the employee benefits helping me achieve my goals?
- Are the employee benefits providing the right value to the employees?
Every business, no matter how big or small wants affordable benefits that add value to their employees.
Business owners want a group benefits program that helps them:
- Retain talent
- Recruit new talent
- Are not overly expensive
- Provide the right value to their employees
Why Should I Benchmark My Group Benefits Plan?
Benefits benchmarking is an analysis of how your employee benefits offerings compare to those of other employers.
This comparison will look at current market options to help you evaluate your current plan. In addition, it will allow you to determine if better market options are available to:
- Increase your plan's value
- Decrease your plan's cost
It takes several factors into account, including:
- Plan designs
- Voluntary offerings
- Total benefits costs
- Cost-sharing measures
- Worker’s compensation
Depending on the data used in the analysis, you may be able to view costs and savings on a granular level.
Employee Group Benefits Trends
Covid-19 has caused a drastic change in how employers approach employee benefits. Because of the decreasing workforce, businesses are struggling to get qualified employees.
As such, employers must adapt to the new marketplace in order to attract key talent.
The Hartford's Future of Benefits Study conducted in 2021, reviews insights about the U.S. workforce's current benefits, trends, and preferences.
Hartford 2021 Future Benefits Study
According to Hartford's 2021 Future Benefits Study:
"...in the most recent open enrollment, a majority of U.S. workers chose voluntary benefits that help protect their income, especially in light of rising medical and hospital costs and high deductible health plans. Participation in these bedrock benefits, such as life and disability insurance, and hospital indemnity and critical illness insurance, was higher. And many employees said these benefits were new selections for them:"
The percentage and voluntary benefits chosen included:
- Life insurance: 21% new selection
- Critical illness: 35% new selection
- Hospital indemnity: 32% new selection
- Accident insurance: 24% new selection
- Long-term disability: 13% new selection
- Short-term disability: 14% new selection
Employee Benefits Packages Trend
No longer will a foosball table incite an employee to join a firm. Rather there is an increasing trend focused on specific benefits.
The Society of Human Resources Management 2020 Benefits Survey (SHRM) conducted a survey with employers to understand what were the most valuable benefits to employees.
The six group benefits listed below were identified as the most important to employees. These include:
- Leave – 83 percent
- Wellness – 62 percent
- Retirement – 55 percent
- Health care – 90 percent
- Flexible work – 83 percent
- Family-friendly – 76 percent
As businesses continue to struggle to recruit and retain talent, revisiting your group benefits may be a key opportunity to get ahead of the competition.
Types of Group Insurance
Below are the most common types of employee benefits insurance we work with business owners on:
- Life insurance
- Vision benefits
- Dental benefits
- Long term care
- Health insurance
- Long term disability
- Short term disability
Group Benefits Advisor Services
Langan Financial Group can help business owners review their group benefits and insurance options against current market policies.
Our employee benefits consultants can look for ways to help you:
- Save money
- Increase your benefits value
- Deliver a benefits plan that aligns with your goals and needs
Langan Financial Group is not tied to a specific benefits provider. This allows us to compare products from numerous insurance companies to see what policies aligns best with your group benefits needs.
We will do our best to provide you with the best options to choose from. We will review each benefits packages' pros and cons to help you fully understand what they offer and cost.
Chat with a Group Benefits Consultant
Langan Financial Group's group benefits advisors have over 100 years of experience servicing insurance policies for organizations.
Give us a call at 717-288-1880 to see how our local advisors can help with your group insurance needs. Or visit our group benefits advisor contact page to fill out an inquiry.
FREE Benchmark Comparison Services
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Disclosure: Check the background of your financial professional on FINRA's BrokerCheck. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Cambridge and Langan Financial Group, LLC. are not affiliated. Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, to residents of: AL, AZ, CO, DE, FL, GA, IA, KY, MD, NJ, NM, NY, NC, OH, PA, TX, VA, WI Cambridge and Langan Financial Group does not offer legal advice. Estate planning services are in regards to your overall financial plan. Always be sure to speak to a legal professional in regards to specific legal matters. Fixed insurance services offered through Langan Financial Group.
Testimonial/Endorsement Disclosure: The testimonials may not be representative of the experience of other customers. The testimonials are no guarantee of future performance or success. All of the testimonials/endorsements are clients with the exception of Steven Martinez of York SPCA. There was no cash nor non-cash compensation for any of the testimonials provided.
© Langan Financial Group
Harrisburg, PA Office
Address: 1863 Center St, Camp Hill, Pa 17011
Phone: 717-288-1880
York, PA Office
Address: 3405 Board Rd, Suite 200, York, Pa 17406
Phone: 717-773-4085
