Learn more about why this insurance is really “paycheck insurance”!
Millennials are flooding the job market and now make up one-third of the US workforce, making it imperative for employers to attract and retain young talent. But that can be tricky, since millennials often are looking for unconventional benefits.
Offering some of those benefits that will keep your employee engaged, motivated, and less stressed at work is key. These are 5 things that the millennial generation consistently looks for from an employer.
- Flexible work schedules – It is no secret that the workforce is demanding more flexibility at work, and millennials are a big part of this push. Millennials say more flexibility will improve their happiness and productivity. Additionally, more than half of millennials report they work from home after the standard work day is done, compared to US office workers. With families, children, and home life, flexibility is becoming more and more important with the younger generation.
- An eco-friendly workplace – Eco-friendly practices aren’t just good for the environment, they are good for recruiting younger workers to your company. Half of all millennials say an eco-friendly workplace is an important factor when it comes to job consideration.
- A well stocked break room – A well supplied breakroom leads to happier employees, less stress, more productive workers, and a more social environment. It may encourage employees to take a break to refresh and recharge, which will improve productivity and lower stress.
- Job-site perks – Millennials place a great deal of value on job-site perks like free lunches or on-site gyms. A good working environment is a place that offers incentives and perks, which will improve their happiness.
- Strong leadership and consistent feedback – Millennials more than any other generation are looking for strong relationship with their bosses. One in five millennials report that it’s their direct boss who’s their motivator. A strong leadership defines a good work culture. Feedback is very important and is truly appreciated and contributes to employee loyalty. Being recognized in any way is what most employees like.
When it comes to employee benefits, health insurance, retirement accounts and sick days, they are often standard at larger companies. To set your small business apart, you’ve got to think more creatively. Here are 10 great ideas I hope you can benefit from:
- Free food: Try keeping the break room stocked with free snacks, soda, and bottled water. You could even do something more significant, like providing a catered lunch on a weekly basis. The productivity is higher each day/week because they don’t have to leave for lunch.
- Four-day workweek: A three-day weekend once in awhile could make your employees not only happier but also more productive. A four-day workweek allows more time for employees to restore, if you will, their energy levels.
- Unlimited vacation: This policy speaks mostly about your company’s values. It sends a really clear message to employees that you care about them, that you want them to spend time with their families and that you want them have a high quality of life. When people feel cared for by their company or employer, they are much more likely to do great work.
- Professional development: Employees want to work for companies that help them advance their careers. Paying for classes, certifications and conferences is a major draw. Another idea, however, is establishing a mentoring program between employees.
- Personal development: Employees place a high value on work-life balance. Consider offering personal development benefits. One way to do so is by paying for the services of a life coach. Another is by offering lunch-and-learn events. You can have your bank come in, for instance, and help people learn how to get a mortgage, when the right time is to refinance or how to use their savings account.
- Massage therapy: Sometimes the greatest opportunities are the simplest things, like paying a massage therapist to come for two hours on Friday afternoons to give chair massages. This helps your employees relax and relieve stress.
- Flexible working: Giving employees the option to work from home shows that you care about work-life balance. So does letting them come in late or leave early when they need to.
- Gym memberships: Fitness and keeping healthy is very important. If you don’t have the space for weights and a treadmill, consider gifting employees a gym membership or negotiating discounted memberships at a nearby facility.
- Community service: Companies that offer time off for employees to volunteer or participate in community service projects earn points with their community and their workforce.
- Voluntary benefits: Employers who can’t afford to pay for dental insurance, life insurance or disability insurance can still offer them. You could give your employees—through payroll deductions—the option of accumulating a block of hours for an attorney to help them with the assembly of their will or the closing of a house.
Cancer insurance, also sometimes referred to as critical illness insurance, is a relatively new addition to the arsenal of world of health insurance programs. It was created as a response to the increasing rate of cancer diagnoses worldwide and the rising costs of cancer care and treatment. The supplemental insurance is designed to help reduce the out-of-pocket cost of cancer care and to bridge the gap between what your primary health insurance covers and what it doesn’t.
Introduction to Cancer Insurance
Cancer insurance is a type of supplemental insurance policy that helps to reduce the out-of-pocket cost of having cancer treatment. It is not designed to replace a traditional health insurance policy, but instead to complement it by covering additional cancer-related expenses that may not be covered by your current policy. The premium covers you for certain types of cancer-related expenses if you are diagnosed while the policy is in effect.
To be eligible, you cannot have any pre-existing cancerous conditions. For example, you cannot have been diagnosed with lung cancer and then apply for a policy. In most cases, people who have previously been diagnosed and treated for cancer are also ineligible.
What It Covers
Cancer insurance coverage varies based on the provider and policy details, but most plans cover both medical and non-medical expenses. Medical expenses can include co-pays, extended hospital stays, medical tests, procedures like stem cell transplants, and other disease-specific treatments.
The non-medical expenses that are covered with a supplemental cancer policy can include loss of income benefits, child care expenses, home health care, and dietary restriction aids.
Is It Worth It?
There is a lot of debate about disease-specific health insurance plans like cancer insurance. Some people firmly support them, while others believe that they are “junk plans” sold on fear. Here are some points to consider when thinking about buying a cancer insurance plan:
- What is your cancer risk? Do you have a strong, familial history of cancer? If so, cancer insurance might be a solid decision. Those with a strong family history of cancer may want to take a look at their current policy and see how cancer insurance may complement their current policy. Remember, cancer insurance only kicks in if you are diagnosed with cancer. It will not provide any coverage for other common, chronic diseases.
- Would upgrading my current health insurance plan be a better idea? Choosing to upgrade your current policy may be a better alternative to buying a cancer protection plan, especially for those who are at average risk of developing cancer. It may cost less to upgrade your current plan than adding an additional cancer policy. Perhaps most importantly, upgrading your existing policy would provide a wider range of coverage benefits than a cancer-specific policy.
- Remember that two policies may not equal double the coverage. Having a basic comprehensive health insurance plan along with a cancer insurance plan does not necessarily mean that you will get double the benefits. Most major insurance policies have a coordination of benefits clause that states that it won’t cover expenses that the other plan does. By purchasing cancer insurance, you may be degrading the coverage of your primary health insurance policy!
Before You Buy
Before purchasing a cancer insurance plan, it is important that you understand exactly what is covered in the policy. You should also compare the benefits to your current health insurance plan to see if and where there is any overlap in coverage or redundancies. There is no sense in buying a cancer insurance policy if your current policy covers most or all of the same expenses.
If after careful consideration you decide that a cancer insurance policy may be the right move for your and your family, get in touch with your insurance agent who can help you work out exactly how much coverage you need. Many plans are available and comparing them is highly recommended. This includes shopping around for other types of insurance plans like long-term disability insurance, which may be a better option for you than cancer-specific protection.