HR technology provider Namely announced its partnership with the Guardian Life Insurance Company of America and Transamerica to add voluntary packages to its portfolio.
Through the new partnerships, Namely customers — which are generally mid-sized employers — can now offer their employees critical illness, accident and hospital indemnity plans to complement the benefit offerings they already provide.
Namely's new voluntary worksite benefits offering was custom built to work seamlessly with the company’s benefits administration technology, making it easy for HR to set up the plans and for employees to enroll.
Applicant tracking developer, Greenhouse, and clothing brand Life is Good are two of the more than 1,000 clients Namely works with.
The rise of high-deductible health plans has pushed many companies to offer voluntary benefits. In fact, nearly three in 10 covered workers are enrolled in an HDHP, an increase of 9% in the last five years, according to the Kaiser Family Foundation.
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“With the rise in popularity of HDHPs, employees are increasingly paying medical expenses directly out of pocket,” says Matthew Monahan, vice president of benefits at Namely. “Most people set aside money for planned expenses, like mortgage payments and vacations, but most do not set aside the funds they need for unexpected events — including medical expenses incurred due to illnesses or accidents.”
Traditionally, voluntary life, long-term disability and short-term disability have been the most popular voluntary benefits among employers, Monahan adds.
For employers considering adoption of new voluntary benefits, listening to your employees is always key, he says. “Survey your employees to determine if offering worksite benefits makes sense for your company and your employee base.”
Further, he adds, employers can consider using their savings from offering an HDHP to provide voluntary worksite benefits as a non-contributory offering.
“Attracting and retaining top talent is of the utmost importance to any company,” he says, “and any way you are able to make your benefits package stand out goes a long way in achieving that goal.”
