The COVID-19 pandemic challenged employers and employees in ways previously unimaginable. With the sudden and dramatic transformation in our work environments, employee benefits gained even more importance while also exposing new needs to address. As you consider whether your company’s employee benefit plan meets the needs of your 2021 (and beyond) workforce, here are five areas to evaluate:

• Life Insurance – We’ve seen a devastating loss of life around the world due to COVID-19. Examine your company’s life insurance options to determine if your employees are offered the correct amount of life insurance AND have the option to purchase more if they wish. Buying life insurance outside of an employer is more expensive and subject to more restrictive conditions, so consider offering additional coverage options.
• Disability Insurance – Employees recovering from COVID-19 may have needed extended time away from work. Disability insurance provides employees with income replacement when they become sick or injured. Employers can offer it as a free benefit or have employees purchase it on a voluntary basis via payroll deduction.
• Employee Assistance Plan (EAP) – Uncertainty, fear, change, stress, financial hardships, and other factors took a toll on employees’ mental health in 2020. Employers that offer Long Term Disability often have access to an EAP, which provides mental health counseling, debt counseling, identity theft assistance, and many other services. Be sure your employees are aware of this important, FREE benefit if it’s available to them.
• Health Insurance Access – If you employ part-time or 1099 employees, they may need access to health insurance to visit a primary care doctor and receive other preventive care. Employers can add optional health insurance to its benefit plan for a minimal cost.
• Voluntary Benefits – Employees who have incurred an expensive hospital stay or other healthcare costs due to COVID-19 may be eligible to reimburse it through Voluntary Benefits. Plans can extend employee coverage without adding significant costs and may provide tax benefits to employers.

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At Lyons Companies, we understand that monetary compensation is not the only benefit employees value, which is why it’s important to educate them about the entire benefits package your company offers. If you need assistance reevaluating your company’s benefits plan to ensure it provides enough coverage and protection for today’s evolving workforce, contact Doug Meis, Risk Advisor and Employee Benefit Consultant, at dmeis@lyonsinsurance.com or (610) 564-3914.