Employee Benefits
Employers are challenged to provide competitive benefits while transforming health management;
Organizations face multiple challenges and opportunities when providing their workforce with employee benefits. Kinghorn & Company recognizes this and has a multi-dimensional approach to help you address these issues.
We enable you to create employee benefit programs that drive engagement and apply a “design thinking and strategic alignment” approach for employers to deliver benefits that both engage employees and enhance their health.
• Provide competitive employee benefits. A multi-generational workforce demands personalized, creative, digital and flexible benefits. New employee benefit plan approaches are needed such as tying employee benefits to diversity and corporate social responsibility strategies and engagement. We create plan designs that attract and retain – tailored to your unique demographics, needs and cost constraints.
• Control cost and risks. Medical costs are increasing due to government regulations, aging populations, more consumption of healthcare and more expensive treatment. Large medical expense claims can be catastrophic in nature. Managing benefit programs while balancing all interests has become increasingly more difficult. Many programs do little to encourage employees to make “wise consumer” decisions about their healthcare and engage in the process. It is time to enable the employee to connect with the strategic goals of the plan, thereby optimizing the benefits spend and transform healthcare management.
• Simplify program delivery. Employers are looking to streamline HR administration and reduce complexity. In today’s digital age, employee benefit communication requires a more personalized and engaging experience. The strategic deployment of technology will enable HR resources to focus on more strategic initiatives.
Kinghorn & Company provides a range of consulting, brokerage and digital solutions to improve health outcomes and create accessible, affordable and quality employee benefits.
Our employee benefit services are unique. They include assistance with:
Strategy & Planning
- We share the most relevant market trends and implications for your employee benefits program and help you to develop your optimal strategy.
- We provide insights around the competitiveness and cost drivers of your program.
Design & Financing
- Create and then continually revisit your plan design and financing approaches to refine the outcomes and ensure alignment with your strategic objectives.
Vendor Selection & Management
- Select the most suitable vendor partners, including insurers, based on our deep knowledge of the marketplace.
- Negotiate the most optimal terms on your behalf and hold vendors accountable for their commitments.
Administration & Communication
We enable you to:
- Address administrative support needs and ensure a favorable employee experience.
- Ensure employees understand plan benefits, the investment made by your organization and the role they play in ensuring plans are sustainable and more efficient over time.
Voluntary Benefits
Voluntary benefits are a creative way to help you meet more of your company’s and employees’ needs, allowing you to:
• Add flexibility: In today’s changing workforce, 70% of millennials and 59% of Gen X employees are looking for more flexible benefits.
• Drive employee engagement: One of Kinghorn & Company’s clients decreased their payroll tax liability by 200% when the company implemented a voluntary benefits program.
• Fill gaps and cut costs: Voluntary benefits can help control costs, improve compliance and fill coverage gaps for your employees.
The right voluntary benefits program can help companies save money and help employees fill gaps in their coverage. The client merely sponsors the program and the employee pays for the coverage. It all makes for more engaged and satisfied employees.
Why Choose Kinghorn & Company for Voluntary Benefits?
Companies of all sizes are seeing great results from our leadership in health and benefits consulting:
• Innovation and creativity: Our health and benefits experts inspire you to think differently, helping you discover new ways to satisfy your goals and those of your employees.
• Flexibility: Your workforce is unique. So are the needs of your employees. More companies are turning to Kinghorn & Company for a customized voluntary benefits strategy that meets the needs of your company, people, and culture.
• Full-service solutions: We can manage all aspects of your company’s voluntary benefits offerings including communication, enrollment, administration, and billing.
SUPPLEMENTAL
90% of middle-income American families aren’t confident they have enough savings to cover family emergencies.
Encompassing offerings from dental and vision to critical illness, supplemental medical benefits provide important coverage and soften the financial and emotional impacts of a critical illness or unexpected medical event. Supplemental medical benefits may include:
• Critical Illness
• Hospital Indemnity
• Accident Insurance
• Cancer
GROUP INSURANCE AND DISABILITY
Approximately 62% of Americans have less than $1,000 in their savings accounts.
Group insurance and disability benefits incorporate a wide range of life and disability coverage solutions to offer employees financial protection during times when they and their families need it the most. Companies offer benefits including:
• Short Term Disability
• Universal and Term Life Insurance
• Group Home and Auto
• Pet Insurance
• Long-Term Care Insurance
• Life Insurance
• ID Theft Protection
• Long and Short Term Disability Insurance
• Legal Services
EXECUTIVE COMPENSATION
50%-90% of key employees could lose their income if they rely solely on group disability.
Highly compensated employees are often unintentionally exposed to risk from group insurance and disability benefits that contain caps or do not include supplemental income such as bonus. Executive benefits can offer an additional layer of protection for this key employee group.
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