- Maximum Annual Benefits
- Deductibles
- How are the benefits paid?
- What about networks & how they function?
- It’s all in the details!
Have you heard about the integral role Voluntary Benefits will be playing in the future of employee benefits??? If you are a group producer, we are certain you have!
For some companies, many of these benefits will be offered in lieu of the employer paying due to cost of providing health benefits to employees. For others, it is a mechanism to enhance the value of being an employee of that business.
So what is being offered in today’s Voluntary (or Buy-Up) marketplace? It’s not just your group life, short or long-term disability, accident insurance, vision, or dental. Today, the offerings go on to such plans as whole life, universal life, critical illness, legal shield and/or identity theft, concierge services, pet insurance, homeowners, and the like! There appears to be no limit to what is being offered depending on the industry and company location.
Other changes to consider are the manner in which these benefits are offered. We still have the traditional face-to-face group meetings followed by the one-on-one. However, if there is a large group, that process is far too cumbersome and time consuming; that said, some insurers are offering to do this for you with no loss of compensation.
As a rule, if the case is large enough, you will want to offer a specialty web portal for the company that includes training pieces to help the employee (and their family) make the proper voluntary benefit selection. At the very least, you will want online or telephonic enrollment. The latter’s’ benefit is that there is a person that can help the employee to better understand what they have available.
Taking this to the next level are carriers that provide these benefits not on a group chassis but on an individual (and portable) platform. Do not get lost in the analysis and try not to over complicate the process. Even if you have an enrollment company assist you, it is better to let a group of professional enrollers take on the case then to sit and learn on the job. The overall enrollment will increase and your client will be far happier with the results.
From the less expensive group basis to the individual platform, we can help you and your clients make the best-informed decision. Please let us know how we can together, help your clients tailor and enhance their benefit offerings.
If you work with business clients, you know that many have at least one “key employee.” These individuals provide a vital service, fill an important role, and/or help generate income for the business. In turn, if that employee were to become ill or disabled, it would be difficult for the owner(s) to fill the shoes or find a replacement.
Think of:
The loss or absence of any of these key employees due to a disability or illness, even in the short term, could result in a financial loss to the business!
In order to help protect the business, Key Person Disability Insurance exists to provide the financial resources to keep the business moving and find a replacement if necessary.
At Insurance Specialties Inc., we are here to help you design and implement the most comprehensive and competitive plan based on the carrier strength, occupation, health, and goal of your client.
It is our advanced knowledge and understanding that drives us forward. Let us share our expertise with you!
800.358.8844
info@insurance-specialties.com
http://www.insurance-specialties.com
Disability Insurance: It’s as important to the living (and their families) as life insurance is to the beneficiaries; it’s not just for the societal elite.
At Insurance Specialties Inc., we are here to help you design and implement the most comprehensive and competitive plan based on the carrier strength, occupation, health, and goal of your client.
It is our advanced knowledge and understanding that drives us forward. Let us share our expertise with you!
800.358.8844
info@insurance-specialties.com
http://www.insurance-specialties.com
Our very own President of Insurance Specialties, David M. Block and Vice President, Andrea M. Block have headed to Washington, DC for the annual National Association of Health Underwriter’s (NAHU) Capitol Conference. As Federal Law and Legislation Chair of both the Western North Carolina and North Carolina State Chapter, David and other Board Members will be lobbying NC Congressman Mark Meadows and Senators Thom Tillis and Richard Burr for changes to the Affordable Care Act for what David says, “would make an immediate impact on large employer groups.”
Here is what David had to say in his recent Letter to the Editor piece for The Citizen-Times, Asheville:
Let’s Get the Count Right – Full-Time means Forty Hours
Relief Needed for Employers in their efforts to comply with the Affordable Care Act
Many of you know I am a licensed insurance agent … I make no bones about my chosen profession and take pride in providing protection to individuals, businesses, and families. I belong to several industry associations that serve the needs of agents and help keep us updated on pending legislation and its ramifications.
As a member of the National Association of Health Underwriters, representing over 100,000 employee benefit and individual health insurance professions, I am writing to address one easily fixed aspect of the Affordable Care Act — knowing who is actually eligible for employer sponsored health insurance.
The law requires employers with fifty or more “full-time equivalents” to allow their “full-time” employees (those working 30 or more hours per week on average) to enroll in the company’s health insurance plan. The issue is, many business owners are finding it nearly impossible to know who those people are because they don’t have the time to figure that out, or money to buy software or services that would identify those folks.
The fact is, that every other set of federal laws considers Full-Time to mean 40 hours per week.
Thus, they are left frustrated and confused by the process and the requirements of documenting why an employee was included or excluded from coverage. In addition, by having this lower number of hours equal full-time, many employees (who already consider themselves part-time) cannot obtain subsidized coverage through the Health Insurance Marketplace.
The United States House of Representatives has already passed a bill (HR 30 – Save American Workers Act of 2015) and similar bipartisan legislation is being considered in the Senate (S. 30). As someone who works with employers of all sizes, I know that if this legislation is passed and signed by the President, it will make the burdens of implementing the Affordable Care Act a little more bearable.
Please encourage Senators Burr and Tillis to pass this legislation. In addition, do not forget to write or call the President to ask for his help getting this law passed!
Best of luck to the all of the NAHU representatives from around the country in making an impact; as their motto says, “stand up and be heard.”