- Maximum Annual Benefits
- 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.