A big misnomer about private benefit exchanges is that employers must give up control by moving to an exchange, says Towers Watson Managing Director with Exchange Solutions Sherri Bockhorst. Listen as she discusses why this is not necessarily the case, and how most of the value of a private exchange can be lost by an employer if they dont have the right adviser.
Sales for both employer-paid and employee-paid LTD and STD products are rising, says Kathy Plummer, Unum's director of product development. For brokers, one of their most important jobs is to educate employees about their coverage, that's why brokers should partner with a carrier who values education, says Plummer, who shares other insights and trends in the disability market.
It is not a question of trust, but sometimes employers are looking for more services than a broker can provide. Listen as Gerry Leonard, president of ADP Benefit Services, discusses why brokers are partnering with human capital management companies to acquire technology tools clients want, such as private exchanges.
Paper benefit enrollment and administration is quickly being replaced by technology solutions. But technology has more to offer the industry than eco-friendly administration processes. David Reid, CEO of EaseCentral, shares insights for brokers about how technology is changing the current benefits landscape as well as future trends to stay on top of.
The growth in private exchanges and higher adoption rates of HSAs could further challenge employee understanding about their employers benefit offerings during this years fall open enrollment, says Dean Mason, CEO of Tampa, Fla.-based Acclaris. There are practical steps advisers and employers can take to abate the confusion, he says.
Despite interest in them, brokers are facing some challenges as they implement private exchanges. Listen as Mike Baker, general manager of commercial products at hCentive, shares how a broker can overcome these challenges and what questions to ask when talking with technology providers. He further discusses who the most important person is in a private exchange structure.
The onslaught of high deductible health plans has forced employees to be better health care consumers, but many are still dazed and confused. Susan Lang, founder and CEO of Hoopayz.com, shares some practical ways advisers and employers can help employees navigate these plans and the health care market like savvy shoppers.
Multinational employers face unique challenges when administering defined contribution plans. Fredrik Axsater, head of Global DC for State Street Global Advisors, outlines solutions and best practices for employers and their advisers to meet these challenges head on.
As more employers are moving employees out of DB plans and into DC plans, some employers are making annual contributions that employees can use to buy any plan on the free market, says Acclaris CEO Dean Mason. Private exchanges are one way employers are providing DC accounts, and they are supplying employees with funds to purchase Medicare advantage or Medigap plans. Mason elaborates on this trend and shares his thoughts on how employees can prepare for retirement.
HR departments are in over their heads with all the complexities of the Affordable Care Act, says Adena DeMonte, senior director of marketing at health tech startup Keas. Listen as she shares how brokers can help overcome employee communication gaps by following three main steps.