Product Trends/Success StoriesWith health care budgets constrained, companies that want to provide employees with quality dental benefits are discovering an attractive option Administrative Services Only (ASO) insurance plans. Under an ASO arrangement, an employer self-insures for the benefits it pays out, but uses an outside company to deal with the nuts and bolts of handling claims and paying providers.
The growing emphasis on Web capabilities to help employers manage employee benefit offerings satisfies both moral and business responsibilities, which makes the argument for going paperless all the more compelling.
In deciding to remake a company that for more than 40 years leaned toward group life and disability insurance, Dearborn National President Anthony F. Trani surmised that the best way to collectively smile about sales production was by making dental a lead product.
Voluntary benefits continue to be widespread in the employee benefit marketplace, but have not reached critical mass at most brokerages, according to Employee Benefit Advisers 2009 survey of benefit brokers.
Mutual of Omaha recently eliminated its wrap fees on retirement plans with $1 million or more in transferred assets when the Stadion managed account option is selected as the Qualified Default Investment Alternative (QDIA).* And with this option, brokers now have more flexibility with trail commissions to win the sale.
Will employee equity plans remain viable in the future, or will they be one of the legacy benefits on the recession chopping block?
Hope is in the air at Cape Fear Valley Health System (CFVHS) in Fayetteville, N.C., where about 4,800 doctors, nurses, technicians, housekeepers and administrators in five hospitals with 765 beds face the same work-life challenges as other working Americans.
One of the most significant benefits a company can provide to its employees is protection against a potentially devastating loss of earning power due to a serious accident or a major illness. However, disability insurance is often overlooked, especially within a small group employers portfolio of benefits.
The more employees understand their dental benefits, the more satisfied they tend to be with their coverage. But most workers say they dont get the information they need to better understand their plan design, service and how to best use their plan.
Working Americans arent being pennywise and dollar foolish when it comes to their employee benefit offerings, and in fact, are prioritizing their financial commitments to various coverages.
The nations worst economic slide since the Great Depression has caused employees to prize their benefits more than ever. That observation is highlighted in Benefits & Behavior: Spotlight on Benefits and the Economy, a report recently published by The Guardian Life Insurance Company of America.
With employee retention cited as the top benefits objective among the HR practitioners polled in MetLifes 7th Annual Employee Benefits Trends Study, a comprehensive disability income insurance program can help achieve this critical business goal. Appropriate income protection is important for all employees. However, it can be more challenging when considering the needs of highly compensated employees (HCEs).
Women may live longer than men, but that doesnt mean that they should have less life insurance protection than their male counterparts. However, MetLife research finds that a gender gap persists with regard to life insurance ownership.
As benefit brokers and advisers gear up for another open-enrollment season, they might want to consider a unique product pairing that can help reduce costs for employers, as well as ease employee fears about their out-of-pocket costs rising in a difficult economic climate.
With employers facing greater competitive challenges regardless of company size, industry, geography and other key factors, brokers and advisers can become more aware of local standards and employee expectations by benchmarking their clients employee benefit programs. This, in turn, will strengthen their recommendations and produce more savvy advice at a time when HR and benefit professionals need to control costs.