Voluntary benefits have become very popular in recent years and many brokers and carriers have entered this market. While increased competition is certainly positive, understanding the features and nuances of these benefits has become very important. Unlike Medical plans, which have become more homogenous with the advent of the Affordable Care Act, voluntary benefits continue to be quite different from carrier to carrier. With the ACA, we have seen higher deductibles that make voluntary benefits even more important to employees, many of whom are living paycheck to paycheck.
As a broker offering these benefits to your employer groups, it is important to become proficient in voluntary benefits or choose to outsource this expertise. There can be a huge difference in benefits from carrier to carrier. It is important to dig into the policy language and understand how the policy will work. And being active in servicing accounts can be quite an education as one can better understand how benefits work at time of claim.
