Insurance companies are warning that 2014 could be the worst in history for renewals. There may be a slight silver lining to the murky clouds of health care reform — ancillary benefits, or voluntary benefits. They’re expected to grow substantially in the coming years. Advisers may do well to leverage these offerings with clients.
While the Affordable Care Act requires employers to offer affordable benefits that provide minimum value ¾ or pay a fine ¾ the new exchanges coming online mean less of their own budget will be going toward major medical coverage. At UBA, we see this as a new opportunity to help employers differentiate their benefits plans with ancillary benefits such as dental, life, long-term disability, critical illness and paid-time off.
