Voluntary benefits

In a sign of the times, the 38 independent provider law firms associated with Pre-Paid Legal Services responded to more than 79,000 requests to handle debt-collection issues in the first half of 2010 – accounting for 7% of the 1.1 million overall requests for assistance during that timeframe.

Health care providers, attorneys and other service providers can breathe a collective sigh of relief.

Several leading service providers across the worksite-market landscape, hoping the economy heads northbound, are poised to reach higher ground in 2011. Consider a few of the most recent developments:

WageWorks Inc., which offers consumer-directed benefits solutions, recently acquired the tax-favored and benefits continuation administration business of Fringe Benefits Management Company (FBMC), which offers customized voluntary and core benefit products primarily in the public-sector market.

Just 39% of single and never-married employees have life insurance compared to 61% of all 2,071 working Americans responding to a recent online Harris Interactive survey for the Colonial Life & Accident Insurance Company.

Employers with dental or vision benefits have gritted teeth and winced about the Patient Protection and Affordable Care Act’s impact on such coverage, but a recent Segal Co. analysis seeks to clear up any confusion about compliance.

Lists of New Year’s resolutions are unavoidable during this time of year – both in print and across the blogosphere. The same can be said about industry forecasts. One such prognostication that will pique the interest voluntary benefit plan proponents involves a bullish outlook on critical-illness insurance (CII) for insurance brokers in 2011.

Americans were estimated to spend an average of $688.87 each on holiday-related shopping, according the National Retail Federation. Now that the wrapping paper has been tossed and many holiday gifts have been exchanged or returned, there is still one big-ticket item many workers have yet to buy.

The employee benefits market in Southeast Michigan historically has been heavily union-oriented. As a result, the rich benefit packages had little need for voluntary coverage offerings such as hospital indemnity plans.

In the voluntary benefits business for more than a decade, Nashville's Karen Quigley knows a tidal change when she sees one. With carriers increasingly entering the core voluntary market and health care reform looming large over the whole industry, Quigley knew it was time to adapt.

Digital Insurance Inc., which serves small and midsize companies, recently named Wayne Mertel vice president of voluntary solutions.

In a fresh reminder that more change is coming to an uncertain long-term care insurance market, MetLife will no longer sell new such policies and discontinue new enrollments into existing group and multi-life LTC plans.

Is bare-bones health insurance coverage better than no coverage at companies that cannot afford to offer comprehensive benefits?

Voluntary benefits are seen as a palatable alternative to no employer-paid coverage or more costly policies in the individual insurance market, suggests the first in a series of research briefs based on Prudential Financial Inc.’s fifth annual study of employee benefits.

Standard Insurance Company, whose group product line includes disability, life, AD&D, dental and vision coverage, now offers the Protector Platinum individual disability income insurance plan in 20 states.

A recent Aflac survey of 1,000 working Americans suggests there will be increased opportunities for brokers and advisers to sell voluntary dental plans, particularly among those between the ages of 35 and 54 in a post-health care reform market.

What happens when a division of the nation’s second-largest payroll company teams up with the creator of an online benefits education and enrollment platform for group insurance products in the voluntary marketplace?

The Community Living Assistance Services and Supports Act begins to take effect on Jan. 1, 2011. Under the CLASS Act, which is part of the Patient Protection and Affordable Care Act, a public insurance option offering employees voluntary long-term care insurance will be an option for employees to consider.

The employee benefits market in Southeast Michigan has historically been heavily union-oriented. As a result, the rich benefit packages had little need for voluntary coverage offerings such as hospital indemnity plans.

Finger Lakes Fire & Casualty, a policyholder owned company represented by about 120 independent agents, will now offer LifeStages identity protection services through Identity Theft 911, a leading provider of identity management and data-breach services.