Voluntary benefits

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.

Their respective names are synonymous with reaching new heights, which is exactly what Ascension Insurance, Inc. hopes to do in the employee benefits marketplace following its recent acquisition of Summit America Insurance.

Unum has unbundled the features of its individual disability insurance so that employers have more flexibility to select options for employees who are not fully protected by their group disability plans.

Proponents of mini-med plans were waiting to exhale until federal regulators showed a willingness to stave off the effect that a key provision of the Patient Protection and Affordable Care Act would have on these voluntary benefits for employees seeking affordable, baseline health insurance coverage.

Women bear the brunt of long-term care insurance cost burdens, according to Lisa Wendt, president and CEO of LifeSecure Insurance Company, which provides LTC and post-hospital recovery insurance coverage.

The Employee Benefits Group division of Sun Life Financial Inc. recently launched a campaign called “YOU” to educate and engage employees about their voluntary benefit choices during the latest open-enrollment season.

Critical-illness insurance is flying under the radar relative to other voluntary benefits, but a new MetLife white paper seeks to raise the product’s altitude among plan sponsors by showing how it adds financial protection and outlining steps to obtain the right amount of coverage.

One of the nation’s leading group legal plan providers recently acquired a lesser-known player, while a rival firm considered this avenue as one of several strategic moves to enhance shareholder value – proving the adage about strength in numbers may be particularly compelling in this business climate.

Two recent indicators of small-business activity have found that the nation’s economic engine is chugging along with a more optimistic outlook than previously believed – developments that could expand the number of voluntary benefit plan participants.

Humana Inc. recently expanded its digital footprint in the worksite market by launching an interactive, Web-based resource that shows how critical illness, disability and accident coverage offer financial protection in the event of an injury or illness.

Various months are designated throughout the year to educating consumers about the need for a particular insurance product line or service to ease financial burdens.

Dave Cirulis recently was named head of voluntary marketplace strategy for distribution at Lincoln Financial Group, which has spruced up its product portfolio as well as enrollment, service and technology capabilities. He reports directly to Robert Risk, the insurer’s vice president, group protection sales.

In response to a new American Payroll Association survey showing 43% of employees valuing health benefits more important than higher wages, Dan Maddux, the group’s executive director has suggested that employees consider pretax voluntary payroll deductions and flexible spending accounts to ease the sting of rising health care costs and uncertainty about health care reform.

Podcast: Strategic alliances can serve as an inexpensive foothold into the voluntary benefits marketplace for vendors that seek to broaden ...

Long-term care (LTC) insurance is back in the headlines, with several leading insurance carriers seeking rate increases to help offset investment shortfalls in an ultra-low interest rate environment and greater-than-expected plan usage.

It’s November, which means three things: open enrollment, turkey dinners and long-term care. Today (Nov. 1) marks the beginning of Long-Term Care Awareness Month, a concentrated push to get employees thinking about how they plan to receive and fund care in their later years.