Are Brokers offering Voluntary Employee Group Benefits seeing an Increase in Employee participation?
Now that the ACA is mandatory do you believe employers will seek out an Voluntary Employee Group Benefit Plan from Brokers advantageous. Better suited for the employee to make that decision?
The funny thing is I'm moving toward Living Benefits term life insurance and with the cut in cost my local market is eating up the savings and flexibility included with these products.
I feel there is a huge opportunity on Voluntary employee benefit schemes on a Group platform. But high costs, acceptability and lack of product innovation are key characteristics of this business. It is better for employers to negotiate directly with the insurers.
Yes, There are more voluntary benefits offered in today's companies than ever before and the employees of today's companies are better suited to make that choice due to the availability of information on the world wide web. But it also depends on the voluntary benefit offered as to being advantageous. There are a whole new set of problems that benefits need to address to be of value.
As previously stated, the Affordable Care Act will, and has increased popularity in voluntary benefits. For example, GAP plans have become more popular to help offset deductibles and higher max out-of-pocket expenses.
As employers migrate to High Deductible health plans we have found a increase in their willingness to offer voluntary employee group and supplemental plans. It provides the employees with individualized coverage that fits their needs and fills the coverage gaps that are inherent in HD plans.
Yes Erick. Voluntary Benefits are a great way to give employees options when selecting their benefits and also provides employers with much needed savings!
Yes. Employers providing Voluntary Employee Group Benefits are
seeing an increase in participation and benefits for their employees.
This a good way to get value added benefits, tailored to specific employee needs.
according to MetLife’s 2013 Study of Employee Benefits Trends, 58 percent of employers say providing voluntary benefits is a significant benefits strategy up significantly in 2012 from 32 percent in 2010. Nearly half of employers who currently offer voluntary benefits say they are likely to increase the number of products they will offer in the next two years.
Based on the increase in medical premiums that I am encountering I don't see a lot of extra money available to buy any additional benefits.
It has been my experience that voluntary benefits are increasing in popularity due to ObamaCare.
Small businesses or large? Each has a different set of circumstances. Giving employees the ability to buy certain benefits with preferred pricing will definitely be valuable, as long as the core health insurance issues are addressed in some way. Small and large businesses will each need to tackle this differently.