The most popular product offered by employers as a voluntary benefit continues to be term life insurance, according to the International Foundation of Employee Benefits Plans. The organization reports that 73% of employers offering voluntary benefits offer term life insurance.

Access to term life insurance through an employer could result in higher coverage limits for less money, as well as less restrictive underwriting.

Term life offers coverage that is particularly appealing to those who want to protect family members from the loss of a breadwinner’s income due to premature death. In some cases, insureds can designate a trust as the beneficiary for the care of minor children. In other cases, proceeds of the policy can be used to pay mortgages or other bills left unfunded by the early death of the primary income earner in a household.

Are you offering term life insurance as a voluntary benefit to your employees? If not, consider starting today.

Voluntary Benefits for Your Workers

Many employers that wish to offer lower-cost benefits to employees but are unable to afford traditional benefit plans look to the voluntary benefits marketplace. These are plans that cover short- and long-term disability, long-term care, dental, vision and other needed services at lower rates than employees could find if they bought those services on the individual market. Some of the health plan offerings, such as health reimbursement and health savings accounts affiliated with high-deductible medical plans, are very attractive to employees who are and expect to remain healthy overall.

There are even benefits that apply outside the health field, such as discount plans for major consumer purchases, transportation, legal aid and wellness activities. Group rates for life insurance are also available. Based on your employee demographics, one or more of these programs could be attractive.

Give us a call for help in designing a benefits package that appeals to your current and prospective employees..

Among the changes that came with the 2010 federal healthcare law is the CLASS (Community Living Assistance Services and Support) Act, which is a voluntary, federally administered insurance plan paid for by the consumer. It is intended to give participants help in paying for home-based or facility-based assistance if they become disabled or handicapped.

The details of the provision are not due from the Department of Health and Human Services until late 2012, so you have some time to consider offering it to your employees through work. The plan will be available to active workers age 18 and older who are not living in a nursing home or other institution. Part-time employees are eligible.

If an employer chooses to participate, it will enroll employees automatically, with premiums paid through a payroll deduction. Employers will have the option to finance all or some of the premiums.

As it stands now, the plan will pay no less than $50 per day. The actual payout will be based on an assessment of the applicant’s need for help and a payment schedule, still to be developed by HHS. There is no lifetime limit on benefits, and there will be an inflation component built in. However, participants must pay premiums for five years after enrolling and be actively at work for three of those years before they are eligible to receive benefits. Premiums are still not set, but they likely will be lower for younger enrollees and those below the poverty line.

This CLASS Act plan is somewhat of an alternative to long-term care insurance, which is something your company might want to consider offering as well. Contact us for more information on your options and a comparison of premiums and benefits.

Medical spending costs $1,400 more annually for obese employees than those of average weight. Additionally, obese workers cost employers millions in lost productivity each year.

Studies show that two-thirds of Americans are either overweight or obese and nearly 18% of adolescents are obese. This condition subjects these future members of the workforce to the early development of diabetes, heart disease and other ailments.

There’s no question that obesity contributes to a less productive workforce and increases medical costs. What can you as an employer do to curb the effects of this condition on your staff and your expenditures?

The first step is education for both your benefits staff and your other employees. Resources are available from most community health centers and hospitals. The second step is motivating your workforce to improve weight and overall health. The third step is using a combination of rewards for participation and success and—sometimes, as allowable by law—penalties for refusal to address health-risk behaviors.

There are many providers of wellness programs and an abundance of online tools. Our team can help you find voluntary plans that you can provide through work to address weight and fitness. We can also assist you in learning about your options when it comes to rewards and penalties. Call us for more information.

Thank you for your referrals.

Your firm may save money by paying for “bundled” services from a single provider, such as Internet and phone. Why should employee benefits offerings be any different?

A growing number of benefits providers are offering product integration to employers looking to simplify voluntary benefits purchasing across a diverse demographic of employees.

The Integrated Benefits Institute says employers that integrate their benefits offerings typically experience a cost savings between 5% and 25%. This method of selling voluntary benefits can help simplify enrollment and premium payments and allows employees the option to communicate with a single provider for all of their benefits products.