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Group Retirement - Voluntary Benefits

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What are Voluntary Benefits?

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Voluntary Benefits are typically insurance or insurance related products offered by employers, associations, unions or other multi-member groups, which are traditionally paid for by the employees or members through either payroll-deduction or other group billing formats. The types of programs available grow steadily. The most common are life insurance, short-term and long-term disability, dental, vision, medical supplement, cancer, long term care, intensive-care, and critical care. More recently, the definition has been expanded to include peripheral benefits, such as legal plans, pet-care, and discount health and lifestyle benefits. Many companies can’t afford extensive benefit packages. Voluntary benefit programs enhance an employer’s overall compensation package by making additional affordable protection available on a group basis. Employers have found that insurance is not a “one size fits all” proposition; employees have differing needs, often based on age, family structure, salary levels and a multitude of other variables. A comprehensive voluntary benefits program offers choices.

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It follows that numerous studies indicate employees welcome the opportunity to purchase benefits through payroll deduction at the workplace. Employers are also frequently surprised to learn the following facts about their employees’ financial security planning and views on Voluntary Benefits.

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• Most employees are underinsured. More than 50% have only their employer paid group insurance to protect their families;

• 60% of employees feel that voluntary benefits offerings can be more important than increase in pay (WellPoint Inc);

• 83% of America employees have a strong appreciation for employers that offer voluntary insurance benefits (WellPoint Inc);

• By age 65, we have more than a 43% chance of entering a nursing home sometime during our remaining years. (Congressional Task Force on Long-Term Health Care Policies

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Benefits to the Employer and Employees

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As the cost of insurance steadily increases and the U.S. health reform evolves, Employers are frequently turning to voluntary benefits to supplement their Employee benefit packages.

 

Benefits to Employers include:

• Plan represents NO COST to the Employer. It allows the Employer to expand fringe benefits at no additional cost, thus making the overall benefit program more attractive to Employees;

• Enrollment in supplemental benefit plans creates cost containment in core health coverage;

• Potential FICA savings with pre-tax Employee deductions;

• Builds Employee morale, promotes the company and corporate leadership, enhances the Employer’s image and creates long-term goodwill; and

Correspondingly, Employees are also frequently turning to voluntary benefits to supplement their core benefit coverage.

 

Benefits to Employees include:

• Plans are customized based on each Employee’s individual needs;

• Programs are underwritten more liberally and sometimes on a guaranteed issue basis, portable and have guaranteed rates based on entry age;

• Plans are available to Employees, as well as their spouse and dependent children;

• More convenient for the Employee because the premium is automatically deducted from the paycheck, thereby freeing the Employee from having to write checks, pay postage or worry about missed premium payments;

• Gives the Employee the benefit of individual, on the job, insurance counseling.

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Voluntary Benefits Communication

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The Benefits of Communication

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Most employees don’t have a relationship with a personal insurance representative or a financial planner, nor the opportunity to discuss their long-term insurance needs. Absent appropriate coverage, the financial protection of employees and their families may well be at risk.

Convenient worksite communication and enrollment makes it easy for employees to meet one-on-one with educated, licensed representatives who communicate the benefit choices and provide assistance when planning an insurance program that provides long-term coverage. During these meetings, employees learn valuable information that is useful in planning for their future and choosing appropriate coverage options. They also gain a broader understanding of the programs that can assure lasting protection for themselves and their families, as well as a greater appreciation of their total benefits package.

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Communication and Enrollment

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The communication and enrollment process is presented during one-on-one meetings by licensed, educated representatives whose focus is on providing an educational foundation for employees to make needs-based decisions on which coverage options are most appropriate.

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Enhanced Employee Awareness

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During the communications process, Hamilton Benefits puts the focus on existing benefit plans, and how new voluntary benefits can supplement and enhance the existing benefit package. This directly results in increased employee awareness and appreciation of their total compensation package, and can lead to greater participation in employer preferred benefit programs.

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Voluntary Insurance Products

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Mullen, Bergin, Robets, & Co. offers a variety of voluntary insurance and ancillary benefits. By offering such benefits, employers can significantly enhance the value of the benefit package offered to their employees without impacting their bottom line. The only contribution required by the employer is their cooperation, support and coordination with Mullen, Bergin, Robets, & Co.

Mullen, Bergin, Robets, & Co. offers the following Products:

Voluntary Insurance Benefits

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• Term Life

• Universal Life

• Whole Life

• Vision Plans

• Dental Plans

• Short Term Disability

• Long Term Disability

• Supplemental health Plans

• High Deductible Health Plans

• Accident Insurance

• Critical illness Insurance

• Cancer Insurance

• Pet Insurance

• Payroll Deducted Home & Auto Insurance

• Long Term Care Insurance

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Ancillary Benefits

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• Prepaid Legal

• Health and Lifestyle Discount Benefits

• Purchasing Power

• ID Theft Protection

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