|EMPLOYEE VOLUNTARY PLANS |
Voluntary worksite products are extremely popular for a reason. The employees can enhance their benefits and the employer does not take on additional cost. There are a number of insurance companies that offer voluntary plans. One company does not fit all businesses. We work with numerous carriers to match the benefits you want to offer with the employee make up of you group.
The problems with voluntary plans are twofold.
* Implementation - You do not want an agent over selling your employees. It does the employee no service if they purchase more product than they can afford. It is important to have an agent who understands this and cautions the employee about over spending. Another important factor is not offering too many options. It just becomes confusing. Limit the number of offerings to the employees to two or three products. You can always offer more benefits the next year.
* Service - One of the big problems with voluntary products has always been (and continues to be) service. You started the voluntary program with one agent and the next year you have a different agent and the next year still another agent. In the interim, if you have a claim, billing or administration problem, you don't know who to call and if you do, the only time they return calls is when it is time to come out and reenroll you employees.
We understand that your employees have a bottom line also. Our primary goal in enrolling your group is to see that the employees purchase products they want and need, while making sure they do not spend more than they can afford. We also understand that you do not have the time or inclination to be servicing your employee benefit program. Any claims, billing or administration issues; we are the ones you call. We will deal with the carrier, not you.
PRODUCTS OFFERED ON A VOLUNTARY BASIS
Disability - usually only short term on a voluntary basis
GAP plans - policies purchased to pay for part or all of the major medical deductible
and coinsurance (allows the employer to purchase a high deductible medical
plan, saving premium, but gives the employees the option to cover the
deductible if they wish).
Long Term Care
Hospital Indemnity plans