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Why employers choose voluntary benefits |
According to insurance industry studies by LIMRA in 2005,
the majority of Americans are underinsured. Actually,
there is a crisis in life insurance ownership. Over
30% of working Americans have no life insurance, and another
35+% have only group life insurance (taskforce for the
future). For
instance, of all life insurance purchased, 43% is
employer-paid group-term life insurance. If voluntary
life insurance is not made available at the worksite, more
employees will go unprotected. The median family income was $37,534
and the average amount of group insurance provided was
$65,000. It was found that employers can't afford to
pay for all the benefits that employees need. They are
also being forced to high-deductible health plans.
For those and other reasons, more employers are choosing
voluntary benefit programs. The employers responding
gave these reasons for choosing the supplements.
- Do something employees appreciate (28.6%)
- To attract and retain employees (38.8%)
- Offer convenient payroll deduction (43.5%)
- Offer products not currently available (40.1%)
- Obtain cost savings for the company (18.3%)
- Offer employees tax saving options (19.1%)
Most employees enjoy the opportunity to purchase products
at competitive rates for themselves and dependents--an
opportunity only available at work. Most found the
process convenient and were comfortable knowing that
products were pre-screened by the employer. Most
recognized the value of "group" programs in getting better
rates, family coverage, broader selection of products,
unisex and uni-age rates, and portability.
Choose the right products |
You decide--and we can help! It's almost
impossible for most brokers or benefit consultants to be
familiar with the many different carriers and products
available in the voluntary benefit arena. What makes
American Worksite unique is our total commitment to the
voluntary benefits business plus years of experience in
presenting, designing, and installing just the right
voluntary program for your company. We are involved in
MI2 and the Benefit Marketing Association which means we
have the most up-to-date information on new products and
carriers to support your needs. Please check the
Products web page for additional thoughts on selection.
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Enrollment--the key to success |
The right approach: American Worksite's
hands-on approach and attention to detail make us unique in
the voluntary benefit worksite marketing arena. No one
does it better. The key to a successful and positive
voluntary benefit enrollment is seeing employees in a manner
that works well for your company and employees as well as
for American worksite.
Customized enrollment process: Once the
basics of the program are specified in a letter of
understanding, we customize how we meet with the employees
(group meetings, one-on-one, combination) and paper vs.
electronic enrollment. In every case, salaried benefit
counselors are the cornerstone of the process. Your
employees get excellent communications with no pressure.
Accuracy of payroll deductions is always important
to your HR staff. No enrollment is complete until a
deduction register is delivered to your payroll department.
No matter which carriers or products you select, our
customized billing system puts all products on a common
bill, and we have a dedicated team to work with you on all
billing issues. For a small service fee, we
consolidate all voluntary programs, monitor changes, and
interface with the carriers on your behalf. This gives
your HR team a single point of contact for voluntary benefit
questions.
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Ongoing support |
Claims help: Our service team has a record of
each carrier and type of coverage your employees choose, so all an employee has to
do is call our toll-free number and we help get the claim
started.Reach out: Once the enrollment is
complete, with your approval, we meet with your HR team at
least three times during the year to determine how the plans
are working, learn how we can better serve you and prepare
for the next enrollment. After each meeting, we give
you a full report. It's like adding another service
person to your team.
Make it a yearly thing! 92% of our clients
want us to re-enroll their employees at their voluntary
benefits anniversary. When you and your broker hire an
enrollment company, make sure the enrollment company is
committed to a long-term relationship with your company.
American Worksite is committed to building and keeping
long-term relationships.
Make the stretch... From start to finish,
our mission is to exceed your company's expectations.
You--the employer--deserve the best, and brokers and consultants who work
with us feel the same way. That is why 90% of our
business comes from brokers already working us or referred
by those brokers and other satisfied client companies.
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Which products are favored? A 2005 study established some
trends as to which employers offered which products.
- 42.6% AD&D
- 49.5% Cancer
- 49.5% Dental
- 47.3% 401(k) pensions, etc.
- 45.1% Long-term disability
- 30.6% Universal life insurance
- 50.7% Short-term disability
- 59.2% Term life insurance
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