Six Key Voluntary Benefits

Dazed by the Health Care Merry-Go-Round? Clear Your Head with Six Key Voluntary Policies

When it comes to health insurance, Americans’ heads are spinning. Employers, workers and even some benefits experts are dizzy from the merry-go-round of changes to the way health care benefits are purchased, delivered and paid for.

One thing that won’t change anytime soon is the effort businesses are making to reduce employer-paid health care costs. For the past several years, budget-conscious companies have looked for ways to control their benefits-related spending, not only by eliminating some employer-paid coverage but also by shifting costs to workers in the form of increased co-payments and deductibles.

While employers look for ways to trim benefits costs, workers are searching for ways to help guard against the fiscal implosion that can accompany injury or illness. One way many businesses are soothing worker fears is by supplementing their benefits packages with an array of employee-paid voluntary health insurance options.

Employees Want Voluntary Options

Voluntary insurance allows workers to make their own decisions about what types of supplementary coverage they need and can afford. The 2013 Aflac WorkForces Report revealed that 60 percent of employees would be interested in purchasing voluntary benefits if those benefits were made available by their companies.¹

So, once a company has made the decision to add voluntary benefits to its roster of health insurance choices, where does it start?

One way is by surveying employees to identify their most-desired voluntary options and offering a selection of the plans generating the most interest. Overwhelming employees with too many choices at once can be just as ineffective as not providing enough options to choose from. Most employers will find that workers are most interested in these six types of voluntary coverage:

• Disability insurance, which protects a worker’s most valuable asset – the ability to earn a living. Disability benefits pay a portion of an employee’s income while he or she is disabled and unable to work.     
• Life insurance is a high-demand benefit, especially in shaky financial times. It’s most appealing to workers who want to protect their families’ lifestyles if the worst should happen. Benefits can be used to pay immediate needs such as funeral expenses, medical costs and current bills and debts. They can also be used to pay future needs, including ongoing financial obligations, education costs and retirement expenses.  
       
• Dental coverage is a high-value proposition for several reasons: It’s often inexpensive, dental health is closely tied to overall health, and many companies are discontinuing employer-paid dental coverage. Supplementary dental plans can help pay for cleanings, checkups, filling cavities, X-rays, sealants, emergency care and more.  
    
• Accident insurance allows workers to stay ahead of the out-of-pocket expenses that add up quickly after an unexpected health event. Benefits can be used to pay for emergency treatment, hospital stays and medical exams, as well as for treatment-related transportation and lodging needs. 
• Critical care and recovery insurance helps pay for treatment related to serious, life-altering events such as heart attacks, strokes, kidney failure or third-degree burns.

By adding voluntary options to workers’ benefits plans, employers can develop robust health insurance portfolios that provide workers with peace of mind at no direct cost to their companies’ bottom lines. What’s more, Aflac’s research shows that a well-thought-out roster of health insurance options results in increased contentment among existing employees while attracting new talent.

Strong Benefits Programs Linked to Employee Retention, Satisfaction

According to the 2013 Aflac WorkForces Report findings, 60 percent of employees whose companies offer voluntary benefits say they’re not likely to look for new jobs within the next year, compared to 49 percent of those who are not offered voluntary options. Workers with voluntary benefits also gave their employers higher marks on job-satisfaction indicators: They are more likely to believe their companies are known as great places to work and that their employers take care of workers, and they’re also more likely to recommend their workplaces to friends.

The bottom line? Employers can help workers step off the merry-go-round of today’s volatile U.S. health care system – and ease their health care-related financial worries – by presenting them with voluntary benefits options. Voluntary health insurance benefits allow employees greater control over their finances by giving them the chance to select the amounts and types of coverage that meet their health care needs, as well as their families’ budgets.    

Sources

¹ The Aflac WorkForces Report, www.aflacworkforcesreport.com – accessed July 12, 2013

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Americans can benefit from a dose of medical reality

Americans are occasionally a little too optimistic.

For example, the 2011 Aflac WorkForces Report conducted by Harris Interactive —a recent survey of more than 2,000 benefits decision-makers and more than 4,000 U.S. workers— found that 13 percent of workers believe it's likely that they or a family member will experience a serious illness, such as heart disease or cancer, in the future.

But this is one time where a little less optimism should prevail. The truth is that unexpected medical emergencies can happen to anyone.

Even though people far underestimate the odds of experiencing a serious or chronic illness, most American workers say financial considerations would be the first thing on their minds if they or a family member became seriously ill. According to the Aflac study, 40 percent of workers say they are most concerned with the coverage their insurance provides, and 34 percent wonder how a serious illness would affect their ability to pay monthly expenses.

More than half (51 percent) of workers say they aren't prepared to pay out-of-pocket expenses not covered by major medical/health insurance related to an unexpected illness or accident.

Employee health is of utmost importance and I’m concerned about the high potential of workers’ financial instability in light of a medical emergency. My concern also extends to my fellow HR colleagues who may have to contend with an unsatisfied or under protected workforce as a result of the limited benefit options available to them.

Agents and brokers should advise benefits decision-makers that voluntary insurance policies, such as short-term disability and critical illness, help individuals pay bills that major medical insurance is not designed to cover. Voluntary benefits—a cost-effective supplement to core benefits—allow employers to offer competitive benefits packages at no direct cost to their company while providing a financial safety net to employees.

Just like accidents, serious illnesses happen and major medical doesn’t always cover all the costs. Consumers need to plan for unexpected health events in the same way they plan for life events like retirement and the cost of children’s higher education expenses.

BY AUDREY TILLMAN
July 29, 2011

Aflac Now Offers Group Voluntary Benefits

BY: AFLAC
November 21, 2011

Aflac now offers group voluntary benefits, including Critical Illness, Supplemental Hospital Indemnity, Accident, Short-Term Disability, Whole Life, Term Life, and Dental.

How relevant are group voluntary benefits these days? Today, more Americans are taking a "front seat" when it comes to driving their insurance decisions. As a result, voluntary benefits, once considered a nontraditional and "nice to have" option, are now more in demand by employees and employers alike.

Employers are beginning to recognize that, in making voluntary insurance benefit plans available to their employees; they can enhance their core plan offerings, while satisfying employees' demands for more insurance options and increased control over the ways they help protect their income and financial safety.

Employers also like the fact that such benefits can be offered at no direct cost to themselves. In fact, employers actually receive rewards, in the form of more satisfied, less anxious, and better-protected workers. For example, the 2011 Aflac WorkForces Report found that 59 percent of employees said that a company's benefits package is extremely/very influential in its ability to attract and retain talented employees.

The study also found significant differences in the mindsets and attitudes of employees who have applied for voluntary insurance benefits, compared to those whose employers don't offer such benefits. For example, 62 percent of employees enrolled in voluntary insurance benefit plans report that, "My current benefits package meets my family needs," while only 45 percent of employees whose employers don't offer voluntary benefits agreed with that statement. In addition, 57 percent of the former reported that, "I am extremely/very satisfied with my benefits package," while only 41 percent of the latter agreed with that statement.

Employers have a number of options when introducing group voluntary benefit plans. For example, they can incorporate them into their existing packages, including integrating them as complements to their existing employer-paid benefits, restructuring current employer-paid benefits to include employee buy-in options, or replacing some employer-paid benefits with voluntary insurance plans.

Facts About Aflac

We are all working harder these days and bills just keep rising. Did you ever stop to think — what if My employees got sick?

How would they pay their bills? Below are some facts about Aflac for employers.

Facts About Aflac For Employers

Providing health insurance is getting harder and harder these days. But your company doesn’t have to suffer because you can’t provide health benefits. Aflac is a zero cost benefit solution for your company.

Aflac can provide the benefits to help you retain your best employees and offer the company a tax benefit as well. Your employees are offered a wide range of Aflac benefits with low premiums. They pick and choose which benefits fit their needs. Premiums are deducted from their paycheck.

Please contact me for an Aflac presentation.

Aflac IS NOT Health Insurance

Aflac is not health insurance.

Aflac insures your life style. Unlike health insurance, Aflac pays you cash to help with bills or anything else you need in the event of illness or an accident when you can’t work.

Working in conjunction with your health insurance, Aflac is considered to be an extra measure or extra financial protection. In the event of an illness you can use the cash (benefits) from Aflac to pay your car note.

Aflac doesn’t ask what you use the money on or for. You could buy groceries, pay your light bill, etc.

Unlike traditional health insurance, Aflac belongs to you. If you switch jobs or retire you can take your Aflac benefits and policy with you.

From the varies Aflac products you can build a policy that fits your need.

After filing a claim you don’t have to worry about increase premiums. Aflac rates don’t go up even when you file a claim.

The normal claim process is typically 3 days.

Would you like to talk to an Aflac representative? Call me: (818)421-3084.

Fighting Insurance Companies to Cover Medical Costs

When fighting for insurance companies to cover medical costs, you need to take control and have confidence to stand up to these big companies. No one else will fight this battle for you. Here are a a few steps to help you:

1. READ Your Policy
You have to know what your benefits are in order to fight for them. If there are any exclusions or limitations, you have to know what those are. Some policies require that you see only a certain group of physicians or have your laboratory services done only at particular facility. If you go anywhere else, they may deny or pay a reduced benefit. If you don't have your policy information call your provider, it looks like a booklet. I know exactly where mine is since I use it for reference constantly.

2. Understand the Lingo
Most of the time the policy contains a glossary of terms. If you run across a word that is not familiar look up the definition.

3. Know Who Your Providers Are
Do not rely on the physician’s receptionist to know if they are a provider. Call your insurance company and ask. They may mistakenly think they are a provider, but when the bill comes you may find out they are not. Take control.

4. READ Your Explanation of Benefits
This is a statement from your insurance carrier that describes what they are paying on the services that have been rendered. Go over this statement and make sure you are receiving all of the benefits you are entitled to. If there is any question in your mind that something has not been paid correctly, call the insurance company and ask for an explanation and then demand that the claim be adjusted. Do not take “NO” for an answer. So many times I have had to ask for a supervisor to help me and this should always be an option for you. Sometimes it just takes asking for a supervisor to get the claim adjusted correctly.

5. File an Appeal
If you are still not satisfied with the way your claim was handled, or the customer service person cannot help you, then file an appeal with your insurance company. Keep a written documentation of your conversation. With this documentation include the day, the time, and with whom you spoke with. Most of the time, conversations are recorded and this can at times work to you advantage.

Aflac is for Everyone | Video Summary