Employer interest in voluntary benefits builds as health care reform implementation deadlines approach
Indianapolis, IN, [September 18, 2013] ⎯ As health care exchanges go online as a result of health care reform and fewer businesses are burdened with a full health care plan, voluntary benefits are becoming a bigger part of employee benefit packages.
United Benefits Advisors predicts ancillary, which includes voluntary employee benefits will be a greater differentiator in 2013 than ever before, and UBA’s Ancillary Products Survey, with responses from nearly 12,000 employers, indicates vast differences in ancillary benefits offered by employer size, region and industry. For example, only 0.5 percent of the employers in the survey offer on-site clinics, however among employers responding to the question with more than 500 employees, the average was 7.4 percent.
Most employers want to maximize their benefit offering while being cost conscious, and employees want more choice in selecting benefits that best meet their specific needs. Effective benefit education and enrollment are crucial to minimize HR headaches and for employees to make smart benefit decisions.
To help employers develop an effective voluntary benefits strategy, United Benefit Advisors (UBA), in conjunction with the Principal Financial Group® is hosting a free webinar, “Maximize Your Employee Benefit Dollars with Voluntary Benefits,” on Sept. 26 at 2 p.m. EDT. To receive the $149 discount for this webinar enter the code “UBAP” when registering. To register, visit: https://webinars.ubabenefits.com/tabid/1932/Default.aspx?wid=108. This webinar has been submitted to the Human Resource Certification Institute to qualify for 1.25 recertification credit hours.
“With more flexibility to offer attractive benefits like dental, life, long-term disability and paid time off, employers are increasingly adding these product lines, at little or no cost, to attract and retain top talent,” says Thomas Mangan, UBA CEO. “In today’s health care reform and talent war era, it can’t be stressed enough that HR professionals and business owners must understand how to incorporate these kind of benefits into overall health plans in a way that makes sense for their industry, size and region.”
Voluntary Benefits Product Director
Principal Life Insurance Company
Connie is responsible for the management/development of our voluntary product portfolio and services with specific focus on education and enrollment. Connie joined The Principal in 1979 and held administration and underwriting positions for our small employer retirement plans. She moved to sponsored benefits in 1986 to help launch a voluntary benefits division. In 1994 she moved to non-medical market center to become group life product director. In 2004, with more focus on our voluntary business Connie moved into her current position.
Assistant Product Director - Voluntary Benefits
Principal Life Insurance Company
Luanne is responsible for product development and management of voluntary products and services and is accountable for collaborating with other departments to meet the product, education, enrollment and administrative needs of voluntary benefits customers. Luanne joined what was then known as Bankers Life in 1986 as an individual disability income and life insurance underwriting analyst. In 1990, she accepted a marketing consultant position and provided marketing strategy and support to the individual disability and life insurance products and executive benefits. Luanne briefly held a corporate marketing role before accepting her current position in 2004. Luanne earned a Bachelor of Science degree from Truman State University in Kirksville, Mo. and an MBA from Drake University in Des Moines, Ia.
About the Principal Financial Group
The Principal Financial GroupÒ (The Principal®) is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $450.6 billion in assets under management and serves some 19.8 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
About United Benefit Advisors
United Benefit Advisors® (UBA) is the nation's leading independent employee benefits advisory organization with more than 200 Partner offices in 45 states, Canada and the United Kingdom. Learn more at www.UBAbenefits.com. UBA Partners also conduct the yearly UBA Health Plan Survey, the nation's largest employee benefits benchmarking survey based on responses from nearly 11,000 employers, offering unprecedented insight into the employee benefits market. To contact a UBA Partner Firm and get more information about benchmarking your health plan, click here.