Archive for Trends in Disability Insurance

Little Known Facts about Disability

// June 11th, 2011 // 1 Comment » // Trends in Disability Insurance

Do you have protection in the event you become sick, disabled, have an accident that causes you to lose time at work?  Who will pay your bills?  What will your family do?  How long will your savings cover your costs?

Did you know that every ten (10) minutes 490 Americans become disabled?

According to the National Center for Health Statistics in a publication issued in 2008 and the findings of the Social Security Administration we know the following:

  • About 62 million people in the US have some type of disability that adversely affects their daily activities
  • Of those approximately 2/3 are under the age of 65
  • Approximately 3 in 10 in the workforce now will become disabled before they retire.

If you answer yes to any of the following statements, you probably need to reassess your insurance portfolio and add additional coverage for disability.

  1. Do you rely solely on your income to pay for everyday living expenses and bills
  2. I have life insurance to protect my family but I would like to explore some options for protecting my income.
  3. I have disability coverage from my employer but it only covers about 60% of my income.
  4. I am an independent business owner/practitioner and I don’t know whether I have enough coverage for my income and my business if something happens to me.
  5. I have set up a retirement plan, but a disability might force me to dip into those assets thus endangering my quality of life at retirement age.

Some of the carriers we work with include: Aflac, Mutual of Omaha, Principal, Met Life, The Hartford and many more….

We can work with you to find a plan for your company or you as an individual that can fit your budget and your needs.

For more information, please contact us at: rswaim@benefitsmartllc.com or submit a request for quote on our website: www.benefitsmartllc.com.

Top Trends in Voluntary Benefits for 2009

// November 9th, 2010 // Comments Off on Top Trends in Voluntary Benefits for 2009 // General Benefits Information, Health Care Reform & You, Trends in Disability Insurance

In addition to the legislative efforts currently taking place in Washington D.C. to nationalize the health care industry. The industry itself has shifted in several different ways in the past several years.

  • Health care costs are continuing to increase forcing more cost shifting to the employees
  • Benefits managers are moving more towards allowing the employees to be decision makers rather than acting as a parental unit
  • Employers are looking for technology to assist with enrollment and benefits management
  • More and more employers are moving to voluntary benefits as a supplement.

Voluntary benefits complement an employers core benefits program by offering employees choices to help fill coverage gaps in major medical, disability or life insurance.

An employer may be able to reduce major medical premiums by increasing the deductible and adding a voluntary supplemental health prgram like Aflac that helps employees cover the higher out of pocket costs. As a voluntary supplemental plan, the employee who feels they need additional coverage, or who want to fill in some of the gaps can elect additional coverage and those that are secure in their base medical plan can opt out. The plans offer the employees a way to manage major medical costs and to fill gaps if necessary.

Selling voluntary benefits to the employer and employee requires a consultative approach where the broker understands the major medical benefits being offered, the gaps that may exist, the make up of the employee base. Voluntary benefits are best sold in a one on one environment where a broker can work with each individual to custom fit a program to fit not only their pocketbook but correctly assess the gaps in coverage.

Voluntary benefits fit with high deductible plans, with Health Savings accounts and can even supplement the Flexible Spending Accounts.

Voluntary benefits are typically sold to employees on a pre-tax basis thus saving both the employee and employer some Federal and FICA tax monies.

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