Voluntary Benefits for the Multi-generational Workforce

T H E M U L T I - G E N E R A T I O N A L WO R K F O R C E

S O C I E T A L T R E N D S & V O L U N T A R Y B E N E F I T S

H OW T O L A U N C H A V O L U N T A R Y B E N E F I T S P R O G R A M

T H E R O L E O F T H E V O L U N T A R Y B E N E F I T S C O N S U L T A N T

6 trends in voluntary benefit products

THE MULTI-GENERATIONAL SAFET Y NET

6 TRENDS IN VOLUNTARY BENEFIT PRODUCTS

Trend No. 5: Telemedicine The rise in the use of Consumer Driven Health Plans, where the employee bears a greater cost share for healthcare, is prompting employers to find options that can offset out-of-pocket expenses. An overlooked solution is Telemedicine, which can be included as part of a core health plan or purchased as a Voluntary Benefit on a stand-alone basis. How does it work? Telemedicine puts a subscriber (i.e., an employee or covered dependent) in touch with a U.S. board-certified physician operating in their state of residency. The physician can treat common ailments such as colds and flu, sinus infections, allergies, pink eye, etc., and prescribe certain medications. Telemedicine gives the patient direct access to a doctor 24 hours a day, seven days a week and 365 days a year. The consultation can take place by a phone call, email or a web-based video call, and may include discussing symptoms, treatment options and prescriptions. Telemedicine consultations are a supplement for non-emergency treatment and visits to a primary care physician. What to watch for: Some group health plans provide Telemedicine as part of primary care/office copay. Check with the medical carrier to see if Telemedicine is already included in core healthcare coverage, what the copayment is, and which health services are covered. Trend No. 6: Pet Insurance Americans spend nearly $70 billion on their pets, with nearly a quarter of that amount devoted to veterinary care. 20 But only 1% to 2% of the nation’s 90 million dogs and more than 94 million cats are insured. Pet Insurance is the fast-growing trend in veterinary medicine. Employer-sponsored benefit plans insure the family pet against accidents and illness. Unlike common veterinary discount programs that may or may not be accepted by veterinary practices, Pet Insurance operates similarly to medical insurance for humans. How does it work? Employees make claims directly to the insurer, bypassing the veterinary clinic. A basic plan for certain illnesses and accidents can cost $20 or less a month; more comprehensive policies covering annual wellness exams, vaccinations, blood work and a range of treatments start at $63 a month. 21 What to watch for: Pet Insurance typically applies to dogs, cats and other small mammals, as well as birds and even some exotic animals. One exception is that farm animals, including horses, are typically exempt from Pet Insurance. However, potbelly pigs are usually covered. Despite the potentially high cost of premiums, there seems to be little downside to this Voluntary Benefit. Employees have an emotional attachment to their animals and Pet Insurance gives them peace of mind.

OTHER POPULAR VOLUNTARY BENEFITS

68% 1 in 8

Americans seek medical treatment each year due to accidents.

of employers offer Accident Insurance as a Voluntary Benefit.

- Life Insurance & Market Research Association

- Life Insurance & Market Research Association

20 American Pet Products Association, “Pet Industry Market Size & Ownership Statistics” 21 New York Times, “Pet Insurance Is the Latest Work Perk”

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