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

other popular voluntary benefits Accident Insurance

THE MULTI-GENERATIONAL SAFET Y NET

6 TRENDS IN VOLUNTARY BENEFIT PRODUCTS

OTHER POPULAR VOLUNTARY BENEFITS

Accident Insurance provides a direct payment to an employee who suffers an injury and requires medical attention. Payments are typically based on the type of injury and treatment received as defined on a schedule of benefits included with the policy. Employees can typically choose coverage for on- and off-the-job or off-the-job only accidents. They have a choice of family or stand-alone coverage for themselves, their spouse or dependent children. Optional riders on these policies, such as disability income, are available at an additional cost. Some plans include benefits for accidental death and dismemberment resulting from an accident. Accident plans are popular among people who work in higher-risk professions (drivers, law enforcement, fire personnel, public works staff, factory workers, etc.). This coverage is also popular among employees with children, especially if the youngsters are involved in sports and other physical activities. Cancer Protection According to a recent survey by JAMA, more than one-third of insured cancer patients receiving anticancer therapy faced out-of-pocket costs that were greater than expected. 22 Cancer Protection plans provide a direct payment if an employee is diagnosed with an internal cancer; skin cancer is usually excluded. The payment is typically a lump sum upon diagnosis that can be spent however the policyholder wishes. Typically, payments are used for normal cancer treatments, experimental cancer treatments, and indirect financial expenses associated with a cancer diagnosis/treatment such as transportation to a care center of excellence, family member boarding at a hotel during patient treatment, loss of wages while out of work, etc. Critical Illness Out-of-pocket expenses have risen for hospitalized patients in recent years. A heart attack that triggers a $1,200 out-of-pocket expense in 2009 will cost about $1,600 in 2017. 23 Critical Illness coverage provides a direct payment to employees who are diagnosed with an illness that is covered under the policy contract, such as heart attack, stroke, end-stage kidney failure, organ failure, HIV, blindness and cancer. Benefits are typically paid in a lump sum upon the diagnosis of a covered illness. Benefits from the policy can be used for medical bills (out-of-pocket copays and deductibles), medical equipment, home healthcare, and non-medical expenses such as mortgage, child care, patient and family travel/lodging related to care, loss of wages, etc.

ACCIDENT INSURANCE

CANCER PROTECTION

CRITICAL ILLNESS

DISCOUNT MEDICAL, DENTAL, VISION, PRESCRIPTION

EMPLOYEE CONVENIENCE/DISCOUNT PURCHASING

PERSONAL EXCESS LIABILIT Y UMBRELLA

GROUP LEGAL

HOME/AUTO

HOSPITAL CONFINEMENT/MEDICAL BRIDGE

PET DISCOUNT CARE

VOLUNTARY DENTAL

VOLUNTARY SHORT-TERM DISABILIT Y & LONG-TERM DISABILIT Y

VOLUNTARY SUPPLEMENTAL LIFE

VOLUNTARY VISION

Discount Medical, Dental, Vision, Prescription For employees who typically don’t have access to Health, Dental, Vision, or Prescription insurance benefits (such as part-time and/or temporary employees), these Voluntary products are an innovative solution. They provide access to deeply discounted care through a network of healthcare professionals, such as doctors, pharmacists, dentists, eye doctors and telemedicine providers.

37% of employees who suffered a critical illness are out of work 4+ months.

22 JAMA Network, “Out-of-Pocket Costs, Financial Distress and Underinsurance in Cancer Care” 23 Forbes, “That Heart Attack is Going to Cost You”

- Sun Life Report

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