SMALL TOWN FIRM HAS BIG EMPLOYER BENEFIT STANDARDS    Team effort in benefits department produces one-third of P-C agency's revenues Small employers in generally rural markets are not necessarily easier to manage than their larger company competitors. Most small employers still compete for the top employees in their industries and strive to provide the employee benefits that allow them to recruit and retain the best in their fields. So don't expect them to be less of a challenge for your agency, says Bill Shock, executive vice president and director of the employee benefits division of Unland Companies in Pekin, Illinois, a Central Illinois community near Peoria, an industrial center, anchored by Caterpillar, Inc. "We have a robust small employer market in our region, with many companies providing outsourcing for Caterpillar," he explains. "That means we must provide for the full range of their needs with commercial property/casualty insurance, workers compensation insurance and comprehensive benefits programs that are generally comparable to Caterpillar, the largest employer in the area." As a result, the agency needs to offer multiple benefit options and managed care networks that correspond to industrial rather than rural industry benchmarks and are aligned with popular regional medical providers. Click here for the complete article …

VOLUNTARY BENEFITS: FILLING THE GAPS    In era of individual responsibility, employers and employees need help with the choices A number of factors-many related to health care? reform-are coming together to boost the market? appeal of voluntary insurance benefits. Risks of the digital age are helping drive increased interest in another type of voluntary benefit. "A few years ago, when people saw their 401(k) balances plummet, they realized they probably should be paying more attention to where their investments were," says Eric Reisenwitz, senior vice president of market solutions for Lincoln Financial Group's group protection business. "We're starting to see something similar occur with employee benefits. Employees are starting to pay more attention." For years, he notes, employees trusted their employers-with good reason-to provide access to coverage. "They knew there'd be some health care, some life insurance and probably some disability, and they knew the employer would choose the right coverage from the right carrier," he explains. "Today, employees are taking more responsibility and they're learning more," Reisenwitz adds. "They're asking what they have and how they'll be protected if something happens. That's a good thing, because the more people know, the better choices they'll be able to make." Click here for the complete article …

ERA OF CHOICES CREATES OPPORTUNITIES    Aflac and Colonial Life surveys identify need for better ?employer-employee benefits communication If employers expect to continue to use their employee benefit programs to help recruit and retain top employees, they had better pay more attention to benefit communication, say two of the largest voluntary benefit providers. The implementation of Patient Protection and Affordable Care Act provisions next year only complicates employer concerns and creates a greater demand for clear and concise information, adds Michael Zuna, executive vice president and chief marketing officer of Aflac in Chattanooga, Tennessee. "When you think about the impact of the Affordable Care Act, you realize so much of the prior changes in benefits were driven by rising costs. Employers for many years were in the position of managing those costs as well as maintaining a strong workforce." However, the Affordable Care Act now creates a risk shift from employer to employee, as workers grapple with the increased responsibility of the health insurance mandate and the need to make more choices about their health plan and other benefits. They will expect more guidance from their employers about how to navigate those choices and will need more support from their agents and brokers, Zuna says. Click here for the complete article … MID-MARKET SOLUTION FOR EMPLOYEE BENEFIT PROGRAMS    Using a group captive for medical stop loss coverage Ask any employer about the biggest challenges they are facing, and the cost of employee health coverage is likely to be high on their list. Given the continued cost pressures in the health insurance field and the uncertainty surrounding the implementation of the 2010 Affordable Care Act (ACA), that's not too surprising. Corporations are struggling to determine the most cost-effective approach to maintain their employee benefit programs. While this is an issue for all organizations, it is particularly acute for mid-sized employers, since they have fewer alternatives to choose from and, typically, the least amount of information to make an educated decision. Historically, large employers have been able to avail themselves of the advantages associated with self-funding. However, today increasing numbers of mid-sized employers have been finding innovative ways to share experience as well. All employee benefit plans fall under the purview of The Employee Retirement Income Security Act of 1974 (ERISA), but because self-insured medical plans typically purchase employer reimbursement medical stop loss for large specific and aggregate claims, they do not require Department of Labor (DoL) approval for employer participation. Click here for the complete article … A BENEFIT PRODUCT FOR EVERY SEASON OF LIFE    Voluntary permanent life serves a need beyond retirement Employees are taking on more responsibility for choosing and paying for their benefits at work. All the choices can be daunting for employees who for years just took what their employers gave them. Now they must give serious thought to matching their voluntary benefit options to their family's individual needs.The person in the next cubicle, even at the same age and salary, might have totally different needs. Just as brokers help employers arrange retirement products to help employees deal with an event that may be decades in the future, they can add another product to the benefits menu that will continue to serve its purpose long after employees have left their current employer. Unlike a retirement plan, however, the product's usefulness begins immediately, and the employee can take it to a new job or into retirement. The product is permanent life insurance. It's particularly important after retirement. With most benefits products, it doesn't matter that when employees retire, they lose access to their former employer's benefits menu. Some products, such as disability income, will no longer be needed. Medicare and its supplements can take the place of group health coverage. However, when it comes to replacing the term life insurance provided through a benefits plan, it's a different story. Click here for the complete article …  Click here to unsubscribe This message was sent by The Rough Notes Company, Inc., 11690 Technology Drive, Carmel, Indiana, 46032 1-800-428-4384