MAKING VOLUNTARY CHOICES UNDERSTANDABLE    In search of a process to help employees with their benefits choices More voluntary products continue to flood into the workplace. Concurrently, studies by plan providers indicate that employees lack confidence in the voluntary product choices they are making. It´s hardly a recipe for long-term success. Like any free market enterprise, the employee benefits business must deliver a product that is understood and appreciated by its end users. Recently Dale Alexander, CFP, CLU, ChFC, president of Alexander & Company, a brokerage firm in Woodstock, Georgia, was asked how brokers could help employees make more informed voluntary benefits decisions. Alexander, who is a past recipient of the Employeee Benefit Adviser of the Year award from Employee Benefit Adviser, was speaking at an Employee Benefit News Web Seminar titled “The Hottest Voluntary Benefits for 2014.’ He answered by reminding his audience of benefits brokers that 401(k) plan providers used to operate under the belief that the more funds they offered, the better. They spent a lot of time bulking up their menu of investment choices. Eventually they began to realize that employees were overwhelmed with too much information. “Employees don´t care if they have an emerging markets fund or a growth fund,’ Alexander said. “They just want to know they´re doing the right thing. Click here for the complete article …

MANAGING EMPLOYEE BENEFITS' THREE Cs    Higginbotham´s comprehensive benefits management strategy helps client employers manage cost, compliance and communication Cost. Compliance. Communication. As the New Year in employee benefits charges forward into 2014, employers continue to brood about questions that linger from 2013. Even though real estate values have rebounded, employment is rising and the stock market is at record highs, employers fear that health benefit costs are still not under control—and may be getting worse under health care reform. Compliance with state and federal regulations is more complicated than ever as health care reform rules become active and states establish health insurance exchanges to provide market access. And communicating with employees about these issues is an increasing challenge as employers seek to share more financial responsibilities with their workers and benefit dependents, agents and brokers say. “I spend 90% of my time talking about these issues,’ explains Michael Parks, managing director of financial services at Higginbotham, headquartered in Fort Worth, Texas, one of the state´s largest independent insurance brokerage companies. Click here for the complete article …

VOLUNTARY BENEFIT ENROLLMENT/EDUCATION    Technology makes things easier and better More and more, insurance agents and brokers, employers, and employees want voluntary benefits carriers to provide them with multiple enrollment and education options. A report released in 2013 by Eastbridge Consulting says that such options are becoming more important than ever as a reason brokers choose to work with a specific carrier. Carriers are responding. According to the survey, 81% of carriers offer Web enrollment, up dramatically from the 59% that did so in 2009 and 48% in 2006. “This is indicative of the trend seen from employers,’ the consulting firm said in a news release, “with more now preferring Internet-based enrollment to other types like laptop or call-center enrollments.’ Web-based functionality goes beyond just enrollment. Eastbridge says the majority of carriers currently provide full-service Web systems that can offer product information and education, needs analysis and more. Mike Fish, vice president of voluntary business at The Hartford, sees increased traction—and functionality—of these Web-based tools. “While online enrollment is not new to our industry, there are new trends in how these technology platforms are being used,’ he explains. “Of particular note is how they are evolving from simply supporting enrollment transactions to becoming effective tools for educating employees about their benefit choices and helping them to make decisions that best meet their specific needs.’ Click here for the complete article …

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