September 2016  
   
 
 
Rough Notes Benefits eReport
Carmel, Indiana
call 1-800-428-4384

WORKSITE BENEFIT SALES CONTINUE TO RISE 


Trend offers opportunities for agents and brokers

Voluntary life insurance sales grew 8% in 2015 and supplemental health insurance sales grew 4%, to boost overall group employee-funded benefit sales for the year, according to LIMRA's U.S. Worksite Sales survey. It's the fifth straight year that voluntary sales have increased. Experts expect the trend to continue and say agents and brokers can catch the wave to boost revenue and better serve clients.

Several factors are driving the growth of worksite sales. Major medical cost is one. "Employers' benefits budgets are getting hammered by medical expense increases," says Kim Landry, LIMRA senior analyst, workplace benefits research.

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MANAGING HIGH-COST CLAIMANTS 


Develop health plan flexibility regardless of results of upcoming election

If Republican presidential candidate Donald Trump is elected in November, the Obama Administration's healthcare reform is targeted for quick repeal. If Democratic presidential candidate Hillary Clinton wins, expect Obamacare expansion on the fast track early in the new administration.

In the meantime, what should employers and their agent and broker advisers do to cope with increasing costs and a need for more health plan flexibility? Some employers are already on track to continue to redesign their benefit programs in 2017 using existing laws, and experts say that driven employers are likely to respond faster to these issues than political leaders.

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MATCHING PRODUCTS WITH NEEDS-ONE EMPLOYEE AT A TIME 


MetLife study points to value of one-on-one benefits education, especially for Millennials

We're more than halfway through the decade that will end in 2020-the year in which it is predicted that Millennials will represent almost half of the workforce. Even today, Millennials (ages 21-34) are the largest demographic group of employees. To sustain a loyal workforce, employers know that they must shape their benefits menu with a strong Millennial perspective. Employers must be careful, however, not to stereotype Millennials.

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