Feeling the Benefits?

Could voluntary benefits be the key to successful execution? Steven M. Stecher of Conseco explains further.

“31% skip medical tests or treatments to save money”
-Steven M. Stecher

In their best selling book Execution, Larry Bossidy and Ram Charan tell how to convert aspirations into reality and succeed as business leaders. As they describe, successful execution requires linking a company's people, strategy and operations. The People Process is one of the three core processes of successful execution-having the right people in the right jobs, with the right behaviors, and a culture that rewards execution. Without an excellent People Process, they counsel, even the most successful strategies are likely to fail. 

Leading a company's benefits program in a contracting economy is a tough job, made even tougher by the fact that health care spending has grown faster than the overall economy since the 1960s. From 2002 to 2007, health premiums for employers grew by 78%. As employers have found it necessary to cut benefits and eliminate coverage options, employees must carry higher deductibles, higher co-pays or lower coverage levels.

The American Cancer Society reports men have nearly a 1-in-2 lifetime risk of developing cancer, while 1-in-3 women likely will develop cancer at some point in their lives. The prevalence of heart disease, stroke, other major illnesses and accidental injuries is also significant, and the implications can be severe. Medical debt is a leading cause of personal bankruptcies in the U.S. In an October 2008 study by the Kaiser Family Foundation, 31% of survey respondents said they skipped recommended medical tests or treatments to save money.

Another factor is the high incidence of major illnesses or accidents. All these changes can have a significant impact on your employees, with a downstream impact on your business. 

The Missing Link

How can you support your People Process in the face of these changes?  By providing your employees the health care safety net they need. Your employees are right to be concerned about increasing gaps in their coverage, and deserve to have an option to protect themselves.  You can provide that option by including supplementary health insurance products as a voluntary offering in your benefits program...at no cost to the company other than time and consideration on your part.

Supplemental health insurance can cover unexpected bills and help maintain financial solvency for employees, at a price employees will be surprised to learn can be affordable. While rates vary by level of coverage, premiums are on par with what many of us pay over the course of a year for two lattes or two fast food meals a week. Benefits are typically paid directly to the employee, regardless of other insurance already in place.

Examples of supplemental health insurance coverage include a choice of:  (1) "lump-sum" benefits, such as a $30,000 cash benefit upon diagnosis of cancer; (2) indemnity benefits, such as a daily $200 benefit for hospitalization; and (3) wellness benefits, such as coverage for diagnostic tests to detect illness.

Selecting a Voluntary Provider

Clearly, the same level of due diligence that you applied in selecting your company's medical plan provider should be applied to selecting a voluntary supplemental health provider. There are few insurance companies that have longstanding histories in serving the unique requirements of the worksite market, and have the products and capabilities to best serve you and your employees. Key characteristics and important questions you might consider in selecting a voluntary provider include:

• Experience matters

• Product portfolio options

• Specialized, High Quality Worksite Service

Conseco provides supplemental health products through voluntary benefits programs to thousands of companies, ranging in size from five to over 1,000 employees, and has served the worksite market for over 20 years.  We specialize in supplemental health products, providing a broad portfolio of group and individually underwritten products, and a premium-return rider. Our Worksite Integrated Services organization processes over 175,000 premium transactions a year with a dedicated staff providing one-stop service support for payroll directors and worksite brokers.  Conseco's EZApp technology facilitates new business processing, and our Express Pay claims payment gives policyholders immediate financial assistance.  We are committed to the worksite market and continually invest in enhancing our worksite product portfolio and services.  We recognize that employee satisfaction and ease of doing business are major considerations when you select a voluntary provider. 

Getting It Done

Now is the time to take action. Your role is critical in proper alignment of the People process.  Learn more about the Voluntary product options and provider services that are available to you, and include this important option in your benefits plan for this year's enrollment.  Call Conseco's Voluntary Benefits experts at (888) 266-6002. We will be glad to help you get started. 

All policies issued by Conseco Health Insurance Company and Conseco Insurance Company, a life and health insurance company, administrative office Carmel, IN, and are subject to state availability. These policies have limitations and exclusions.  For costs and complete details of coverage, contact an agent.