MODULAR BENEFIT PLANS

September 2011

   

A new approach to Group Insurance 

While the cost of group insurance continues to rise, employers are ready to accept reasonable cost increases in order to maintain competitive compensation packages that will help them attract and retain the best employees.

For their part, employees often want reasonable costs, but they want maximum flexibility in choosing their level of coverage, something that small and medium sized businesses don’t usually offer. Unlike traditional group insurance plans, modular benefit plans offer employees a choice between three different pre-packaged coverage options.

While modular benefit plans can be more complex to administer, they offer small to medium sized employers more cost control, while ensuring coverage that best meets the needs of their employees.

Review your group coverage regularly

Not all group insurance benefit plans are created equally. Some may offer limited coverage with no integration with other benefit plans, while others offer more freedom of choice for employees, but at a higher cost. It may be beneficial to integrate individually owned coverage with group coverage to ensure you are protected. If you are a member of a group plan, or an employer who provides this valuable benefit to your employees, don’t forget to review your group plan regularly to ensure it continues to meet your needs. 

If you have questions about your group plan, your Richardson GMP Investment Advisor will work closely with our dedicated Insurance Consultants and Group Insurance Specialists to ensure your plan continues to meet your needs.

     

 

If you’d like a copy of our education articles on Modular Benefit Plans and Topping up your Group Insurance Coverage, please contact your Richardson GMP Investment Advisor today.

 

 

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    Nov 01, 2011

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