Stacey Breslin - Explanation of Member Benefits (ACCE)
Taking Care of the EmployeesWho Take Care of Your Community
Did You Know…Typical US worker needs to save 15% a year towards retirement toensure retirement readiness.Vision care providers detect certain chronic conditions beforehealthcare provider - 65% of the time for high cholesterol, 20% fordiabetes and 30% for hypertension.Dental problems cause loss of 164 million work hours each year.Employees rank compensation and benefits as the top two factorsrequired for job satisfaction.11 According to the Society of Human Resource Management (SHRM)
Benefit Program – Building the Best FitBudget • Will the organization cover all the costs? • Do you offer payroll deduction for employee elected benefits?Needs of the staff • Age and other variablesNeeds of the organization • Recruit, Reward, Retain? • Other? Understand how the pieces fit together!
The ACCE AdvantageACCE Benefit Trust • Group of your peers • Highest quality plans available at the most affordable pricesACCE Benefits Team • Over 40 years of combined experience • Complimentary, unbiased consultationsRetirement and Insurance Solutions • Comprehensive, Flexible, and Portable
Develop, Measure & Revise Plan Goals Successful Retirement Plans Don’t Happen by Accident Establish Goals 1. What are your goals for your plan? 2. What is the most effective way to Measure/Report Develop accomplish them? A Plan Results 3. Who can help me put together a plan that fits my goals and means? Implement Strategy 4. Is my retirement program being appreciated by those for whom it was designed?
Qualified Retirement PlansPrimary Benefit401k Retirement Program• Demographics of your employee population• The nature and amount of your employer contributions• Likelihood of your employees to take action• Who will make investment option decisions and monitor them moving forward• Assignment of administrative duties and fiduciary oversight• What can be done in terms of employee education to help create favorable retirement plan outcomes
Non Qualified Retirement PlansAdditional Benefit457b Retirement Program• Why offer an additional program?• To whom should you offer it?• Considerations in plan design.
Planning - Retirement Readiness The challenge: Helping your employees prepare to successfully retire and manage income through retirement. Plan sponsors, on Only 4% of plan An 85% income Individuals need average, feel sponsors replacement to save employees measure if their ratio is approximately should be saving employees are commonly used 15% of their pay about3 12% of on track to have within the to have enough pay to have adequate retirement income during adequate retirement industry.1 retirement.2 income during income.4 retirment.4 12008 Replacement Ratio Study by Aon Consulting 2Research with Financial Advisors, June 2011, conducted by Harris Interactive on behalf of the Principal Financial Group. When looking at all responses in the survey, the median is the middle of the responses given. Includes employer contributions (if applicable) and assumes individuals begin saving for retirement early in their careers. 3This includes employer contributions. 42011Principal Financial Group Retirement Readiness Survey commissioned by the Principal Financial Group, conducted by Harris Interactive only. The data was gathered May 17 through June 17, 2011 from 1,305 employers.
Life & Disability Term Life and AD&D Long Term Disability Short Term Disability
Financial Safety NetLife & AD&D Insurance• Life insurance provides financial support to your employees’ surviving family to help pay final expenses, meet monthly mortgage payments and cover day-to-day living expenses.Short term Disability• Provides income replacement when the unexpected happens with serious illness and injuries or expected maternity leaves.Long Term Disability• Provides long term income protection for many years.
Plan Design ConsiderationsChoices to consider when structuring a plan • Is there a waiting period before coverage begins? • What are the benefit amounts? • How long will the short term disability benefits last? • Will an accidental death benefit be included? • Should the life plan include family coverage? • Can the employee take the life plan with them?
The ACCE AdvantageGuaranteed Issue• No health questions for employer-provided coverage• Employee cannot be denied coverageFlexibility• Chose from multiple waiting period options for eligibility• Determine elimination periods for disability• Various benefit amounts to meet budget needs
Other BenefitsShort Term Disability• Rehabilitation and return to work assistance benefitLong Term Disability• Includes work incentive benefit for the first 12 monthsLife & AD&D• Accelerated benefit if terminally ill.• Work-life balance employee assistance program available; free info on financial planning, stress management, legal consultations and much more.
VisionMore than the Basics• Thorough eye exam every 12 months• Prescription glasses – Lenses every 12 months – Frame every 24 months• Extra discounts and savings• Focuses on your eyes and overall wellnessOther Benefits• Offering a vision plan provides a valuable health benefit and can help reduce long term health costs associated with eye disease.
Dental Flexible & Affordable • Regular checkups and cleanings prevent costly corrections and surgery. • Two plan options for employee needs. Other Benefits • Good dental health can protect the body against other illness and disease resulting in long term health savings and reduced absenteeism.
Choosing a DHMO or DPPODHMO - It’s affordable and easy to use! DPPO - It gives you the most freedom!• NO charges for most preventive • Freedom to visit any licensed dentist services such as exams, x-rays and • Save when you visit a network dentists routine cleanings* • No referral needed to visit a licensed• NO claim forms to file dental specialist• NO deductibles to pay before you can • Most network dentists will file claim use your plan forms for you• NO annual dollar maximums to limit • Save on non-covered services** when benefits you visit a network dentist - even when• NO ID cards required to receive care maximums, frequency and missing tooth• NO age limit on sealants to help limitations have been exceeded prevent cavities *Frequency limits apply. If you require more complex procedures, such as correction of periodontal problems or a more in-depth cleaning, there may be a fee listed on your Patient Charge Schedule (PCS). ** To receive a discount on a “non-covered service,” talk to your dentist before you receive treatment to make sure that the procedure you want is listed on the dentist’s fee schedule.
Individual Programs Long-Term Care Plan Individual Health Insurance Auto & Home Insurance Discount Health &Wellness Cards
Long-Term Care InsuranceThe ACCE Advantage• Guaranteed issue – if employees enroll within first 31 days of eligibility, except for monthly benefit amounts of $7,000 and $8,000• ACCE is the Group – employee elected at group ratesWho’s at Risk?• 40% of people receiving LTC are working-age adults 18 to 64 years old• By 2020, 12 million people are projected to need long term care
Helping Achieve Desired OutcomesWith ACCE and The ACCE Benefit Trust Promise We understand how to motivate and inspire actions that can help achieve more measurable of Value: results for favorable benefit plan outcomes.
Questions? We’re Ready to Chat. The ACCE Benefits Team 800-394-2223 Option 1 ACCE.org/HR-solutions