Employee Benefits


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Employee Benefits

  1. 1. Benefit Solutions That Count . . .to expand your employee benefit offerings and save costs. . . .to conduct your benefit enrollments quickly and efficiently. . . .to simplify your benefits administration. coloniallife.comcoloniallife.com
  2. 2. Fast facts about Colonial Life l Headquartered in Columbia, SC. l Founded in 1939. Industry leader l 1,100 employees. Named #1 worksite marketing/voluntary l Approximately 8,000-member independent contractor sales benefits company by organization nationwide. members of the National l 5,900 active Colonial Life-contracted Association of Health brokers. Underwriters (NAHU) – l Offers a broad portfolio of personal insurance March 2010 products including disability, accident, life, cancer, critical illness and hospital confinement indemnity. l Continues to be a leader in benefits communication and education, enrollment and customer service, while providing personal insurance products to employees and their families through the workplace. l Operates in 49 states and the District of Columbia. In New York, similar products and services, if approved, are underwritten by a Colonial Life affiliate, The Paul Revere Life Insurance Company. l Serves more than 65,000 businesses and organizations.1 l Approximately 2.9 million policies in force.1 l Is a stand-alone subsidiary of Unum Group, a Fortune 500 company and a market leader in disability, critical illness, life, long-term care and voluntary benefits. l Received “Readers’ Choice Awards” for the carrier that works best with brokers, best enrollment, best at embracing new technology and best consumer-driven products.2 1 Colonial Life & Accident Insurance Company corporate records as of year-end 2009 2 Benefits Selling Magazine 2006 -2010
  3. 3. Only through Colonial Life can you find these benefit solutions all together in one place. Colonial Life is a single-source provider of: Benefits counseling to help each employee understand and appreciate benefits available at work. Enrollment options that save time and money. Insurance products tailored to personal needs. We can help you design a flexible employee benefits package that fits the needs of your business as well as your employees. This enables you to build a more loyal and satisfied workforce and, ultimately, a stronger business. We come to your worksite and spend 1-to-1 time with each employee to provide simple, straightforward advice about the benefits they have — and those they may need to fit their individual lifestyles and budgets. And we do it all at no direct cost to you. Your business matters — to you and to us. Making benefits count for your business. . . that’s Colonial Life.
  4. 4. Benefits communication & education Health care reform. Changing regulations. Benefit gaps. Knowledge gaps. You and your employees will always need help with benefit programs. You could be the only business in town with a benefits counseling and enrollment team at your disposal! Pre-enrollment We engage employees to get them thinking about their benefit needs and options. Enrollment We educate each employee on all of his or her benefit options and provide each with a personalized benefits statement. Post enrollment Using surveys and report cards, we provide you with honest employee feedback about our benefits counselors and the 1-to-1 session. Our custom benefits communication materials can help your employees better understand their benefits. l Announcement letters and fliers l Brochures l E-mail campaigns l PowerPoint presentations l Spanish materials Our ability to provide consistent, clear communication through 1-to-1 meetings with employees helps ensure they understand the benefits available to them. Employees have the chance to confidentially review their current benefits, consider new options, and most importantly, see how their choices will affect their paycheck.
  5. 5. Benefit statements provide a detailed overview of the benefits you contribute to or provide, so employees can see the true value of their benefits package. It’s their “hidden paycheck,” so to speak. They’ll also see the dollar amounts that count toward additional benefits such as vacation days, parking passes or a paid uniform program. TOTAL COMPENSATION STATEMENT William Moore 123 Main Street Anytown, SC 29210 BENEFIT STATEMENT Friday, March 05, 2010 Annual Cost Benefit Employee Employer Deduction Contribution Medical Insurance $1,485.00 $8,413,44 Dental Insurance $660.00 $180.00 401(k) $2,802.50 $2,802.50 Term Life $0.00 $21.00 Parking Allowance $0.00 $240.00 Uniform Allowance $0.00 $200.00 Wellness Plan $0.00 $251.00 Social Security $3,326.86 $3,326.86 Medicare $778.06 $778.06 Total Cost $9,052.42 $16,212.86 Annual Income $56,050.00 Total Compensation $72,262.86 Your employer contributes an additional 28.93% of your annual income toward your benefits, which results in your total compensation of $72,262.88 Other Compensation You also receive these other benefits, not tallied in your total contribution above. Vacation - 15 Days Paid Vacation $0.00 $3,233.55 Holidays - 8 Paid Holidays $0.00 $1,724.56 Sick Leave - 10 Days Paid Sick Leave $0.00 $2,155.70 Additional Value $7,113.81
  6. 6. Personal salary illustrations outline the employees’ benefit elections and how each affects their paycheck, so there are no surprises later on when the first deductions are made. Paycheck Illustration 1234 Jarvis Auto Parts 3/5/2010 Pay to the order of William Moore O ID $703.83 V Seven Hundred Three and 83/100 *** ACME BANK, INC. Memo Employee Pay Signed President & CEO PAYCHECK TOTALS PAYCHECK ESTIMATOR Earnings and Deductions Amount Gross Pay/Pay Period $1,077.88 Spending Savings Accounts (Click to collapse) $0.00 Deferred Compensation (Click to collapse) 401 (k) (Enrolled) $64.67 $64.67 Pre-Tax Benefit Cost (Click to collapse) Medical Insurance (Enrolled) $28.56 Dental Insurance (Enrolled) $12.69 Colonial Life Cancer (Saved Quote) $4.73 APPLY NOW William Moore $45.98 Taxable Income $967.23 Total Taxes (Click to expand) $256.34 Post-Tax Benefit Cost (Click to collapse) Colonial Life Short Term Disability (Saved $7.06 APPLY NOW William Moore $7.06 Net Pay $703.83 + Spending Accounts $0.00 After Reimbursement $703.83 Savings from Pre-Taxing Pay Period Savings $34.51 Annual Savings $1,794.52
  7. 7. Election forms provide a detailed accounting of each employee’s elections and contributions. It’s a final clarification of the benefit elections and the costs involved. Jarvis Auto Parts | 21010 Enrollment Enrollment Dates: 1/1/2010 - 12/31/2010 Home Phone: 217-555-3875 Work Phone: Gender: Male Employee ID: Birth Date: 9/18/1984 William Moore Date of Hire: 7/31/2006 123 Main Street Classification: Full Time Anytown, SC 29210 Location: Richmond Paychecks per Year: 26 Department: Marketing First Deduction Date: ____________________ NEW ELECTION FORM Friday, March 05, 2010 New or Deduction Deduction Benefit ID Benefit Name/Option Existing Employee Employer BCBS Medical Insurance Anthem Blue Cross & Blue Shield (Family) New $57.12 $323.59 Insureds: Pre-Tax William Moore (Employee) Janice Moore (Wife) DOB: 9/12/1970 Sex: Female Robert Moore (Son) DOB: 9/12/2002 Sex: Male DELT Dental Insurance Delta Dental (Family) New $25.38 $6.92 Insureds: Pre-Tax William Moore (Employee) Janice Moore (Wife) DOB: 9/12/1970 Sex: Female Robert Moore (Son) DOB: 9/12/2002 Sex: Male Decline-VI Vision Insurance S Decline Coverage PO6 401(k) 6% New $129.35 $107.79 Beneficiaries: Pre-Tax Janice Moore (Wife) (Primary 100%) DOB: 9/12/1970 Sex: Female XHFSA Health Care FSA Decline Health FSA CLA-Pre Colonial Life Cancer * Colonial Life (William Moore) New $9.46 $0.00 Employee Cancer Coverage Pre-Tax CLA-Post Colonial Life Short Term Disability * Colonial Life (William Moore) New $14.12 $0.00 Off Job Accident and Off Job Sickness Disability ($1,200.00 Post-Tax per Month) (Colonial Life Pre-Tax $9.46) Pre-Tax Subtotal $221.31 (Colonial Life Post-Tax $14.12) Post-Tax Subtotal $14.12 (Colonial Life Total $23.58 Grand Total $235.43 $438.30 (26 deductions per year)
  8. 8. Count on Colonial Life to make your enrollment easy, streamlined and efficient. When planning and conducting each enrollment, we serve as the benefit counselors for your employees and provide straightforward advice to help them understand and appreciate their benefits. And, we work with you to determine which of our enrollment options will best meet your business needs. 1-to-1 counseling sessions offer the most employee engagement and best opportunity for decision-making support. To help educate and counsel your employees on their benefit needs, we come to your worksite and spend 1-to-1 time with each employee. Call Center enrollments provide another 1-to-1 option in cases where employees work in the field, are constantly mobile or are in secured locations. Employees can simply call our toll-free number and a Call Center benefits counselor will educate them about the benefits available, answer their questions and lead them through the enrollment process. Co-browsing is the same as a 1-to-1 enrollment but conducted over the Internet with a Colonial Life benefits counselor. Self-enrollment and group meetings offer options that are available to access employees who work remotely or are not able to meet with a benefits counselor. Our pre-enrollment communications can introduce employees to our simple web-based enrollment system and the steps they need to follow.
  9. 9. All powered by Harmony®Whichever option is best for your business, the web-based technology that powers all of our enrollments is our simple-to-use Harmony® enrollment system, which features online and offline capabilities. With Harmony®, you get a system that offers: = Data security = Consistent communications = Integrated underwriting = Flexibility = Accurate post enrollment data = Daily enrollment reporting = Online administrative functions
  10. 10. Build a personal benefits program Colonial Life’s personal insurance products and services can help you: l Realize tax savings for you and your employees. l Communicate the value of your benefits package to retain employees and reduce turnover. l Fill in gaps in existing benefits coverage. Medical Wages Medical Income Hospital Confinement Retirement Protection Indemnity Insurance Accident Insurance Income Protection Required Survivor Disability Insurance Benefits Benefits Catastrophic Illness Catastrophic Illness Cancer Insurance Critical Illness Insurance Survivor Benefits Life Insurance
  11. 11. Colonial Life and health care reform With new government regulations and market reforms, employers must still manage health care costs while employees must still pay deductibles, co-pays and other out-of-pocket costs. We can help you find the answers. l Colonial Life’s products, which are offered in addition to qualified health insurance, will not be affected by health care reform. l Voluntary insurance coverage will still be a very relevant part of employee benefits. l The need for benefits communication and education will be greater than ever. We can offer you solutions to help employees pay for what their qualified health insurance doesn’t and to stay competitive in attracting and retaining workers. Employers also can enjoy tax savings and provide tax savings for their employees by pre-taxing through Section 125. Core benefits l Group major medical l Group life l 401(k) By packaging core benefit offerings with l Vacation/sick leave our personal insurance products, you can enhance your benefits program and help employees fill the gaps in their coverage. They can apply and pay for the protection they feel they need the most.
  12. 12. Enhanced benefits and tax savings Colonial Life can assist you in putting into place a Flexible Benefits Plan to help ensure you are in compliance with Section 125 provisions and regulations, while reducing taxes for both you and Wages your employees. Medical l Reduce payroll taxes. Wages l Increase employees’ Income spendable income. Retirement Protection Required Survivor Benefits Benefits Catastrophic Illness Without Flex With Flex Gross Pay $1,000.00 $1,000.00 Pre-Taxed Reduction - $0.00 - $180.00 (Major Medical) Taxable Amount $1,000.00 $820.00 FICA, Federal Tax and - $152.51 - $110.33 State Tax Post-Tax Deduction - $180.00 - $0.00 (Major Medical) Spendable Income $607.49 $709.67 Savings Per Pay Period $42.18 Total Annual Savings $1,012.32 *Based on 24 pay periods *Based on 2010 South Carolina Tax Tables
  13. 13. With a Flexible Spending Account, employees have theflexibility to add pre-tax dollars to reimbursement accountsand help with the cost of qualified expenses. Dependent Care Reimbursement Accounts let employees pre-tax out-of-pocket expenses for dependent care that allow employees and/or their spouses to work, such as day care expenses, after-school care expenses for children under age 13, and care for a dependent adult incapable of self-care. Medical Reimbursement Accounts let employees pre-tax out-of-pocket expenses not covered by health insurance plans. This is a great way to help your employees cope with the higher deductibles and co-payments in today’s medical insurance plans. Examples include dental, vision, health plan co-pays, prescription drug co-pays and even some qualified over-the- counter medications. Without With Dependent Care Dependent Care Reimbursement Reimbursement Account Account Gross Pay $1,000.00 $1,000.00 Pre-Tax Dependent - $0.00 - $150.00 Care Reduction Taxable Income $1,000.00 $850.00 FICA, Federal - $176.71 - $139.74 & State Taxes Net Pay - $823.29 - $710.26 Dependent Care - $150.00 - $0.00 Expense Spendable Income $673.29 $710.26 *Based on 24 pay periods *Based on 2010 South Carolina Tax Tables
  14. 14. Easy, time-saving administrative services The ColonialConnect for Plan Administrators Website SM l Designed exclusively for our account plan administrators l Easy and saves time by allowing you to: View and pay your bill online Conduct billing transactions Update employee information Download claim and service forms E-mail key account service areas And much, much more at no cost to you
  15. 15. Through an arrangement with CCH (Commerce Clearing House)Inc., we offer you access to CCH’s HRAnswersNow website. l Gives you a direct link to valuable human resource policies and guidelines. l Includes state and federal laws and regulations. l Explained in everyday language.
  16. 16. Employer benefit statementWhen choosing a carrier, it’s about more than just the products. Colonial Life is looking to be a valued partner. That’s why we will provide a whole host of employer services, saving you time and money. Colonial Life Service Offerings Benefits Communication & Education l Section 125-Premium Only Administration l Personal Salary Illustrations l Employee Benefit Statements l Employee Election Forms l Electronic Billing and Reconciliation Services l CCH HRAnswersNow l Policyholder Self-Service Website l Section 125-Full Flex Discount Rates l Benefit Booklets l Core Product Enrollment and Carrier Feeds l First Year Annual Savings Comparison (USD) $16,567 $14,926 $13,286 $11,645 25% 50% 75% 100% Percentage of Employees SeenThis is a representation of the potential benefits an employer with 325 employees might expect when partnering with Colonial Life, however it is only an estimate and for illustrative purposes only. A signed enrollment agreement and other prerequisites may be required before some of the services listed here can be provided.
  17. 17. Personal insurance products and superior services You can count on Colonial Life as a long-term partner to help you: l Keep your benefit costs down. l Fill gaps in your benefit programs. l Enhance employee appreciation of what you do for them. l Realize tax savings. l Consider new options. Help protect your Gather employees in 3 easy steps: your information. Schedule group and 1-to-1 meetings. Count on Colonial Life to do the rest.
  18. 18. Long-term relationships Technology is critical in today’s business world, but the true definition of service lies within people. Our customer service team provides fast, hassle-free and reliable service – for you and your employees. Bilingual service specialists are also available for our Spanish-speaking customers. We provide you with service centers and automated, toll-free customer service phone lines around the clock that are dedicated to Colonial Life plan administrators. Our flexible services — including fax, phone, e-mail and online submissions — help lessen your administrative responsibilities. Our accessible, professional and caring customer service teams understand the needs of employers and employees alike and treat both with the courtesy and knowledge they expect. Colonial Life is helping you make benefits count with services like these — at no direct cost to you. Colonial Life pioneered worksite marketing in 1955 … and our first customer is still with us today.
  19. 19. Important service numbers Dedicated Toll-Free Plan Administrator Service Center 1.800.256.7004 Monday through Friday, 8 a.m.-7 p.m., Eastern Time Plan Administrator Fax 1.803.213.5005 24 hours a day, 365 days a year. ColonialConnect for Plan AdministratorsSM Website: coloniallife.com The ColonialConnect site is your access to our E-Services. Join this website, designed exclusively to support our plan administrators, to: l Utilize your E-Services l E-mail questions l Access the CCH HRAnswersNow website Active Colonial Life accounts can join the site simply by completing an electronic form, accessible through our website at coloniallife.com. Just go to the “Customer Support” link, then “Account Services.”
  20. 20. Colonial Life1200 Colonial Life BoulevardColumbia, South Carolina 29210 Colonial Life products are underwritten by Colonial Life & Accidentcoloniallife.com Insurance Company, for which Colonial Life is the marketing brand.11/10 59665-9