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Company-paid short-term and long-term disability plans typically provide employees with good basic coverage. However, because the benefit in many cases is taxed when the employee receives it, the net amount they receive (40–45% of pay) may not be sufficient to meet their financial needs. In addition, there are gaps and limitations in coverage that exist where employees don't receive the protection they need. Many times, employees are unaware of these issues until they actually go out on leave.
In order to provide employees with more comprehensive income protection, companies are making available supplemental disability plans that employees can purchase. These "employee pay all" plans have become quite popular, as they coordinate and complement well with the company's core disability benefits plans. The plan design features include:
  • A higher level of base salary coverage
  • Incentive compensation can be included as eligible compensation
  • Disability payments are non-taxable under current tax laws
  • Premiums are discounted and remain level throughout a person's working career
  • Employees can take their coverage with them if they leave the company
Company-paid life insurance plans offer employees good basic protection that provides meaningful death benefits to their beneficiaries. This benefit is typically in the form of term insurance with coverage at least one times the annual base salary up to some predetermined maximum. Employees have the ability to top this up by purchasing optional term life insurance for themselves, their spouses, and children.
Companies today are also making available a voluntary add-on to term insurance in the form of individual life insurance policies. They differ from term insurance in that these policies are permanent in nature; they protect the policy holder throughout their lifetime; and the policies have a cash build-up mechanism that can be accessed by the policy holder. Whole life and universal life are the two typical products in this area, and both contain many of the following:
  • Provide a death benefit through retirement, guaranteed minimum cash value, and investment build-up
  • Investment earnings are tax-deferred
  • Discounted, level premiums throughout the lifetime of the policy
  • Guaranteed, renewable protection that cannot be reduced
  • Individually owned, portable policies
In addition to supplemental disability and life insurance plans, there are other key voluntary programs that companies have adopted to round out their benefits offerings. Two of the more prominent offerings are accident insurance and critical illness.
Accident Insurance Plans
  • Pay for some out-of-pocket costs not paid by the medical program
  • Provide financial reimbursements for a wide array of accident/injury-related expenses
  • Some of these expenses are hospitalization, deductibles, copays, physical therapy, transportation, lodging, etc.
  • Typically cover accidental deaths and catastrophic accidents
  • Policies are portable
Critical Illness Plans
  • Provide financial protection in the event of a sudden, life-threatening event
  • Pay in addition to benefits received under medical plan
  • Provide a lump sum benefit amount that Is typically between $5,000 and $50,000
  • Typical covered illnesses include: heart attack, stroke, cancer, bypass surgery, and organ transplants
  • Premium rates remain level, and policies are portable
TPP has developed and utilizes various communication strategies that complement existing company benefits communications in order to maximize employee plan participation. TPP secures best-in-class insurance companies that provide the benefits. TPP manages all aspects of the initial and ongoing enrollments to minimize a client's time and resources. As a result, voluntary benefit plans provide significant value to employees at no cost to their employers.
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Health and Welfare Benefits Vendor Search and SelectionIf you are looking to add a new benefit or remarket an existing benefit, TPP can help you find the right partner. Through a comprehensive Request For Proposal process, we help our clients identify the appropriate vendor for their business needs. We can assist with the RFP process, vendor selection, communication, and implementation of a new vendor.
On-Site ConsultingMany times, clients have a short-term need for a project or service due to a staff vacancy or other urgent business activities that require on-site benefits consulting, and we are happy to fulfill these short-term needs. Examples of recent projects include annual enrollment communications, wellness activities, designing and implementing a Pre-Retirement Planning seminar, and merging and implementing new vendors.
Retiree Exchange Vendor Search and SelectionMany companies are looking for new alternatives to the traditional group retiree programs. And some simply want to provide access to a third party for Retiree Exchange services. Similar to the health and welfare vendor search mentioned above, we use an extensive request for proposal process to find the right vendor to provide Retiree Exchange Services for our clients. We can assist with the RFP process, vendor selection, communication, and implementation of a new vendor.