Earlier this week, I conducted a continuing education class on voluntary benefits — from the employer’s viewpoint — for the Nebraska chapter of CEBS. A mixture of employer benefits professionals, brokers, consultants and insurance company personnel attended the session. One of the employers represented a large company with several thousand associates.
Their benefits manager has been thinking about offering voluntary benefits on a “Lending Tree” approach. The idea he’s considering is whether to set up a portal that would offer categories of voluntary options to their associates, where there is a menu of available product providers for each product type.
This would follow the Lending Tree approach and is, in fact, the way mutual fund options often are offered in 401(k) plans. He asked whether this would be a good idea. My reaction is that while this is not the typical method of offering voluntary benefits, it’s an interesting concept.
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