Mark the date: October 16, 2018.
A few years ago, my friend, Nelson Griswold, wrote an article entitled, “The death of payroll deduction.” In the article, he talked about how the traditional payroll deduction model, complete with a soul-crushing employer billing and reconciliation process, has a shelf life. It's a messy and complicated process. As Nelson wrote, “Billing problems stemming from payroll deduction of voluntary benefit premiums remain the top reason that employers drop voluntary plans.” In a recent survey, 53 percent of account defections cited “billing issues” as the primary reason for dropping coverage.
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