During Open Enrollment Season, confusion increases risk of over/under-insuring
New York, October 6, 2014 – As open enrollment season gets underway, employees begin the process of selecting their workplace benefits for 2015. Many are at risk of over or under insuring due to confusion and a lack of understanding of their coverage options. The Guardian Life Insurance Company of America® (Guardian), one of the nation’s largest mutual life insurers and a leading provider of employee benefits, is launching an online video series on Guardian Anytime and YouTube that explains how to optimize your workplace benefits coverage to avoid coverage gaps and achieve your financial goals.
According to the 2014 Guardian Workplace Benefits Study SM, employers are shifting more costs and responsibilities to their employees at a time when these benefits are becoming more critical to the workers’ overall financial security and well-being. Forty-seven percent of employers surveyed planned to ask employees to bear a greater portion of the benefit cost, but only 22 percent said they felt “well prepared” to discuss the changing benefits environment. And only one in four employees said their company’s communications are very helpful in choosing what’s right for them. Guardian’s video series helps employers and their employees understand the various benefit options available so they can select the most appropriate coverage for their unique needs.
“Every worker should take full advantage of their employer-sponsored benefits because these are the foundation of a robust financial plan,” said Phyllis Falotico, Head of Group Marketing at Guardian. “Whether it’s protecting your family with life insurance, saving on costly treatments with dental insurance, or covering expenses after an accident with accident insurance, your employer’s benefit plans are the first step for protecting your family.”
Many employees only focus on health insurance and spend an inadequate amount of time reviewing their other benefit options. Guardian’s two-minute videos reinforce that good financial health and security begins with the benefits offered at your workplace, including:
- Dental Insurance – A dental plan offered at your workplace provides access to a network of dentists that offer negotiated discount rates on x-rays, cleanings, fillings, dental implants, and more.
- Disability Insurance – A disability from an accident or illness could put you or your family in financial jeopardy. Disability insurance helps safeguard your income if you are unable to work for any significant length of time.
- Life Insurance – You do your best to keep your family safe. But if something happens to you, they could face financial hardship and even bankruptcy. From housing payments and utilities to tuition and groceries, you want to be sure your family’s lifestyle is protected.
- Vision Insurance – Glasses, contacts, and eye exams can be expensive—and with just a basic health care plan, you may have to pay these costs out-of-pocket. A good Vision plan can save you money every year.
- Critical Illness – A critical illness such as stroke or heart attack could strike at any time, with no warning. You may think you’re covered with your existing health insurance, but you may not know that illnesses can bring out of pocket expenses that you don’t expect, including co-pays, deductibles, and transportation to treatment centers.
- Accident Insurance – No one sees an accident coming—but if you are in one, it can be devastating for your finances. Even with health insurance, an accident can bring unexpected expenses such as deductibles, emergency room fees, and transportation costs. Plus, if you are disabled because of an accident, you could lose your income and struggle to pay every day expenses like mortgage or rent, groceries, utility bills, and healthcare bills.
- Cancer Insurance – Not all Cancer treatments or out-of-pocket expenses may be covered by health insurance. This coverage prepares you for unexpected costs such as travel to treatment centers, loss of income, deductibles, copays and more if you are diagnosed.
A mutual insurer founded in 1860, The Guardian Life Insurance Company of America (Guardian) and its subsidiaries are committed to protecting individuals, business owners and their employees with life, disability income and dental insurance products, and offer funding vehicles for 401(k) plans, annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than eight million employees and their families at 115,000 companies. The company has approximately 5,000 employees in the United States and a network of over 3,200 financial representatives in more than 80 agencies nationwide.
For more information about Guardian, please visit www.GuardianLife.com.