Combining Retirement Savings, Healthcare and Insurance Coverages
ENFIELD, Conn. – Massachusetts Mutual Life Insurance Company (“MassMutual”) is launching BeneClick!, a unique, integrated exchange featuring a guidance tool that helps employees prioritize their retirement savings, healthcare and insurance protection benefits based on their individual life stages and then take action.
“BeneClick! represents the wave of the future as the retirement plan and workplace insurance marketplaces converge, creating a new employee benefits dynamic,” said Elaine Sarsynski, Executive Vice President, MassMutual Retirement Services & Worksite Insurance. “We are proud to offer the first exchange that truly meets employers’ and employees’ needs for comprehensive benefits and guidance in one place.”
The new exchange, an online marketplace for people to select their employer-sponsored benefits, is powered by Maxwell Health’s benefits technology platform. Maxwell Health built the first “Health as a Service” platform, an operating system for benefits that engages employees, incentivizes a holistic view of health, and provides a centralized place to access health and benefits services.
BeneClick! is being introduced through MassMutual’s distribution partners on a limited basis and will be available more broadly starting in mid-2016. Initially, through BeneClick!, MassMutual will offer access to retirement plan enrollment features and life insurance products, and expects to add additional insurance products such as critical illness and accident protection in 2016.
The exchange integrates MassMutual’s MapMyBenefits tool, which enables employees to prioritize their benefits choices, helping to make the most of each benefit dollar based on their life stages, financial goals and personal finances. This all-inclusive approach to workplace benefits combines retirement readiness, healthcare coverage and preparation for life’s unforeseen events.
The tool is designed to help mitigate health and financial issues. Nearly one in four employees say personal financial problems have become a distraction at work, according to a 2014 survey of financial wellness issues by PriceWaterhouseCoopers.1 Meanwhile, money issues have consistently topped Americans’ list of biggest stressors since 2007, the American Psychological Association reports.2 These factors are a big contributor to lost workplace productivity.
“As employees struggle with personal financial matters, employers are asking for guidance tools to help their employees better manage their personal finance and benefits needs,” Sarsynski said. “MassMutual is introducing BeneClick! as the interests of both employers and employees intersect.”
The number of exchanges offering employee benefits is growing rapidly as employers are increasingly turning to them for their employee-benefits needs. Approximately 40 million Americans are expected to buy their health insurance coverage from exchanges by 2018, according to a 2015 study by Accenture Plc.3
The advent and growth of exchanges heralds a new era for employee benefits. Instead of picking a companywide health plan, more employers are giving workers the responsibility to choose their own plans from a menu of options. For 2015, six million workers selected coverage from markets run by private benefits administrators, Accenture Plc reports.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
For more information, visit www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube, Google+ and Pinterest. For information regarding MassMutual’s Retirement Services Division, you may also visit massmutual.com/retire or find us on Facebook.com/RetireSmart and YouTube.com/RetireSmart.