Chart a course around the approaching voluntary product thunderstorm

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By:          Zack Pace, SVP, Benefits Consulting

Did you glance back over your shoulder this summer at the proposed regulations the federal government issued regarding voluntary supplemental medical products (e.g., hospital indemnity, critical illness, etc.)? These regulations, as proposed, will greatly alter the voluntary product landscape. In my latest essay for Employee Benefit News, How to avoid the approaching voluntary product thunderstorm, I explore:

  • Why the regulators are concerned that individuals will confuse these products with major medical coverage
  • How the regulators’ train of thought could extend to other voluntary products
  • What employers that sponsor voluntary supplemental medical products should do now to assess and eliminate its penalty risks

I also share a sailing story that you might enjoy.

Here’s the full article – How to avoid the approaching voluntary product thunderstorm. You may need to register with Employee Benefit News to view it.

The proposed regulations are available here, CBIZ’s regulatory affairs bulletin is here, and a helpful summary of the regulations published by Alden Bianchi of the firm Mintz Levin is located here.

You can reach me on zpace@cbiz.com or via Twitter. My collection of LinkedIn essays is located here, and my Employee Benefit News articles are available here.

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Zack Pace

Zack Pace, SVP, Benefits Consulting at CBIZ Inc., and his team design, implement, and manage benefits packages that are highly effective at empowering clients to attract and retain the top talent needed in order to outperform competitors, while ensuring that the cost of the overall benefits program and its components are cost-effective.
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