Employee-Benefit Changes Will Redefine Insurers' Role.By 2005, employees will choose their life and health benefits as employers transition from benefits providers to benefits facilitators, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a "thought leadership" paper by Aetna Group Insurance, Hartford, Conn. The report urges insurers to prepare to serve employers that won't contract with a provider unless it has Internet capabilities that absolve ab·solve tr.v. ab·solved, ab·solv·ing, ab·solves 1. To pronounce clear of guilt or blame. 2. To relieve of a requirement or obligation. 3. a. To grant a remission of sin to. employers of administering employee benefits. Carriers will need to allow workers to access a summary of benefits, to select plans, to enroll, to make changes and to ask questions, said Ralph Folz, president of Seabrook Benefits Consulting Inc., a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of firm that helped prepare the report. "Human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. departments don't want to be bogged down in these details," he said. "Employers aren't in the benefits business." Changing work-force demographics and needs are driving the need for customized benefits. "The young, single professional, the parents with four children and the aging baby boomer baby boomer also ba·by-boom·er n. A member of a baby-boom generation. Noun 1. baby boomer - a member of the baby boom generation in the 1950s; "they expanded the schools for a generation of baby boomers" boomer all have very different life insurance needs," said Thomas Corcoran There are more than one Thomas Corcorans
Employees will have access to a variety of benefits and will pay for them with a combination of the company's money and their own, Corcoran said. Employers would be in a position to shift a larger portion of rising medical costs onto employees as well as ease the burden of plan administration. Increasing use and acceptance of the Internet will accelerate the move toward defined-contribution plans, said Peter Biggins of Hewitt Associates Some of the information in this article may not be verified by . It should be checked for inaccuracies and modified to cite reliable sources. Hewitt Associates , Rowayton, Conn. Educating employees about their choices is key to success for defined-contribution plans, the report said. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion