We can predict one thing: Market for voluntary benefits will continue to grow
The events of the last few years have certainly complicated the business of predicting what lies ahead for the benefits industry. As they try and call the trends for 2012, experts are keeping a close eye on the economy (in both the U.S. and Europe), employment levels, health care reform and the evolving role of voluntary benefits.
Oh, and it’s an election year. Hang onto your hats.
The uncertain economy
The economic outlook for the new year is slightly brighter overall in the U.S., with a recent drop in unemployment numbers and some growth in manufacturing and construction. But it also seems that for every bit of good economic news there’s a bit of bad news. Housing prices are still depressed, and an unfolding European economic crisis could affect conditions across the globe.
The moving target known as health care reform
Even after an eventful year for health care reform in 2011 (the CLASS Act didn’t make it, but the insured-until-26 provision took effect) a lot remains unknown. Court decisions came down against the individual mandate as well as for it. And in the spring, the Supreme Court is expected to hear arguments on the issue.
Unum launched a health care reform information site to help keep everyone up to date. But it’s a big job. Lots of questions, including those about how exchanges will work and the role of brokers in the whole equation remain unanswered. And it’s still not clear how employers will respond to reform, with some experts predicting many will drop health care coverage for employees while others predict they’ll have compelling reasons to continue to offer it.
The voluntary world
The new year is bringing a lot of discussion about where voluntary benefits will fit in as medical costs rise and employers look for creative ways to tighten benefits budgets while offering employees the benefits they want and need.
Strong growth in voluntary benefits is among the top trends for 2012 Colonial Life recently predicted, and some brokers who are weighing in on what they expect from the New Year see voluntary benefits playing a growing role in their plans.
Contact me and let's discuss how we can make this new and changing environment a great opportunity for you to navigate your clients through challenging times.
- Rich Canale
The events of the last few years have certainly complicated the business of predicting what lies ahead for the benefits industry. As they try and call the trends for 2012, experts are keeping a close eye on the economy (in both the U.S. and Europe), employment levels, health care reform and the evolving role of voluntary benefits.
Oh, and it’s an election year. Hang onto your hats.
The uncertain economy
The economic outlook for the new year is slightly brighter overall in the U.S., with a recent drop in unemployment numbers and some growth in manufacturing and construction. But it also seems that for every bit of good economic news there’s a bit of bad news. Housing prices are still depressed, and an unfolding European economic crisis could affect conditions across the globe.
The moving target known as health care reform
Even after an eventful year for health care reform in 2011 (the CLASS Act didn’t make it, but the insured-until-26 provision took effect) a lot remains unknown. Court decisions came down against the individual mandate as well as for it. And in the spring, the Supreme Court is expected to hear arguments on the issue.
Unum launched a health care reform information site to help keep everyone up to date. But it’s a big job. Lots of questions, including those about how exchanges will work and the role of brokers in the whole equation remain unanswered. And it’s still not clear how employers will respond to reform, with some experts predicting many will drop health care coverage for employees while others predict they’ll have compelling reasons to continue to offer it.
The voluntary world
The new year is bringing a lot of discussion about where voluntary benefits will fit in as medical costs rise and employers look for creative ways to tighten benefits budgets while offering employees the benefits they want and need.
Strong growth in voluntary benefits is among the top trends for 2012 Colonial Life recently predicted, and some brokers who are weighing in on what they expect from the New Year see voluntary benefits playing a growing role in their plans.
Contact me and let's discuss how we can make this new and changing environment a great opportunity for you to navigate your clients through challenging times.
- Rich Canale
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