Hi everyone,
We are incredibly excited to announce two wonderful new partnerships this month! The first is with life and worksite provider GlobeLife.
Everyone in/around the DFW metroplex is familiar with that name, mainly due to the very new, nice, indoor GlobeLife stadium out in Arlington. Gone are the days of the 100+ degree July baseball games. Outside of that, there’s a good chance you’ve not heard of them or run into them in the marketplace. They don’t advertise directly and in most cases, they either work directly with employers or through brokers. This is one of the main reasons you won’t recognize them from billboards, commercials, etc which is not necessarily a bad thing. All that excessive advertising costs a lot.
We’ve been looking for a new worksite partner for a while that could do onsite enrollments and bring that individual attention to the table for employees as we’ve had some not-so-great experiences with some of the bigger more commonly known groups in the past. So, in line with full transparency, here are some of the key attractions that pulled us into the GlobeLife network.
- They have an individual humanized approach. They visit with each employee to help them understand their options, especially around life insurance
- Single premium whole-life policies. These policies are designed for employees to be able to take their policy with them as they move companies.
o Typically the life insurance policies being sold by other companies are term policies that increase with age and then oftentimes increases again if someone leaves the company and wants to take it with them.
o Being whole life, not term, the rates stay the same and don’t increase at future birthdays or renewals, even when someone leaves they stay locked in!
- Low participation requirements. We work with a lot of small businesses and it can sometimes be a challenge to bring certain products to the table for staff due to other vendor participation rules, we won’t have that with GlobeLife
- Full suite of additional traditional worksite products. Additions like accident, critical illness, cancer, etc. With the low participation requirements that were previously mentioned and the numerous products available, a suite of benefits can be tailored and customized and can have various offerings, even for smaller employers.
Stay tuned, we’ll be reaching out with some additional client announcements as well as incorporating this into our normal renewal workflow for consideration, but we were very excited to have a partner onboard with us that takes the same, custom approach to employee benefits that we take here at HBC.
Now, part deux!
We are also VERY excited to announce a formal partnership with FSAStore / HSAStore.
Many are familiar with them already, but for those that are not. FSAStore / HSAStore offers online platforms where employees who are on FSA’s and HSA’s can go and purchase products and items that have been pre-screened off the IRS-allowed list of approved items (https://www.irs.gov/pub/irs-pdf/p502.pdf) so FSA / HSA account holders don’t have to sort and dig and research like they have to do at a pharmacy or a normal grocery store.
The piece of this that we’re most excited about is that the partnership brings to the table the ability to now build direct links into our enrollment systems and online electronic enrollment kits. We’ll be able to help foster that shopping experience for those who need it and all they will have to do is go to the document/platform where ALL the rest of their benefits information is located.
Stay tuned on this front, for all of our clients that have FSA’s and HSA’s in place, we’ll be sending reach outs shortly to discuss updating enrollment materials or platforms to include this new feature.
Thanks so much for the read everyone, if anyone would like to talk about any of these vendors now, please reach out, we’re happy to schedule a call.
Ryan
