Employee benefits industry product news fromAflac, American Academy of Actuaries, Society of Actuaries,ArmadaHealth, and more. (Photo: Shutterstock)
Here's the latest employee benefits and retirement industryproduct news. And here's to the people behind the scenes working tomake the products, the stories, the implementation, and the ideaswork.
|Aflac announced thelaunch of its new group worksite life insurance. Available in termand whole life options for consumers ages 18-70, Aflac's new grouplife coverage benefits include advanced claim payment,first-responder benefits rider, new living benefits rider options.The newest group life coverage is available in certain states.
|The AmericanAcademy of Actuaries and the Society of Actuaries (SOA) haveupdated the jointly developed Actuaries Longevity Illustrator.Language has been clarified to help users effectively use andunderstand its results, and back-end data and methodologies used tocalculate results have been updated. The mortality tables used togenerate the illustrator's results have been updated from the U.S.Social Security's 2010 to 2016 tables, and the mortalityimprovement scale has been updated from SOA MP-2015 to MP-2018.Changes have also been made to the factors used to adjust forsmoking and health status.
|ArmadaHealth announced the expansion of its specialistrecommendation matching services to include primary carephysicians. QualityCare Connect is now available for health plans,consumer-facing health care platforms, specialty insurancesolutions and affinity/association groups. QualityCare Connect willnow be the new brand within ArmadaHealth's service offerings goingforward.
|Beddr'ssolution to identify and treat the root causes of chronic sleepissues is now available to employers, enhanced with improved dataand insights, an expert-led sleep coaching program and a nationwidenetwork of sleep physicians. Its SleepTuner is apostage-stamp-sized sensor that is worn on the forehead andcollects clinical-grade data on key metrics like blood oxygenlevels, stoppages in breathing, and more, delivered via amobile app. And a four-week expert-led sleep coachingprogram pairs each person with a trained sleep coach who providespersonalized guidance to improve their sleep hygiene.
|Bento launched its next-gen app with a new Price Checkfeature, which shows in-network prices for common dental proceduresnationwide based on their zip code. Bento's pay-as-you-go modelenables individuals, families, and organizations of any size to payfor services directly without the need to contract with aninsurance company.
|BPASannounced it has teamed up with MOR Strategy Partners to deliverthe Re$erveMOR benefits solution to public-sector employers andemployees. Re$erveMOR is a proprietary combination tax strategy,created by MOR Strategy Partners and financially managed by BPAS,that addresses the need for employees to optimize their pay throughthe use of multiple tax-advantaged employeebenefits. Under the Re$erveMOR model, collectivelybargained employees can elect a percentage of pay increases to fundtheir health reserve. They can also convert certain time-offbenefits, like sick time, to health funds on a tax-free basis.
|Castlight Health announced the launch of CastlightCare Guides, a concierge service with a clinician ledhigh-touch service to help users understand the best care for themwhen a digital app isn't enough. Castlight has created a CharterCustomer Program for Castlight Care Guides and will be developingthe high-touch roadmap in partnership with these customers,including a Fortune 500 manufacturing company launching inNovember. The company plans to make the solution broadly availablein mid-2020.
|FidelityInvestments announced a digital end-user experience, acustomizable cash flow withdrawal strategy, and a suite ofdedicated retirement income funds. Fidelity Managed RetirementFunds are a set of mutual funds designed to be part of anemployer's 401(k) or 403(b) plan fund line-up for retirees. TheFidelity Managed Cash Flow withdrawal strategy is designed tocomplement the Fidelity Managed Retirement Funds. The FidelityManaged Retirement Funds are available now, while the digitalexperience (which includes an online planning tool) willbe available in early 2020.
|HarvardPilgrim Health Care announced the launch of Harvard PilgrimWell-being Rewards, a program that offers rewards to smallbusinesses and employees who purchase directly from the company forimproving their overall personal health and that of theiremployees. Employers can choose to purchase this program whichincludes rewards in the form of gift cards to employees whoparticipate in wellness activities. In turn, employers can receiverewards (up to 6% of their current year billed premium) when theiremployees successfully engage in the well-being program.
|J.P. Morgan Asset Management announced enhancements toTarget Date Compass, the target date fund analysis tool. The upgraded tool is powered by third-party Morningstar data. Thenew Target Date Compass offers a suite of new search filtersresulting from extensive user testing with advisors. These includeFund type – Mutual funds vs CITs; Minimum track record – 3, 5 or 10years; To vs. through funds; Morningstar analyst rating – gold,silver, bronze, and more.
|PrincipalFinancial Group has announced a new digital experience,Principal Life Online. The digital solution aims to streamline theterm life insurance buying experience from application submissionto policy delivery.
|OnegevityHealth announced it acquired the global licensingrights to Mount Sinai's Lab100, a clinic and research lab that uses precisiondiagnostics to empower patients and help scientists advance ourunderstanding of human health. It will be available toother medical systems soon. The lab is designed to support thetransition in focus from sick-care to well-care to provide thepatient with a more complete picture of their health.
|UnitedHealthcare has introduced a new benefit forpeople with acute low back pain. With this new benefit design, planparticipants enrolled in certain employer-sponsored health planscan pay $0 out-of-pocket (waived deductible or copay) if theyselect physical therapy or chiropractic care for the treatment oflow back pain. The benefit covers, at no additional out-of-pocketcost, three physical therapy or chiropractic visits, along withadditional visits normally covered under the plan, to a qualifiedcare provider.
|WorkShield announced that its solution has expanded to include allTitle VII protections as outlined under the seventh amendment ofthe Civil Rights Act of 1964, Title VII. Work Shield's solutioncombines a HIPAA-compliant reporting platform with WorkShield-certified legal professionals who investigate every reportedharassment or discrimination incident and work in partnership withthe employer to establish a clear path to resolution.
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