The Guardian Life Insurance Company of America (Guardian),New York, a provider of employee and voluntary benefits for small and midsize businesses, has announced that it has placed more than $220 million in client accounts since introducing its dental Maximum Rollover program in 2004. More than $170 million was rolled over to customer accounts in 2006 alone.
The rollover dollars represent the money that dental plan members collectively saved for future use due to the program. The Maximum Rollover option allows Guardian Dental plan members to roll over a portion of their unused annual maximum into a personal Maximum Rollover Account (MRA), in case the need for more extensive dental care arises in the future. Traditional dental plans require members to use or lose their benefit dollars.
More than 40% of individuals enrolled in eligible Guardian plans received rollover dollars. The 2006 deposits of $170 million were 238% higher than the 2005 deposits of $50 million. The growing number of participants in the program drove the triple digit increase.
Guardian’s Maximum Rollover program is designed to encourage consumers to receive preventive treatment, while also empowering them to save benefit dollars that they would lose under a traditional plan. Consumers must make regular dental visits to trigger eligibility for rollover benefits.
“Guardian pioneered the development of dental annual maximum rollover programs, which are growing in popularity,” said Richard Goren, DDS and Guardian’s second vice president, Group Dental. “Dental rollover accounts giveour brokers a competitive advantage and our members value the ability to accumulate funds for future dental care. As we mark the 50thanniversary of our Group business, the success of this program underscores our commitment to employee benefits innovation and leadership.”
Guardian’s Maximum Rollover features include the following:
- Allows members who have submitted small claims to build up their MRA for a time when they will need to cover large claims.
- Rewards long-term employees by allowing the rollover account to accumulate over time.
- Provides members with consumer choice. By carefully controlling their spending, members can have more dollars available when needed.
- If a member uses the services of Guardian or FCW Preferred Providers exclusively during the year, they can rollover an even larger amount.
For more information visit www.GuardianLife.com.