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.