According to a press release, the solution is a combination of employer-paid coverage and employee-paid voluntary benefits designed to make it easier for small businesses to offer employee benefits within flexible price points. Employers’ benefits budgeting is made easier with three-year rate guarantees for life and disability insurance coverage and annual rate caps on dental coverage, the company said.
With the package, employers choose to provide a certain level of core life insurance, long term disability income insurance or dental benefits by selecting at least two out of three coverages for their eligible employees. Employees are able to “buy up” additional coverage (with no minimum participation requirements) for the selected products at competitive group rates through payroll deduction.
The announcement said the Benefits Bundle also includes features, such as will preparation (based on state availability), an Employee Assistance Program (EAP), and travel assistance with identity theft benefits.
MetLife is making the product available initially to small businesses with 10-99 employees in the Atlanta, Chicago, Dallas, Portland, and Seattle markets, with coverage effective beginning March 1, 2009.
More information is at www.metlife.com .