In Practice June 4, 2009

Education Needed to Improve HSA Enrollment

Six years after health savings accounts (HSAs) were introduced, only 59% of consumers know about them and more than half of those who are aware do not understand key features of HSAs, according to a survey by the Guardian Life Insurance Company of America.
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When asked why they do not participate in high-deductible health plans (HDHPs) and HSAs, consumers cited a variety of reasons, including expense and lack of knowledge, according to a press release. More than half (52%) of survey participants did not know that HSA contributions are not subject to tax, and 55% think they must pay taxes on withdrawals even when they are used for qualified medical expenses.

Portability is another area of confusion, Guardian found, with 60% of respondents unaware that they take the HSA with them should they change jobs.

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“A truly comprehensive consumer-driven health offering must also provide plan members with the education and tools they need to make smart healthcare decisions,” said Tim Bireley, Vice President of Group Medical.

According to the survey, two key motivators that would make consumer-driven healthcare more appealing to consumers are employer contributions to the HSA (61%) and the inclusion of critical illness insurance coverage (57%). Eighty-five percent of consumers stated they want more control over decisions that can influence the cost of their healthcare.

A copy of “The Benefits & Behavior: Spotlight on Consumer Driven Health Plans” survey is available at www.GuardianBenefits.com.

Products June 3, 2009

MetLife Unveils B/D Processing System

The MetLife Broker-Dealer Group has launched an electronic business processing system for its broker/dealer operations known as eApp (electronic application) and eApp with electronic signature option.
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A MetLife news release said eApp streamlines the application process by warehousing applicable business forms, making paper copies unnecessary. Registered representatives generally can eliminate the need to print an electronic form to capture a signature approval, the company said.

The system also performs systematic validation after the representative completes the electronic form, and immediately notifies the representative of missing information and provides limited suitability references, a news release said.

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Additionally, eApp is also available on the Wealth Management Services (WMS) platform, MetLife Broker-Dealer Group’s proprietary investment advisory product platform, the company said.

To facilitate straight-through processing, MetLife Broker-Dealer Group integrated Interlink Electronics’ Electronic Signature solution into the eApp platform.

At the heart of the Electronic Signature functionality is Interlink’s IntegriSign Electronic Signature software: once a handwritten electronic signature is captured with Interlink’s ePad-ink signature capture device, IntegriSign permanently binds the Electronic Signature to the document, creating a secure and tamper-proof form that can then be electronically routed through the MetLife Broker-Dealer Group back office, the news announcement said.

eApp also offers the following functionalities, according to the press release:

  • increase back-office efficiencies due to reductions in “not of good order” (NOGO) applications;
  • ability to complete fillable forms online;
  • automatic population of existing client information in forms to reduce redundancies;
  • systematic population of client information across several forms eliminating the need to enter information multiple times;
  • validating the forms for completeness and accuracy, in addition to providing the producer suitability guidance before submission through the MetLife Broker-Dealer Group operations;
  • securely, electronically signing documents with the Interlink solution gives representatives access to a straight-through process.

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