Insurers are doing their part to help businesses maintain crucial employee benefits during the ongoing COVID-19 pandemic, a LIMRA survey found.
The coronavirus pandemic and state-mandated social distancing measures have upended many businesses. Many companies have reduced employees’ hours, or laid off or furloughed their employees to mitigate the loss of income.
This not only impacts employees’ paychecks but also affects their insurance benefits. LIMRA surveyed insurance carriers to determine what steps they have taken to help ease the challenges for employers and their staff.
According to the LIMRA survey, a large majority of carriers are making exceptions to their usual method of determining benefit eligibility in order to extend coverage for employees affected by COVID-19.
Many (42%) are choosing to automatically continue coverage for all employees for a specified period of time, and another 22% are extending eligibility on a case-by-case basis to employees whose status has changed…Read more>>