Why This Matters
Americans have a looming retirement savings problem: most of us aren’t saving enough to maintain our standard of living in retirement. On top of that, the increasing cost of healthcare over the past two decades has weighed on employers’ bottom lines, translating into higher out-of-pocket health care costs to employees (and therefore, less money going into savings). This is a critical issue, and part of the reason we’re so concerned with helping consumers make the right benefits decisions for their needs, not only at the point of enrollment, but also throughout the year.
After taking into account necessary expenses like housing, food, and transportation, many of us don’t have much left to put toward insurance (both medical and other types, like life insurance) and retirement savings. We believe in empowering consumers to spend those dollars smarter and allocate those funds in a way that makes the most sense. That means streamlining the complex decisions around insurance and retirement savings so that they can happen at the same time, in the same interface. We believe this will help keep the consumer and their family in good health, as well as preparing them for a healthy, happy financial future.
Meet BeneClick! – A New Offering Launched by MassMutual and Powered by Maxwell Health
BeneClick! is a unique, integrated exchange from MassMutual featuring a guidance tool to help employees at participating employers prioritize their retirement savings, health insurance, and ancillary benefits based on their individual life stage and take purposeful action.
The exchange will also feature an integration with MassMutual’s MapMyBenefits tool, which enables employees to prioritize their benefits choices, making the most of each benefit dollar based on their life stage, financial goals and personal finances. This all-inclusive approach to financial planning at the workplace combines retirement readiness, healthcare coverage, and preparation for life’s unforeseen events.
By framing the budget and benefits decision around how much income a consumer needs or can expect to maintain during retirement, consumers will be better able to allocate those funds at the key moment when they are first exposed to and enroll in them. Consumers are itching for simplification and guidance; this solution brings that to them.
“BeneClick! represents the wave of the future as the retirement plans and workplace insurance marketplaces converge, creating a new employee benefits dynamic,” said Elaine Sarsynski, Executive Vice President, MassMutual Retirement Services & Worksite Insurance. “We are proud to offer the first exchange that truly meets employers’ and employees’ needs for comprehensive benefits and guidance in one place.”
BeneClick! is being introduced in several regions of the country and will be available more broadly starting in early 2016. MassMutual, which currently offers retirement plans and life insurance through the exchange, will add additional insurance products such as critical illness and accident protection in 2016.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long-term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
For more information, visit www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube, Google+ and Pinterest. For information regarding MassMutual’s Retirement Services Division, you may also visit massmutual.com/retire or find us on Facebook.com/RetireSmart and YouTube.com/RetireSmart.
For more information on this exciting announcement, reach out to Meg Murphy (firstname.lastname@example.org) or by phone 860-716-9475
Oct 6, 2015 9:34:0 AM