It has been nearly 30 years since the federal Family and Medical Leave Act went into effect, protecting Americans’ jobs when they care for an ill family member or bond with a new child. However, research indicates that because the law does not protect their income, the financial loss associated with extended leave limits employees’ ability to take it.
Some states have enacted paid family and medical leave, but political realities suggest other states are unlikely to do so. Public sentiment continues to favor the policy, even as Americans are divided as to how it should be funded.
The private insurance market can step in to fill the gap by offering employers fully-insured paid family and medical leave policies. There’s a catch: State lawmakers need to pass laws to enable insurance carriers to offer them.
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers in the US as well as 6 of the largest life insurers in Australia. With employees and offices throughout the world, FINEOS continues to scale rapidly, working with innovative, progressive insurers in North America, Europe, and Asia Pacific.
The FINEOS Platform is the only purpose-built, end-to-end SaaS insurance solution for the life, accident and health market. The FINEOS AdminSuite delivers industry-leading capabilities across core administration including absence management, billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or as one suite. The machine learning-enabled FINEOS Engage solution delivers people-first digital engagement pathways and the FINEOS Insight solution provides predictive analytics and reporting across the business.