Legal Services Plans - Hyatt In The News
Usage for Debt and Financial Matters More Than Doubled in Tough Economy
CLEVELAND, OH, February 22, 2012 ― Employees coping with financial stress often find that related problems require legal counseling. In fact, Hyatt Legal Plans, a MetLife company, found that from 2007 to 2011, the number of legal services requested by plan participants for debt and financial matters more than doubled and requests for bankruptcy counsel increased nearly threefold. A new employee benefits white paper released today, From the Actions and Words of Employees: How Group Legal Plans are Positively Impacting Physical and Financial Health, draws on research and employee commentary to illustrate the impact of personal legal issues on employees and the workplace.
Improving Workplace Productivity with a Legal Services Plan
"Since employees’ preoccupation with personal legal issues may also impact workplace productivity, offering access to affordable legal assistance through a voluntary legal services plan can be a valued addition to an employer’s overall financial wellness program,” said Bill Brooks, CEO, Hyatt Legal Plans. “The research found that 61% of employees who accessed services in their group legal plan spent less time at work worrying about, and dealing with, their legal situation. They also took less time off from work to deal with their issue in contrast to employees who dealt with their situation on their own.”
Mitigating Employees’ Financial Stress
In an economy that has households reevaluating their discretionary spending, it is telling that enrollment in Hyatt legal services plans is strong. Consistently over the years, more than 80% of voluntary plan members re-enroll each year in Hyatt Legal Plans.
When viewed through the lens of group legal plan members, the need for affordable legal services is exemplified by their stories. The white paper takes a deeper look into the personal experiences of employees who faced a legal matter and how access to affordable legal assistance through workplace benefits positively influenced outcomes as well as feelings toward employers.
“Many group legal plans include fully covered attorney services for a wide range of personal legal matters for around $20 per month through payroll deduction," added Brooks. “Having affordable resources such as attorney assistance and representation through a group legal insurance plan may encourage employees to take action sooner and address matters before they escalate.”
Demand for certain legal services escalates during tough economic times; however, others, such as adoptions, guardianship, name changes, wills, trusts and deeds are generally used steadily despite the economy. A Hyatt group legal plan provides services for an unlimited number of personal legal matters appealing to a diverse employee population.
About Hyatt Legal Plans
Hyatt Legal Plans, a MetLife subsidiary, is America's largest provider of group legal plans, serving more than two million plan members and dependents through a nationwide network of 5,600 law firms. For more information on Hyatt Legal Plans, please visit www.legalplans.com. Group legal plans provided by Hyatt Legal Plans, Inc., Cleveland, OH. In certain states, plans are provided through insurance coverage underwritten by Metropolitan Property and Casualty Insurance Company and Affiliates, Warwick, RI.
Metropolitan Life Insurance Company (MetLife) is a subsidiary of MetLife, Inc. (NYSE: MET), a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit www.metlife.com.