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Small employers looking for ways to control their group health insurance costs are more closely examining what it means to be “ fully insured.” What Is a Fully Insured Health Plan? Fully insured” is what most people mean by “ insurance ” or group health insurance.
Insurance brokers and professional employer organizations (PEOs) are supposed to be competitors, right? Working independently or as part of a larger brokerage group, brokers earn a commission on the insurance plans they sell to clients. PEOs, however, don’t sell insurance. Let’s explore how.
Professional employer organizations (PEOs) offer a cost-effective solution to this problem. Besides the cost savings, working with a PEO can yield many benefits to employers. NAPEO (National Association of Professional Employer Organizations) economists Laurie Bassi and Dan McMurrer conducted research into PEOs.
PlanSource is an online platform that offers comprehensive benefits administration solutions to employers and employees. The platform offers a wide range of benefits administration solutions, including health and wellness programs, retirement planning, and employee insurance plans.
Our expertise in benefits communication campaigns runs deep and can make a fast and meaningful impact for employers and their employees. Flimp offers customized content combined with white-glove managed services to employers to ensure their benefits offerings are a success. supported by shared services in India and Portugal.
Navigating employee benefits can be complex for employers, especially when balancing cost control with providing comprehensive offerings to workers. Acting as an intermediary between employers and insurance providers, benefit brokers help design, implement and manage employee benefits programs.
If you’re an employer who has not yet made public your in-network negotiated rates, out-of-network billed charges, and historically allowed amounts, you have less than two weeks to complete this task. Still, other employers are publishing this information directly on their own websites.
On average, weve found that 3-5% of the dependents on an employer’s plan are deemed ineligible. When employers have performed a dependent eligibility audit with WEX, theyve seen savings of $3,000 to $5,000 per plan member, per year. This is particularly important for large, self-funded employers.
Flimp offers benefits consultants and employers a wide range of flexible, affordable, benefits communication solutions available in an easy-to-deploy, modular format called Flimp Campaigns. We offer the best of both worlds for employers: tech-driven, customizable products and exceptional customer service and project management.
Furthermore, research shows that 73% of employees are significantly more likely to remain with an employer that provides a comprehensive benefits package. Employee benefits providers are organizations that specialize in designing, administering, and managing employee benefits packages on behalf of employers.
ACA reporting deadlines The Affordable Care Act (ACA) mandates that employers file reports annually with the IRS and distribute 1095-C forms to employees. Employers must communicate these deadlines clearly to employees. Employers are responsible for issuing timely notices to comply with the law.
It’s important to keep in mind that it’s not up to the employer to determine whether an injured employee has a valid claim. Each workers’ compensation claim is subject to an investigation that complies with state employment law. How can your organization promote workplace safety when your people are remote?
For many employers offering a group health insurance plan, adding a supplemental benefit in addition to the group plan can help offset your employees’ out-of-pocket costs. This is especially true with high deductible health plans (HDHPs) that require employees to pay a higher amount on their own before their insurance kicks in.
Flimp Campaigns offers customized benefits content combined with white-glove managed services to clients to ensure their benefits communication programs are a success.
Among the various transparency rules contained within the Consolidated Appropriations Act is a requirement for employers to provide certain plan information about prescription drugs. Finally, short-term limited duration insurance (which is typically an individual market product) is also exempt.
Choosing the right professional employer organization (PEO) for your company is a huge project. CPA-affirmed documentation that they remit employment taxes in a timely manner. Background reports of their individuals responsible for employment tax payments. Documentation that they have positive working capital.
Employers: Don’t make this common cafeteria plan mistake! ” Employees cannot change their minds and make changes to pre-tax cafeteria elections during the plan year, once benefits become effective — unless a special enrollment period as defined under IRC Section 125 applies , or the employer is correcting an administrative error.
Their employment isn’t exactly stable, but the freedom they have to manage their schedule has some serious appeal. The desire for self-direction and independence has convinced many Americans to choose gig work over a regular job, and that’s changing how businesses approach employment and operations.
Lately, we’ve seen an uptick in questions around the roles of responsibilities of your company’s broker, your TPA (that’s us), and your health insurance provider. And where does your health insurancecarrier play into this? What is a health insurancecarrier? Let’s break it down.
When catastrophic claims rise, stop-loss insurancecarriers take notice. The post Stop-loss Insurance Changes Create Hurdles for Employers appeared first on Corporate Synergies. Here’s a game plan for plan sponsors.
Much employee stress arises when health insurance plans change unexpectedly – especially when they’re scaled back. The challenge for employers. How employers can do better. Still, employers must take these concerns about health insurance seriously. Bring in external experts and insurancecarrier representatives.
While health plans will be required to post this information, employers who sponsor their group health insurance for their employees will need to take steps to ensure that their plans comply with the law, if they have not already done so.
This year marks the first time the majority of employers (56%) are integrating at least some of their benefits. The vast majority (71%) of these employers are integrating the health benefits with a single insurancecarrier rather than using technologies to connect multiple carriers.
Fortunately, I worked for an employer that was open to modified duty. It sounds like this employer is as well. Spence] When an employee remains off work after an accident the employers cost of doing business rises. Unfortunately, employers are not in a win-win situation when it comes to workplace injuries.
Health care benefits are the costliest line item for employers – and these costs consistently rise each year, with plan usage and claims history serving as the two big drivers. Having virtual care options can also be help reduce employees’ stress about their own health-insurance costs.
You as an employer can help by offering group disability insurance to your employees. This insurance helps replace a portion of a worker’s income if they lose their income due to an injury or illness. Group disability coverage has advantages for both the employer and the workforce. What it covers. List billing.
As healthcare costs have risen rapidly in the last decade, employer-sponsored health insurance premiums have followed,1 affecting both organizations and employees. Data analytics is the first step in answering that question, directing employers toward what medical situations can sink a healthcare plan. WANT TO LEARN MORE?
A new study has found that individuals enrolled in high-deductible health plans (HDHPs) are more engaged than their traditional plan counterparts during open enrollment, spending more time on choosing plans and using employer-provided tools to help them make their choices. The study’s authors said there are likely a few reasons U.S.
Here is how CorpStrat can help: CorpStrat is working with employers and employees to share how health insurance companies are helping those affected by the fires. Insurancecarriers have staffed hotlines to help. Affected by the SoCal Fires? Reach us if we can help you in any way. Please check [link] for updates.
Confirm enrollment in a health plan To receive automatic approval for co-pays, certain co-insurance, and deductible expenses, make sure your employer has reported you as enrolled in the company health plan. An Explanation of Benefits (EOB) from your insurancecarrier or healthcare provider gets it resolved in no time.
New Yorks workers’ compensation laws are strict and designed to protect both the employee and employer. This means that employees can receive compensation for injuries sustained at work without needing to prove negligence on the part of the employer. However, managing claims involves more than just processing paperwork.
An example of this is a client company discovering that they’ve been continuing to pay for medical insurance for a terminated employee. Some compromise may be necessary When you choose your own insurance offering through a broker, you can select from a vast number of available insurancecarriers and plan designs.
Offering pre-tax benefits is the first step in helping employees lower out-of-pocket expenses, but employers should also make sure to explain the associated financial benefits. It’s important that employers are equipped to provide sound guidance on out-of-pocket costs, coverage options and resources like HSA calculators.
The key for employers grappling with these higher costs is how they can reduce their impact by switching up plan offerings and choosing plans that do a good job of managing specialty drug costs, which have been spiraling over the last decade. Compare insurance plans and providers. Other cost-saving measures.
These rules were all not mandatory and employers could choose whether to relax them or not. Here are the rules that will sunset at the end of 2021: Allowing employees who had declined group health insurance for the 2021 plan year to sign up for coverage. The main focus is on incentives and if they are discriminatory to some workers.
K&R InsuranceCarriers May Not Cover Risky Regions The U.S. Furthermore, insurancecarriers may not cover a destination if it is on the “Do Not Travel” list. A kidnapping can be devasting for the victim, their family and their employer. Do you need kidnap and ransom coverage for your employees?
An insurance broker serves as an intermediary between insurance companies and their clients, helping individuals and businesses find, secure and maintain the best possible coverage. The Role of an Insurance Broker Insurance brokers help guide clients through the complexities of the insurance process.
As employment laws, tax laws and health care reform continue to change at a rapid pace, it can be difficult for business owners to keep up. If you are weighing the option of outsourcing human resource (HR) duties through a co-employment relationship, here are eight important things to consider when selecting a PEO: 1.
Helps employees prioritize and assess voluntary and supplemental benefits offered by their employer. With PLANselect and BENEFITchoice, we’re able to greatly reduce employee queries, increase enrollment rates and lower renewal costs for most employers,” said Wayne Wall, CEO and founder of Flimp Communications.
Employers are responsible for paying premiums, but receive a tax credit. Employers sponsoring a group health plan will be responsible for paying health insurancecarriers for the premiums. They will be reimbursed for 100% of the COBRA premiums through tax credits against certain payroll taxes.
That’s why it’s important for any employer with a group health plan to warn its staff about the importance of safeguarding their medical and health insurance information, including plan information and health insurance cards. You may have to submit records requests and pay fees to get copies.
According to a recent SHRM article , employers should expect a government funded COBRA subsidy to shortly be a reality. The first item employers should take away from the latest proposal is that the recent changes are likely to usher in a wave of new COBRA enrollees. What you should expect. How you can be proactive.
This strong return may explain why many states, like California, require employers to have a written safety program. Your workers’ compensation insurancecarrier – Many carriers provide fee-inclusive safety consultation services to their customers. Join a PEO.
Put as simply as possible, an Electronic Data Interchange (EDI) 834 file is the standard format in which employers can communicate their employees’ health insurance enrollment and maintenance data to insurancecarriers.
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