The typical family's income slips by more than $12,000 in the year after a breadwinner suffers a critical illness such as a heart attack, stroke or cancer, according to a study by Metropolitan Life Insurance Company.
An attractive benefits program is vital for your recruiting and retention efforts, but it is also a significant expense. To ensure you are providing a package that is both competitive and economical, you need to know how your offerings compare to others in your industry. Benchmark data can provide valuable insight for evaluating your benefits package, including:
The possibility of becoming disabled is very real for working Americans, and so are the financial consequences and costs associated with employee absence. Unless it is offered through their employer, most adults have little, if any, disability insurance coverage.
Did you know that millennials have become the nation’s largest living population? Millennials, also known as “Gen Y,” are projected to surpass 75 million this year. In fact, more than 1 in 3 American workers is a millennial. That means millennials – those workers age 18-34 – have the largest share of the country’s workforce, and this number will only increase as more finish college and enter the workforce.
Group life insurance is often offered to employees as an employee benefit. It serves as both an employee retention tool and a way provide employees some peace of mind for their families.
There are various avenues for funding these group plans, and different underwriting criteria that can either reduce or increase the premium amounts. In most cases, life insurance face amounts will vary from policy to policy and will usually be based in part on each employee's base salary.
A new study has found that people enrolled in high-deductible health plans (HDHPs) are more likely to consider costs and quality when considering non-emergency care.
On December 19, 2018, the Department of Health and Human Services (HHS) issued proposed regulations to rescind the requirement that employers and plan sponsors obtain and use a unique health plan identifier (HPID).
A company’s retirement plan is often the first place many U.S. workers go for financial advice. According to a study by T. Rowe Price, the top three financial objectives for workers are:
The results of the study show how much value employees put on their retirement plans and how active they really are in trying to secure a sound financial future for themselves. With the stresses of rising costs, particularly health care expenses, many workers are having trouble managing their regular finances as well.
Offering both a 401(k) plan as well as some financial wellness services as part of your voluntary benefits package can go a long way to helping them employees become better stewards of their finances.
More and more employers are being overwhelmed by all of the compliance requirements associated with managing employee benefits.
The Guardian Life Insurance Company of America's "Benefits Balancing Act" study found that 60% of employers are feeling overwhelmed with the increased complexity of managing their benefits programs. One of the main reasons for the additional burden is the Affordable Care Act, with its myriad of compliance and reporting requirements.
The employer mandate and the documentation and new filing requirements with the IRS are high on the list of compliance issues, as are evolving Family Medical Leave Act (FMLA) and ERISA requirements.
Employers do all they can to keep their employees' health insurance and health care outlays to a minimum. And while most of the effort is focused on the upfront cost of insurance, copays and deductibles, employers are now trying to help their employees control the very costs they actually have the most control over - and one of those areas is prescription medication.
Helping employees become wise consumers of health services may also reduce overall insurance costs, as well as help employees conserve more of their own funds if they have high copays and deductibles.
The cost of drugs can vary greatly between pharmacies. And while your employees may have low copays for some drugs, if they go to the most expensive option when the insurance is covering the tab, it basically adds to the cost drivers for your insurance plan.
© COPYRIGHT 2019 Molyneaux Insurance