More than 57 million full-time working Americans experienced at least one legal event in the past year and
nearly half faced their legal issue without professional help, according to a new national study sponsored
by LegalShield and conducted by the research fi rm Decision Analysts. That figure rises to 70% of the country’s total population when you include nonworking Americans.
The document discusses paid sick leave compliance and best practices for employers. It provides an overview of the expansion of paid sick leave laws from one state and seven jurisdictions in 2014 to three states and eighteen jurisdictions currently. It reviews the key details and requirements of paid sick leave laws in states like California, Connecticut, and Massachusetts as well as various cities. These include eligibility, accrual, usage limits, family definitions, and certification processes. The document also discusses challenges employers face in managing paid sick leave and provides resources for continued compliance.
Health Care Reform After The Supreme Court Rulingwisdomjl
The document summarizes key aspects of the Supreme Court ruling on the Affordable Care Act and the expected impact of health care reform. It discusses the individual mandate being upheld under the taxing power, changes to insurance plans and exchanges beginning in 2014, penalties for employers not providing coverage, and increased costs and regulations for insurers, providers, and consumers. The document aims to help financial advisors and brokers understand and explain health care reform to their clients.
A document discusses the evolving role of captives within the changing healthcare environment. It notes rising healthcare costs and the growth of accountable care organizations (ACOs) and self-insurance. Captives are increasingly being used to manage ACO and employee healthcare risks. Case studies show how group captives can generate savings for employers by pooling stop-loss insurance and improving risk management. Forming a successful captive requires thorough planning and establishing sound fundamentals.
This session focuses on Ed Health, a medical stop loss group captive consisting of 11 Boston-area colleges that Spring assisted in the development of. It details Ed Health’s success to date and lessons learned through the development and ongoing management of a medical stop loss group captive.
ISCEBS 2014 Presentation: Health Care Reform’s Impact on Disability ManagementSpring Consulting Group
The document discusses key trends in integrated disability management in light of healthcare reform. It notes that integration continues to progress across employers of all sizes, with programs becoming more mature and sophisticated. Health management programs are also broadening in scope. The document highlights expanding ADA accommodation management to be on par with FMLA as a top trend, as well as growing interest in voluntary benefits to fill coverage gaps. Centralizing absence management and standardizing approaches are also discussed as important trends to improve the employee experience and reduce costs. Formal return-to-work and stay-at-work programs are emphasized as best practices.
The document discusses the key provisions and impacts of the Affordable Care Act (ACA or Obamacare) including the individual mandate requiring health insurance, subsidies available for individuals and small businesses, and the different types of insurance plans that will be available through exchanges. It also provides details on how the ACA affects individuals, small businesses, penalties for failing to obtain coverage, and a small business tax credit available to help cover premium costs.
Dr13 the future_of_health_care_insurance_whats_ahead3Ariel Porath
Deloitte is a global network of professional services firms that offers audit, consulting, risk advisory, and financial advisory services. It has member firms in over 150 countries worldwide that operate as separate legal entities. The document provides background information on Deloitte's legal structure and services, notes limitations on certain attest services for public accounting clients, and includes disclaimers around the general and non-professional nature of the publication's content. It also provides copyright information for Deloitte and the publication.
This document provides an overview of the Patient Protection and Affordable Care Act (PPACA), also known as Obamacare or healthcare reform. It begins with introductions of the presenter, Christine Price, and her qualifications as a Certified Healthcare Reform Specialist. The document then discusses how the PPACA will affect everyone in the United States to some degree, whether individuals, families, businesses or healthcare providers. It provides summaries of some key provisions and requirements of the PPACA going into effect in 2014, such as essential health benefits, health insurance exchanges, penalties for individuals and employers, and considerations around fully insured versus self-funded health plans. The presentation aims to inform audiences about the PPACA without taking a partisan
The document discusses paid sick leave compliance and best practices for employers. It provides an overview of the expansion of paid sick leave laws from one state and seven jurisdictions in 2014 to three states and eighteen jurisdictions currently. It reviews the key details and requirements of paid sick leave laws in states like California, Connecticut, and Massachusetts as well as various cities. These include eligibility, accrual, usage limits, family definitions, and certification processes. The document also discusses challenges employers face in managing paid sick leave and provides resources for continued compliance.
Health Care Reform After The Supreme Court Rulingwisdomjl
The document summarizes key aspects of the Supreme Court ruling on the Affordable Care Act and the expected impact of health care reform. It discusses the individual mandate being upheld under the taxing power, changes to insurance plans and exchanges beginning in 2014, penalties for employers not providing coverage, and increased costs and regulations for insurers, providers, and consumers. The document aims to help financial advisors and brokers understand and explain health care reform to their clients.
A document discusses the evolving role of captives within the changing healthcare environment. It notes rising healthcare costs and the growth of accountable care organizations (ACOs) and self-insurance. Captives are increasingly being used to manage ACO and employee healthcare risks. Case studies show how group captives can generate savings for employers by pooling stop-loss insurance and improving risk management. Forming a successful captive requires thorough planning and establishing sound fundamentals.
This session focuses on Ed Health, a medical stop loss group captive consisting of 11 Boston-area colleges that Spring assisted in the development of. It details Ed Health’s success to date and lessons learned through the development and ongoing management of a medical stop loss group captive.
ISCEBS 2014 Presentation: Health Care Reform’s Impact on Disability ManagementSpring Consulting Group
The document discusses key trends in integrated disability management in light of healthcare reform. It notes that integration continues to progress across employers of all sizes, with programs becoming more mature and sophisticated. Health management programs are also broadening in scope. The document highlights expanding ADA accommodation management to be on par with FMLA as a top trend, as well as growing interest in voluntary benefits to fill coverage gaps. Centralizing absence management and standardizing approaches are also discussed as important trends to improve the employee experience and reduce costs. Formal return-to-work and stay-at-work programs are emphasized as best practices.
The document discusses the key provisions and impacts of the Affordable Care Act (ACA or Obamacare) including the individual mandate requiring health insurance, subsidies available for individuals and small businesses, and the different types of insurance plans that will be available through exchanges. It also provides details on how the ACA affects individuals, small businesses, penalties for failing to obtain coverage, and a small business tax credit available to help cover premium costs.
Dr13 the future_of_health_care_insurance_whats_ahead3Ariel Porath
Deloitte is a global network of professional services firms that offers audit, consulting, risk advisory, and financial advisory services. It has member firms in over 150 countries worldwide that operate as separate legal entities. The document provides background information on Deloitte's legal structure and services, notes limitations on certain attest services for public accounting clients, and includes disclaimers around the general and non-professional nature of the publication's content. It also provides copyright information for Deloitte and the publication.
This document provides an overview of the Patient Protection and Affordable Care Act (PPACA), also known as Obamacare or healthcare reform. It begins with introductions of the presenter, Christine Price, and her qualifications as a Certified Healthcare Reform Specialist. The document then discusses how the PPACA will affect everyone in the United States to some degree, whether individuals, families, businesses or healthcare providers. It provides summaries of some key provisions and requirements of the PPACA going into effect in 2014, such as essential health benefits, health insurance exchanges, penalties for individuals and employers, and considerations around fully insured versus self-funded health plans. The presentation aims to inform audiences about the PPACA without taking a partisan
The document discusses the benefits of establishing a group captive insurance program. It notes that previously the industry faced high pricing from insurers who did not recognize their focus on safety. By sharing loss information and forming a group captive, members saw premium rate reductions, more investment in safety programs, lower losses over time, and underwriting profits returned to the group. This led to expanded coverage options and a high member retention rate, providing a long-term, market-driven insurance solution for the industry.
HUSC 3366 Chapter 9 Health and Disability InsuranceRita Conley
This chapter discusses health and disability insurance. It covers the importance of health insurance, different types of health insurance plans such as private insurance, Medicare and Medicaid. It also discusses factors that influence the rising costs of health care such as administrative costs and use of expensive technologies. The chapter examines sources of disability income like employer policies and social security. It emphasizes choosing adequate health and disability coverage to protect income in case of illness or injury.
Small business owners guide to the cares actVijar Kohli
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will
be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax
provisions that are outside the scope of SBA.
Economic alliance health care reform update march 5-2013Michelle Hundley
The document summarizes upcoming changes to health care reform regulations beginning in 2013, including limits on flexible spending accounts, new reporting requirements for employers, comparative effectiveness research fees, exchange notices for employees, individual mandates, employer pay or play rules, and independent contractor classifications. It also outlines additional reforms taking effect in 2014, such as state health insurance exchanges, premium subsidies, individual and employer mandates, rating limits, and cost sharing limits.
HUSC 3366 Chapter 10 Financial Planning with Life InsuranceRita Conley
This chapter discusses financial planning with life insurance and annuities. It defines life insurance and methods for determining insurance needs. It distinguishes between types of life insurance companies and policies, and how to select policy provisions and buy insurance. It also recognizes how annuities can provide financial security in retirement.
The document provides information about the Affordable Care Act (ACA) and enrolling in health insurance plans. It explains that the ACA provides protections like coverage for pre-existing conditions. It also outlines the essential health benefits all plans must cover. The document then gives steps for enrolling including determining income level and whether to enroll on or off the exchange. It details how subsidies work and how to calculate them. Finally, it describes the different metal-tiered plan levels (catastrophic, bronze, silver, gold, platinum) and their coverage and cost-sharing structures.
Employee benefits can be complicated but are important protections. This document provides an overview of health insurance basics and terminology. It explains that health insurance spreads costs among groups and improves access to care. There are different types of plans including group insurance through employers and individual plans. Key terms are defined, such as premiums, deductibles, copays, coinsurance, and out-of-pocket maximums. Understanding these concepts makes health insurance easier to navigate.
Self-funded health plans have grown in popularity due to their potential cost savings compared to fully insured plans. Employers who self-fund assume the financial responsibility for paying employee health claims. They can customize their plans' benefits and control costs. Self-funded plans purchase stop-loss insurance to limit financial risk from catastrophic or unusually high claims. Third party administrators (TPAs) handle plan administration and ensure compliance with regulations. TPAs work with employers to design customized plans and stop-loss coverage to provide the best benefits at the lowest cost.
Special Health Care Reform Edition of BIZGrowth Strategies NewsletterCBIZ, Inc.
Be sure to check out the Special Health Care Reform Edition of BIZGrowth Strategies Newsletter. Article topics include Private Exchanges, Health Care Reform's Impact on Compensation, the Shared Responsibility Penalty's Effect on Worker Classification, How to Manage Change during these Times and How the ACA Affects Your Payroll System.
The document discusses the Affordable Care Act and its implications for controlling healthcare costs and mitigating risk. It notes that while the ACA aims to increase access to insurance, it does not directly address the rising costs of healthcare. The ACA will likely increase both direct costs through penalties, premiums, taxes and indirect costs through administrative expenses. It also outlines various provisions of the ACA that will impact employers and health plans, such as the establishment of state health insurance exchanges, employer mandates, Medicaid expansion and penalties for non-compliance.
Supplemental disability insurance is seen as important for highly compensated employees to ensure adequate financial protection if they become disabled. Most group long-term disability plans only replace 60% of base salary and do not cover bonuses or retirement contributions, leaving many earning over $75,000-$100,000 underinsured. Supplemental disability insurance like DI@Work from Berkshire Life can help fill this gap by offering flexible, affordable individual coverage that is portable and can increase over time without medical underwriting. This represents an opportunity for brokers to enhance their services and earn higher commissions.
The document provides information about how the Affordable Care Act benefits small businesses in Illinois. It discusses how the law provides immediate tax credits for small businesses to help pay for employee health insurance and creates a health insurance exchange by 2014 where small businesses can purchase affordable plans. It also summarizes other provisions that help small businesses and consumers, such as banning pre-existing condition exclusions and allowing adult children to stay on their parents' plans until age 26.
The document discusses alternatives to long-term care insurance (LTCI) for covering long-term care costs, including self-insuring using personal savings and income, using life insurance policies that allow access to death benefits for long-term care costs, and applying for Medicaid assistance. It notes that while LTCI provides dedicated coverage for long-term care, it can be expensive with a risk of paying premiums without ever needing the insurance. The alternatives aim to use existing assets like life insurance or qualify for government aid through Medicaid to help pay for long-term care.
Startup Your Startup: Tips and Tricks for Founders at the Starting LineDavid Ehrenberg
This document provides tips and guidance for new business owners on setting up important operational and legal aspects of their startup. It outlines key tasks for company formation like obtaining an EIN and SUI, opening a business bank account, setting up payroll and benefits compliance. It also discusses healthcare options under the Affordable Care Act, minimizing legal risks around contractors vs employees and entity structure, and the benefits of trademark registration. The presenters aim to help new founders avoid common mistakes by properly setting up financial, legal and HR operations from the very beginning.
ACA - What you should know about worker classificationGrant Thornton LLP
If you’re an employer whose company uses independent contractors or workers from staffing agencies, you’ll need to make sure you’ve correctly identified whether they’re common law employees based on the IRS definition. Both types of workers may be considered common law employees, and if any of them are, you’ll need to add them to your total employee count in your Affordable Care Act calculation or risk incurring a hefty excise tax.
Learn more - http://gt-us.co/1xOqIzi
The document provides an overview of national healthcare reform proposals under consideration in Congress in October 2009. It summarizes key issues in bills passed by the House and Senate, including the establishment of state-run insurance exchanges, an individual mandate to purchase coverage, coverage requirements for insurers, and the potential inclusion of a public health insurance option. It also discusses proposed employer mandates and subsidies for small businesses to help provide coverage to employees. Cost estimates for expanding coverage are in the trillions of dollars over 10 years according to preliminary analyses.
At CBIZ AiA, we understand that since 2008 banking has faced a “perfect storm” of financial challenges, including the housing market collapse, expanded regulatory enforcement and the financial stress of eroding margins. These events have had a direct impact on the bank insurance market, often resulting in coverage and limit reductions and premium increases.
This document discusses the benefits of offering legal plans to employees. It provides several key points:
1) Legal plans represent a winning proposition for both employers and employees. They allow employees to get affordable legal advice and assistance for various issues, improving productivity and morale.
2) A study found that over half of Americans faced a legal issue in the past year without professional help due to cost barriers. Legal plans give employees access to lawyers.
3) Hendricks Automotive Group offered legal plans and found employees were satisfied with the benefit. It helped employees resolve small issues before they impacted work.
4) Legal plans are growing in popularity but still unknown by many. As employers and employees learn about the value, demand
The document discusses the benefits of establishing a group captive insurance program. It notes that previously the industry faced high pricing from insurers who did not recognize their focus on safety. By sharing loss information and forming a group captive, members saw premium rate reductions, more investment in safety programs, lower losses over time, and underwriting profits returned to the group. This led to expanded coverage options and a high member retention rate, providing a long-term, market-driven insurance solution for the industry.
HUSC 3366 Chapter 9 Health and Disability InsuranceRita Conley
This chapter discusses health and disability insurance. It covers the importance of health insurance, different types of health insurance plans such as private insurance, Medicare and Medicaid. It also discusses factors that influence the rising costs of health care such as administrative costs and use of expensive technologies. The chapter examines sources of disability income like employer policies and social security. It emphasizes choosing adequate health and disability coverage to protect income in case of illness or injury.
Small business owners guide to the cares actVijar Kohli
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will
be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax
provisions that are outside the scope of SBA.
Economic alliance health care reform update march 5-2013Michelle Hundley
The document summarizes upcoming changes to health care reform regulations beginning in 2013, including limits on flexible spending accounts, new reporting requirements for employers, comparative effectiveness research fees, exchange notices for employees, individual mandates, employer pay or play rules, and independent contractor classifications. It also outlines additional reforms taking effect in 2014, such as state health insurance exchanges, premium subsidies, individual and employer mandates, rating limits, and cost sharing limits.
HUSC 3366 Chapter 10 Financial Planning with Life InsuranceRita Conley
This chapter discusses financial planning with life insurance and annuities. It defines life insurance and methods for determining insurance needs. It distinguishes between types of life insurance companies and policies, and how to select policy provisions and buy insurance. It also recognizes how annuities can provide financial security in retirement.
The document provides information about the Affordable Care Act (ACA) and enrolling in health insurance plans. It explains that the ACA provides protections like coverage for pre-existing conditions. It also outlines the essential health benefits all plans must cover. The document then gives steps for enrolling including determining income level and whether to enroll on or off the exchange. It details how subsidies work and how to calculate them. Finally, it describes the different metal-tiered plan levels (catastrophic, bronze, silver, gold, platinum) and their coverage and cost-sharing structures.
Employee benefits can be complicated but are important protections. This document provides an overview of health insurance basics and terminology. It explains that health insurance spreads costs among groups and improves access to care. There are different types of plans including group insurance through employers and individual plans. Key terms are defined, such as premiums, deductibles, copays, coinsurance, and out-of-pocket maximums. Understanding these concepts makes health insurance easier to navigate.
Self-funded health plans have grown in popularity due to their potential cost savings compared to fully insured plans. Employers who self-fund assume the financial responsibility for paying employee health claims. They can customize their plans' benefits and control costs. Self-funded plans purchase stop-loss insurance to limit financial risk from catastrophic or unusually high claims. Third party administrators (TPAs) handle plan administration and ensure compliance with regulations. TPAs work with employers to design customized plans and stop-loss coverage to provide the best benefits at the lowest cost.
Special Health Care Reform Edition of BIZGrowth Strategies NewsletterCBIZ, Inc.
Be sure to check out the Special Health Care Reform Edition of BIZGrowth Strategies Newsletter. Article topics include Private Exchanges, Health Care Reform's Impact on Compensation, the Shared Responsibility Penalty's Effect on Worker Classification, How to Manage Change during these Times and How the ACA Affects Your Payroll System.
The document discusses the Affordable Care Act and its implications for controlling healthcare costs and mitigating risk. It notes that while the ACA aims to increase access to insurance, it does not directly address the rising costs of healthcare. The ACA will likely increase both direct costs through penalties, premiums, taxes and indirect costs through administrative expenses. It also outlines various provisions of the ACA that will impact employers and health plans, such as the establishment of state health insurance exchanges, employer mandates, Medicaid expansion and penalties for non-compliance.
Supplemental disability insurance is seen as important for highly compensated employees to ensure adequate financial protection if they become disabled. Most group long-term disability plans only replace 60% of base salary and do not cover bonuses or retirement contributions, leaving many earning over $75,000-$100,000 underinsured. Supplemental disability insurance like DI@Work from Berkshire Life can help fill this gap by offering flexible, affordable individual coverage that is portable and can increase over time without medical underwriting. This represents an opportunity for brokers to enhance their services and earn higher commissions.
The document provides information about how the Affordable Care Act benefits small businesses in Illinois. It discusses how the law provides immediate tax credits for small businesses to help pay for employee health insurance and creates a health insurance exchange by 2014 where small businesses can purchase affordable plans. It also summarizes other provisions that help small businesses and consumers, such as banning pre-existing condition exclusions and allowing adult children to stay on their parents' plans until age 26.
The document discusses alternatives to long-term care insurance (LTCI) for covering long-term care costs, including self-insuring using personal savings and income, using life insurance policies that allow access to death benefits for long-term care costs, and applying for Medicaid assistance. It notes that while LTCI provides dedicated coverage for long-term care, it can be expensive with a risk of paying premiums without ever needing the insurance. The alternatives aim to use existing assets like life insurance or qualify for government aid through Medicaid to help pay for long-term care.
Startup Your Startup: Tips and Tricks for Founders at the Starting LineDavid Ehrenberg
This document provides tips and guidance for new business owners on setting up important operational and legal aspects of their startup. It outlines key tasks for company formation like obtaining an EIN and SUI, opening a business bank account, setting up payroll and benefits compliance. It also discusses healthcare options under the Affordable Care Act, minimizing legal risks around contractors vs employees and entity structure, and the benefits of trademark registration. The presenters aim to help new founders avoid common mistakes by properly setting up financial, legal and HR operations from the very beginning.
ACA - What you should know about worker classificationGrant Thornton LLP
If you’re an employer whose company uses independent contractors or workers from staffing agencies, you’ll need to make sure you’ve correctly identified whether they’re common law employees based on the IRS definition. Both types of workers may be considered common law employees, and if any of them are, you’ll need to add them to your total employee count in your Affordable Care Act calculation or risk incurring a hefty excise tax.
Learn more - http://gt-us.co/1xOqIzi
The document provides an overview of national healthcare reform proposals under consideration in Congress in October 2009. It summarizes key issues in bills passed by the House and Senate, including the establishment of state-run insurance exchanges, an individual mandate to purchase coverage, coverage requirements for insurers, and the potential inclusion of a public health insurance option. It also discusses proposed employer mandates and subsidies for small businesses to help provide coverage to employees. Cost estimates for expanding coverage are in the trillions of dollars over 10 years according to preliminary analyses.
At CBIZ AiA, we understand that since 2008 banking has faced a “perfect storm” of financial challenges, including the housing market collapse, expanded regulatory enforcement and the financial stress of eroding margins. These events have had a direct impact on the bank insurance market, often resulting in coverage and limit reductions and premium increases.
This document discusses the benefits of offering legal plans to employees. It provides several key points:
1) Legal plans represent a winning proposition for both employers and employees. They allow employees to get affordable legal advice and assistance for various issues, improving productivity and morale.
2) A study found that over half of Americans faced a legal issue in the past year without professional help due to cost barriers. Legal plans give employees access to lawyers.
3) Hendricks Automotive Group offered legal plans and found employees were satisfied with the benefit. It helped employees resolve small issues before they impacted work.
4) Legal plans are growing in popularity but still unknown by many. As employers and employees learn about the value, demand
White Paper: Unique pricing model and management strategy decreases health in...Van Richards
Advantage Benefit Solutions offers a unique pricing model and management strategy that can decrease health insurance costs by up to 30%. Through cost indexing and other control methods, the company helped one client save over $1 million over two years by reducing premiums by 31%. Managing trends like increasing compliance requirements, unknown fiduciary liability, declining employee satisfaction, administrative waste, and rising health costs is key to reducing overall workforce costs and improving business valuation.
This document discusses the benefits of employers offering legal plans as a voluntary employee benefit. It notes that most Americans cannot afford legal assistance and do not have adequate legal protection. A legal plan allows employees to access affordable legal help for common issues. The summary provides key points about the benefits of legal plans for both employees and employers, including reduced stress, increased productivity and loyalty.
The Affordable Care Act (ACA) has significantly impacted businesses and the healthcare landscape since it was passed in 2010. It has resulted in both positive outcomes like coverage for pre-existing conditions, but also increased costs for many. In response, insurers and benefit consultants are developing new plan options like self-funded plans that can provide better coverage at lower costs. Technology is also integrating benefits administration, payroll and reporting to help businesses navigate ACA compliance and offering requirements.
Controlling Workers’ Compensation Costs by as Much as 20% - 50%Richard Swartzbaugh
What is Workers’ Compensation?
Who Benefits from Workers’ Compensation Cost Control? Everyone!!!
Worker’s Comp costs can be one of your Company’s greatest “out of control” costs, or, YOU can but in a proven 19-step system to reduce Workers’ Comp costs by as much as 20% - 50%, and utilize critical metrics to address:
- Why workers’ compensation metrics are important
- The formulas for how to calculate 5 critical metrics
- How to leverage these metrics to make an impact at your organization
Following the step-by-step instructions in 19-Step system for the calculation and application of critical metrics will address:
- Workers’ comp viewed as a cost of doing business
- Getting management to understand value of return to work
- Convincing policy holders to embrace a worker recovery program
- Lack of informed and effective employer involvement in WC claims issues
- Stakeholder apathy
- Managers and supervisors not taking seriously their duty to protect workers
Avoiding Workers’ Comp mistakes & loopholes will help drive three major points:
- Drivers of human behavior
- Disincentives to “Return to Work”
- Most common employer mistakes
Finally:
- Evidence-based medicine will create better Workers’ Comp claim outcomes.
- In organized environments, executing successful return to work programs with Unions (and members) is essential.
- As part of a comprehensive workers compensation program, employers should maintain close communications with injured employees to ensure they recover quickly, do not drop out of the workforce and return to work rapidly. Get Well Cards are part of a positive, proactive communication strategy.
The document discusses how rising healthcare costs are putting financial strain on employers and employees. It suggests that while employers want to control costs and offer competitive benefits, increasing deductibles and cost-sharing has led to many insured Americans struggling with medical debt. The document proposes that employers offer voluntary hospital indemnity plans to help cover employees' out-of-pocket healthcare costs and bridge the financial gap caused by high-deductible health plans. It argues that the total cost of an indemnity plan and higher deductible health plan is usually lower than traditional health plans alone.
Tax letter overlooked strategy - transfer policy ownershipontario lifeline
relates to Fair Market Valuation of individual life policies in Canada either for transfer to individual's professional or business corporation or donation to a charity
Accountants Guide to Workers Compensation & Health BenefitsADP, LLC
Accountants, as trusted advisors, are often called upon to help small business clients figure out their insurance needs. Few accounting firms have a licensed insurance agent available — only 8% of survey respondents were licensed or had a licensed insurance agent in the firm. Review this guide to help you understand how you can help!
Broker Opportunity: Legal and Identity Theft Solutions as Voluntary BenefitsAntonio Muniz Olan
This white paper explores nine reasons for
benefits brokers to embrace this evolving
business model, and the competitive gains they
stand to make in offering their clients voluntary
products such as IDT protection and legal plans.
The life insurance industry provides protection against the financial consequences of the premature death of a family breadwinner, disability, or outliving one’s retirement assets. But how are life insurance products actually designed and priced?
Product committees comprising agents, underwriters, actuaries, and senior management sit and discuss what new products should be offered. The agents have vast experience visiting with policyholders to determine their needs. Underwriters set the guidelines on which policyholders will be accepted and/or rated. Smart actuaries (while most would find this redundant, some would call it an oxymoron) assess the potential risks in these products and set a potential price. Senior management listens to agents, underwriters, and actuaries and helps finalize the product design, the guidelines for accepting risks, and the price. The programmers will also have to be contacted to determine the cost of administering the products. Many iterations of these discussions may take place before a product is ready for sale. The entire process could take up to a year.
Some of these products are quite complex, taking into account long-term interest rates and probabilities of death/survival, disability, and lapse. With this lengthy and rigorous process, one would imagine that few mistakes are made. However, this is not the case. What follows are a few examples of major product mistakes which cost the life insurance industry a lot of time, money, and bad publicity.
Thousands of businesses offer legal and identity theft protection plans to employees for several reasons: 1) Identity theft affects over 12 million people per year and victims spend hundreds of hours restoring their identity, often during work hours. 2) Seven out of ten employees experience a legal issue each year that costs an average of $1300 and 13 days off work to resolve. 3) Providing these plans can save employees money on legal fees while reducing stress and helping them be more productive.
#2 What is voluntary insurance why do employees need itThomas C. Williams
Voluntary insurance provides additional coverage to employees to help pay medical and living expenses not covered by major medical insurance. It is not required but is completely optional for employees to enroll in. Many employees are interested in voluntary insurance because nearly half have less than $1,000 to pay out-of-pocket medical costs, and two-thirds would struggle with the costs of a serious injury or illness. Voluntary insurance can help employees pay deductibles, coinsurance, copays, and bills that continue after an illness or injury when someone cannot work. It benefits both employees and employers by providing financial protection for employees with no direct cost to companies.
Chepenik Financial 1st Quarter (2019) Plan Sponsor UpdateCourtney Gladden
- Employees have unrealistic expectations about retirement that differ from reality, such as when they will retire and how much income they will need. This can cause difficulties in transitioning to retirement.
- There are key differences in what workers expect versus reality, such as relying more on social security than retirees do and claiming benefits earlier than maximizes payouts.
- Employers can help by communicating effectively with employees to address these perception vs reality gaps and help smooth the transition to retirement.
A Comprehensive Guide For Employer Liability Insurance.pptxCore Medical Center
Employer Liability Insurance (ELI) provides crucial protection for businesses against lawsuits related to employment issues like discrimination, harassment, wrongful termination, and more. It covers legal expenses and settlement costs incurred during these claims, offering financial security and peace of mind to employers. ELI ensures compliance with legal requirements and safeguards a positive work environment. While it doesn't cover intentional wrongful acts, bodily injuries, or certain penalties, it remains a vital component of risk management. Understanding state and federal regulations, minimum coverage requirements and the claims process is essential. For comprehensive guidance on ELI and Occupational Hazard Insurance, consult Core Medical Center in the USA.
For More Information Please Visit Our Site:https://www.coreworkerscomp.com/
#EmployerLiabilityInsurance
#OccupationalHazardInsurance
#EmployeeAssistanceProgram(EAP)
#CoreMedicalCenter
#USA
The document discusses several key issues around women's health insurance and costs in the United States. It notes that more than 17% of women are uninsured, health insurance premiums have increased 119% between 1999-2008, and 3 in 5 women are unable to pay medical bills. Additionally, it discusses rising costs being passed onto employees through higher deductibles, co-payments and coinsurance, as well as efforts to reduce costs through wellness programs and dependent audits. The document also examines health insurance issues facing young Americans, including high uninsured rates and concerns about shouldering costs for older populations under reforms.
The document discusses whether additional short-term disability insurance is needed beyond an employer-provided policy. It notes that supplementary coverage may be necessary if there is a significant gap between living expenses and the income replacement from the employer policy. Key factors to consider include estimating living expenses, maintaining long-term savings goals, and understanding preexisting condition limitations.
The document discusses Primerica's benefits solutions for small businesses to help attract and retain employees. It describes financial wellness workshops, legal protection programs, and long term care plans as affordable options. Retirement plans like SIMPLE IRAs, SEP IRAs, 401(k)s, and profit sharing plans are presented as ways for employers to help employees save for retirement while gaining tax benefits. The legal protection program and long term care insurance are also highlighted as valuable additions to an employee package.
The document summarizes the key findings from meetings held by the Employers Association of New Jersey with 458 private sector employers representing 41,200 employees. The employers' top concerns were increasing health care costs, maintaining productivity amid cost cutting measures, ensuring an adequately skilled workforce, and funding capital investments. Under the Affordable Care Act, many employers are considering eliminating health insurance coverage due to rising costs and projections that paying penalties may be cheaper. There is uncertainty around how the exchange markets and reforms will impact the business environment and employer-sponsored coverage going forward.
This document discusses the importance and benefits of voluntary (supplemental) insurance for businesses and employees. It makes three key points:
1) Voluntary insurance helps protect employees from unexpected medical costs and makes them more satisfied. It is an important part of an employer's benefits package for attracting and retaining talent.
2) Many employees are unprepared to manage the rising costs and responsibilities of healthcare. Voluntary insurance can provide financial protection from out-of-pocket costs like deductibles and coinsurance.
3) Voluntary insurance benefits both employers and employees. It boosts employee satisfaction and loyalty while costing employers little to nothing. It also supports healthier employees and lower workers compensation claims.
Similar to Cultivating Ancillary Benefits - California Broker (20)
Cultivating Ancillary Benefits - California Broker
1. Legal Plans Represent
Winning Proposition for
Employers & Employees
Cultivating
Ancillary
Benefi ts
by Alan Fearnley In a recovering economy, it can
be hard for employers to budget
fi nancial rewards. Companies are
offering employees everything from
health spa memberships, to pet insur-ance,
to discounted airline tickets.
Tom Yopp, vice president of admin-istration
for the Hendricks Automo-tive
Group had a lot of options when
he was looking to enhance the com-pany’s
voluntary benefi t package.
Hendricks, a Charlotte N.C-based
company, operates 92 auto dealer-ships
across the country. The com-pany,
which is highly selective of its
benefi ts offerings, wanted to add a
benefi t that could help employees
with the problem areas of their lives.
Yopp said Hendricks’ leadership
team knew that the employees, like
all people, regularly encounter le-gal
situations and issues that they
don’t know how to handle. He added
that these issues often bleed over
into the workplace, affecting em-ployee
attitudes and performance.
“The more we researched options, the
more we realized that a legal protection
plan made a lot of sense. People have
health insurance, property insurance,
life insurance and disability, and the
like, but most people don’t have any help
in dealing with the legal issues they face
over course of their lives,” Yopp said.
Yopp’s assessment is correct.
More than 57 million full-time work-ing
Americans experienced at least
one legal event in the past year and
nearly half faced their legal issue
without professional help, according
to a new national study sponsored
by LegalShield and conducted by the
research fi rm Decision Analysts. That
fi gure rises to 70% of the country’s total
population when you include non-working
Americans — those unem-ployed,
retired and disabled, according
to the American Bar Association.
Even more troubling are fi gures in
the Legal Needs of American Families
Study. The study reveals that nearly
half of working Americans who expe-rienced
a legal issue last year did not
seek professional advice or assistance
for even serious concerns, such as IRS
audits, arrests for DWI, or identity
theft. Study participants said they were
reluctant to seek professional legal help
because of cost, confusion, and fear.
“The study confi rmed what we’ve
known intuitively for a long time. Too
many American workers are facing sig-nifi
cant legal challenges alone and the
impact goes far beyond their personal
lives. It affects them at work as well.
Stresses brought on by personal legal
issues are indeed taking a toll on em-ployee
productivity and morale. Person-al
issues, such as divorce, bankruptcy,
and child custody issues cost American
People have health
insurance, property
insurance, life
insurance and
disability, and the
like, but most people
don’t have any help
is dealing the legal
issues they face over
course of their lives,
businesses more than $300 billion in
lost hours due to absenteeism, lost pro-ductivity,
and morale issues, according
the American Institute of Stress. The
Legal Needs Study reveals that 66% of
American workers who experienced a
legal event in the past year took at least
one day off from work to deal with it.
Ninety percent said they were distract-ed
at work and that their legal issues
affected their productivity and attitude.
Yopp of Hendricks Automotive
Group said, “Productivity was not
the main reason we decided to offer a
legal plan. But we knew that would
be one of the benefi ts for us. We knew
this would be a way to help our em-ployees
avoid or deal with legal situ-ations
before they became big issues
that would affect them at work.”
Yopp says that about one-fi fth of
30 CALIFORNIA BROKER visit us at www.calbrokermag.com JUNE 2013
2. Hendricks’ 5,000 benefit-eligible
employees are enrolled in the com-pany’s
legal plan. Employees pay the
business owners and employees can
purchase permanent insurance through
this plan. This powerful option offers
the following advantages to owners
and to employees who participate:
• They enjoy a tax deduction or re-duction.
entire cost of the plan, which is less
than $20 per month. Yopp says that
informal feedback reveals that employ-ees
lifestyle and future fi nancial freedom.
To easily clarify life insurance, I
create a simple T-chart. I place a T for
term are life pleased insurance with on the one benefit. side and “We
P for
permanent on the other. I relate term
life insurance to renting a house – it’s
temporary, there is no equity, and it
can be very inexpensive. Permanent
life insurance is more like buying a
home. It’s long-term; there’s equity; and
while it’s more expensive, the client
is in control. Once we’ve reviewed the
various types of life insurance, I make
suggestions about which products make
the most sense for the client. Then, I
allow the client to do the talking. After
hearing their reactions, I assist them
in determining which choice works
best for them. My main goal is to earn
their trust and create an environment
allowing for open communication.
think the take rate by our employees
is a good indicator of its popular-ity,
Not all of the money that’s
and we know they are using the
contributed to permanent insurance
under the Section 79 plan must be
included as taxable income in the
year each contribution is made.
• They can benefit from the policy’s
tax-deferred saving feature.
• There is the ability to generate tax-free
plan and that the services provided
have been very helpful,” Yopp said.
Although the legal plans are among
the fastest growing voluntary ben-efits,
they’re still largely unknown
among most American workers. The
Legal Needs income Study through reveals policy that loans.
only
10% of American workers have ac-cess
• There is a significant amount of
long-term life insurance protection.
• Contribution amounts can be ad-justed
to a legal plan through their jobs.
Even more surprising is that nearly
two-thirds of American workers don’t
even know that legal plans exist.
The study does show that when
legal plans are explained, more than
60% of American workers say they
would be interested in enrolling
at their own expense. The number
jumps to more than 70% if the cost
is split 50/50 with their employer.
Legal plans are where health insur-ance
be met to fund benefits utilizing perma-nent
After examining their needs, expec-tations,
insurance under Section 79. The
and goals; and pairing them
benefits must be based on a formula
that precludes individual selection.
Treasury Regulation 1.79 includes the
formula for calculating what partici-pants
with product-types suited to their
situation, we can move forward with
assessing was 40 how years much ago. coverage We have they
a lot
need. When planning with a prospect, I
may facilitate a less expensive 10-year
term policy, and in time, recommend
converting it to something more com-prehensive.
of work report to do as in taxable terms of income educating
– the
employers and employees about the
value of having legal plans. But the
more employers and employees learn
about how legal plans work, the more
popular they will become. We know
that once someone enrolls in a legal
plan, they use it quite frequently.
The new study points out that 70%
of workers enrolled in legal plans use
the plans at least three times and
nearly 75% of workers say they are
very satisfied with the services pro-vided
cost of the permanent benefit plus the
cost of the deemed death benefit. In
most cases, $50,000 of the death benefit
may be excluded Being from underinsured income. In is a
as
properly designed plan, the partici-pant’s
dangerous as being uninsured, but if
we open the client’s eyes to the pos-sibility
reportable income can be only
of any coverage, we can set up
60% to 80% of the premium actually
paid by the corporation. Not only does
the corporation get a 100% tax deduc-tion
future meetings to make sure they are
properly covered for the long-term.
for the contribution, but also the
individual reduces their taxable income!
The plan can be tailored for compa-nies
with multiple owners and/or highly
and the overall experience.
compensated employees – not all of
whom may participate or may partici-pate
Yopp said that, when choosing a
benefit provider, Hendricks Automo-tive
at different funding levels. Section
Group looked for an established
New Products Create
New Opportunities
After explaining different life insur-ance
79 plans don’t have the same minimum
participation rules as do qualified plans.
In non-discriminatory plans, ancillary
employees are entitled to permanent
insurance funded by the employer.
However, most don’t choose to par-ticipate
company with a proven track record
of providing quality services. He said
the company also needed a provider
that could concepts, deliver we services begin the in 13 more
states
that span from the East to West
Coast. Under the plan Hendricks of-fers,
technical aspects of planning. We
identify loans and liabilities and focus
on making at this sure level. those The can long-be managed
term
through employees careful pay planning. less than If $the 20 client
a
is more interested in using life insur-ance
benefits must be explained to employ-ees.
month Many, to have if not nearly all, will unlimited opt out. access
The
to dedicated law firms in their home
states. Plan attorneys have an aver-age
participant has to include phantom
income for each year a contribution is
made; pay taxes on that income; and go
through medical and possibly financial
underwriting. Employees who opt out
of the permanent benefits will receive a
group term benefit up to $50,000, which
we call the “free benefit.” So the cost
for employees is extremely low in many
cases. In addition, Section 79 plan
can offer a powerful way to attract and
retain highly compensated employees.
Corporate entity structure plays
an important role in designing Sec-tion
for estate planning, we assess the
tax implications and ensure those can
be covered. of 19 years This of option experience is especially
in the
important now, with the unique estate
tax law. The last six months of this
year will be an incredible opportunity
to withdraw money from an existing
estate to purchase life insurance with
minimal taxation. These tax laws
will change after the year’s end, so be
sure to assess the possibilities with
eligible clients as soon as possible.
Today, there are new products
that allow a return-of-premium in
what are known as “second-to-die”
or estate planning policies. These
innovative solutions are especially
effective when discussing life insur-ance
areas of law — family, financial, and
estate planning, wills and medical
directives, tax, real estate, etc. — areas
that affect individuals and families
the most. With one call, employees are
connected with an attorney to discuss
their legal problems or needs no mat-ter
how serious or trivial the issue.
The Legal Needs Study reveals that,
if legal service were more affordable,
90% of American workers would seek
legal 79 assistance plans. In for most issues cases, as for small
an
as a traffic ticket or the review of a
rental agreement. Respondents re-ported
owner’s contribution to be deductible,
the sponsoring entity should be a C
corporation paying or an an average LLC that of files $284 as an
a
C corporation. The owner must own
less than 2% of a pass-through entity,
such as an S corporation. In many
cases, when the main company is a
pass-through entity, a C Corporation
can be used as the sponsoring entity
as long as it is a real and viable entity
with a distinct business purpose.
with prospects on the fence about
hour for legal help with 24% report-ing
purchasing the product. They may be
concerned it isn’t worth the money or
they will incur a loss on the transac-tion.
in excess of $400 per hour.
Yopp said, “One of the things that
we found most valuable is that hav-ing
Such options make it possible for
these clients to recoup their money,
and therefore ease their doubts.
a legal plan allowed our employees
to get help with the little things that
can make life very stressful. A land-lord
may be totally unresponsive to
returning a security deposit, but if an
attorney Brother/sends sister a control letter, those group things
rules
usually and affiliated get resolved service pretty group quickly.”
rules are
not Legal a problem plans since with dedicated employees firms
in
also the main make entity it easy are for covered employees and not
to
find excluded. a qualified One major attorney area when of confu-sion
they
need one. More than two-thirds of
American workers wouldn’t know a
particular lawyer to call if they need-ed
Tips for Success
When working with new products, there
are some techniques you can implement
to alleviate a rocky start. Remember, it is
easier surrounds to sell to a Section client than 79 plans a prospect.
and
Sell as many strategic policies as pos-sible
listed transactions under 6707A. In at
least without one instance, being too an concerned advisor grossly
about
misreported one. Ninety that percent Section find 79 plans a lawyer
can
be considered a listed transaction. At
the time of the writing of this article,
how much they’re worth. New advisors
often get caught up with worrying about
profi tability when they actually should
be more concerned with meeting as
many prospects as possible. Once you
sell a small-term policy, the purchaser
is now a client. It’s likely that you have
earned their trust and they value your
expertise. To continue cultivating these
relationships, become aware of what your
clients need to know to feel comfortable
before purchasing a product from you.
Don’t shy away from prospects who
are not necessarily profi table on paper,
such as young couples. Once you build a
rapport, they might tell you about their
parents who may not have a fi nancial
advisor or are in need of a fi nancial plan
reevaluation. Such referrals helped my
practice earn several large sales. Beyond
being a source of referrals, remember that
everyone needs protection even if they
aren’t considered a large transaction.
As a seven-year member of the Mil-lion
randomly through an online search
or through some sort of advertising.
Nearly 75% of American workers say
they are hesitant to call an attorney
for reasons ranging from worrying
about the cost to being fearful that a
lawyer will take advantage of them.
“Employees don’t usually say much
when a benefit is useful and is meet-ing
In specific planning
situations, a Section
79 plan is a powerful
tool in our tax and
retirement planning
toolbox for providing
tax savings at the
corporate and
personal level,
significant tax-free
I think the fact that
we don’t have any
complaints about
our legal plan is a
supplemental
good indicator it’s
meeting their needs
retirement income,
and substantial
survivor benefits
to the successful
business owner
or professional.
Dollar Round Table (MDRT), I’ve
strengthened their expectations. my belief But, this profession
believe
is more than dollars and cents. I’ve
met many fellow members who value
the comfort they bring to clients more
than the potential revenue their clients
offer. These are often the most success-ful
me, we hear a lot from them when
service is poor. I think the fact that
we don’t have any complaints about
our legal plan is a good indicator it’s
meeting their needs,” Yopp said.
Yopp said that the ultimate payoff
for companies who offer legal plans is
in the improved attitudes and percep-tions
Section advisors. 79 plans By adding have never life insurance
been an
item to your on product that list. offerings For a complete and present-ing
listing
of transactions this solution covered to your under clients, 6707A,
you’re
refer to the IRS website at www.irs.gov.
In specific planning situations, a
Section 79 plan is a powerful tool in our
tax and retirement planning toolbox
for providing tax savings at the cor-porate
not only helping them diversify their
portfolio, that but employees you’re also have protecting
about their
their legacy. Rise to the challenge;
if you don’t, someone else will. ❑
––––––––
Jason J. Dudum, LUTCF is chief
executive offi cer of Dudum Financial.
He has more than 10 years of experience
in advanced estate planning and asset
management. He is a seven-time quali-fi
er for the Million Dollar Round Table’s
(MDRT) distinguished Top of the Table
and serves as a Top of the Table Advisory
Board member. He is also a member of
NAILBA and frequent speaker at local
NAIFA meetings and carrier conferences.
employer. The Legal Needs Study
reveals that 93% of American work-ers
have higher job satisfaction when
and personal level, significant
their employers offered legal plans.
tax-“I free think supplemental it’s been a very retirement
good thing
for income, our company. and substantial We’ve been survivor
able
to benefits help employees to the successful deal with business
issues
owner or professional. The value it
that cause major stress and worry in
can deliver in specific planning situ-ations
their lives. As a result, those employ-ees
cannot be understated. q
are more focused and productive
–––––––––
Brian Hartstein, MSFS, CLU,
ChFC chief executive officer of Eco-nomic
and are happier in their jobs.” q
––––––––
Alan Fearnley is the president and Chief
Commercial Officer of LegalShield.
annually, if needed, to pro-vide
flexibility for the business.
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