Posts made in March, 2012

Most Employees are Willing to Trade Pay for Benefits

Posted by on Mar 30, 2012 in Employee Benefit Program | 0 comments

Since the financial crisis of 2008, America’s economy has continued to struggle. The unemployment rates are still high, and pay rates have been cut. In addition to this, retirement and health plans seem to have less generous offerings. Unfortunately, they are not as secure or predictable as they once were. Many employees are worried about their long-term retirement options. They are waiting to see if further reductions will be made in their benefits, which would result in higher upfront expenses. While the economic downturn brought mostly negative changes, one positive change that took...

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Understanding Employer Responsibilities for Group Benefits Under ERISA

Posted by on Mar 28, 2012 in Human Resources, Retirement | 0 comments

The Employee Retirement Income Security Act, commonly shortened to ERISA, is a federal law enacted to set minimum standards for the majority of voluntary pension and health plans in the private industry to protect involved individuals. This federal statute went into effect on September 2, 1974. ERISA requires plan sponsors to provide participants with thorough information about features and funding. In addition to this, the statute mandates fiduciary responsibilities for managers and controllers of plan assets. The statute also requires plans to have an established grievance and appeals...

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Long-Term Care Insurance in the Corporate Market -Why Should I Offer This Coverage to My Employees?

Posted by on Mar 23, 2012 in Employee Benefit Program, Life | 0 comments

There’s no getting away from it: long-term care insurance is one of the most talked about benefits options in the employment market and probably one with the least corporate acceptance. After all, it’s an easy benefit to ignore. Many employers just don’t see the point of adopting it, believing that most employees won’t need long-term care until they’ve retired. Employers feel they’re fulfilling their obligations by offering other benefits. Long-term care insurance is one of the fastest growing benefits and one that is fuelling intense consumer interest as...

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Both Employers and Employees Gain from Voluntary Benefits

Posted by on Mar 21, 2012 in Broker Development, Employee Benefit Program, Human Resources | 0 comments

With the cost of benefits increasing-for both employers and employees-voluntary benefits are gaining appeal, in large part because they offer advantages and opportunities to employers and employee alike. Voluntary benefits are programs which, though offered through the workplace, are paid for completely by employees. A broad range of benefits can fall under the voluntary benefits umbrella, and the list is growing all the time: dental, vision, hearing, legal, disability buy-up, long-term care, supplemental life, supplemental AD&D, universal life, group auto, group homeowner’s,...

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Health Care Reform – The Next 3 Years

Posted by on Mar 19, 2012 in Broker Development, Employee Benefit Program, Human Resources | 0 comments

A look at the changes coming in 2012, 2013 & 2014.  Companies sponsoring group health plans should be aware of the changes coming to the health insurance industry as part of the “second stage” of health care reform. An ongoing relationship with a licensed insurance and financial consultant can help you keep these major and minor adjustments on your radar. What’s new for 2012? Insurers that issue group health plans will have to abide by some new requirements. Should plan benefits materially change, the plan issuer will have to provide notice in writing at least 60 days beforehand...

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