Posts made in July, 2012

Most Americans Lack Adequate Retirement Savings

Posted by on Jul 31, 2012 in Retirement | 0 comments

Retirement has become the talk of the country in recent years. As the Baby Boomers approach retirement, which promises to overturn the current healthcare landscape, many people have started to think about their own retirement savings. A new survey conducted by the online brokerage TD Ameritrade reveals that 57% of people who save for retirement do not feel that they have enough savings in order to meet their needs. Furthermore, the survey also demonstrates that 37% feel only slightly behind and 21% feel very far behind. The survey reveals that the primary reason people feel behind on...

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Communications Essential to Making Successful Benefit Plan Changes

Posted by on Jul 27, 2012 in Broker Development, Employee Benefit Program | 0 comments

  Communications are critical to successful benefit plan modification and change, according to a recent survey by Towers Perrin, a human resources consulting firm. Without effective messaging that helps employees understand not only the nature of the changes, but also what their response to the changes must be, employees can begin to feel that their employers do not care about them, which can negatively impact employee commitment and engagement. The vast majority of employers covered by the survey had made changes in benefits in the past two years-82% in health care plans and 53% in...

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All Health Plans Now Cover Preventive Services

Posted by on Jul 24, 2012 in Health | 0 comments

  This may mean that there’s no reason to put off getting screened for these important treatments. From, the federal government’s site providing basic information on health care reform, including PPACA: Preventive Services for Adults – Including Senior Citizens Abdominal Aortic Aneurysm one-time screening for men of specified ages who have ever smoked Alcohol Misuse screening and counseling Aspirin use for men and women of certain ages Blood Pressure screening for all adults Cholesterol screening for adults of certain ages or at higher risk Colorectal...

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What is a “Reasonable” Retirement Savings Rate?

Posted by on Jul 17, 2012 in Retirement | 0 comments

  How much salary should you defer into a retirement plan? Ultimately, the answer is “however much your budget allows you to contribute”. The big-picture question, however, is whether you need to contribute more to your retirement savings in order to maintain your lifestyle after your career is done. An Aon Hewitt analysis (The Real Deal: 2012 Retirement Income Adequacy at Large Companies) finds that the average corporate employee makes a pre-tax contribution equal to 7.2% of his or her pay to an employer-sponsored retirement plan. Aon Hewett has found this level of contribution to...

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Is it Better to Self Fund Employee Health Benefits?

Posted by on Jul 9, 2012 in Broker Development, Employee Benefit Program | 0 comments

  Companies are trying to contain the damage by paying employee health claims out of pocket. Joseph Berardo, Jr., CEO of MagnaCare, said that the total savings from doing this could be between 10% and 20%. MagnaCare administers self-funded health insurance plans to municipalities and businesses in New Jersey and New York. When employers debate whether to adopt a self-funding plan, the possibility of lower monthly healthcare costs should be considered in comparison with the risk of covering employees’ healthcare bills. There is no concrete answer for this issue that is right for all...

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