From cable subscription services to grocery deliveries, the demand for customization has never been higher. However, the need for customization extends beyond everyday consumption and into the workplace. With the ever changing healthcare industry, individuals want the option to tailor their benefit plans to fit their needs — and that’s exactly where voluntary benefits can play an important role. What Are Voluntary Benefits? Voluntary benefits are elected insurance products employees can add to their benefit packages. They are typically paid completely or mostly by the employees through payroll deferral and often include: life insurance, vision, dental, disability, cancer and critical illness insurance, and accident insurance.
For many businesses, health insurance can be complex, difficult to navigate and tough to understand. There are constant updates because of policy reform that you have to stay on top of. Carriers will often make changes to the benefit plans including what’s covered within the plan and costs associated with it. Lastly, what your employees need or want in a health insurance plan will often change over time. As people age, start families, or have children, their health insurance needs change — as does the importance of getting coverage to protect yourself, your employees, and the ones they love. Working with an insurance agent can
Education, especially when it comes to understanding one’s health benefits, is extremely important. How else will your employees be able to appreciate the value of having a company benefits plan if they don’t know how it works? Here are 5 reasons you should educate employees on their benefit plans. 1. Appreciate the Value of Having a Company Sponsored Health Plan Not all employers offer health benefits, but most employees are looking for companies that do. Health and wellness is a huge part of the workplace today and it can greatly improve company culture. By explaining to employees the different benefit plans offered, it can help them
COMPLIANCE DATES APRIL 30, 2017 for new health plans on a calendar plan year: Summary Plan Description (“SPD”) Employers who offer a health insurance plan must provide SPDs to all participants within 120 days after a new plan is adopted. SPDs must also be provided to new participants no later than 90 days after the person first becomes covered under the plan. FEDERAL COMPLIANCE UPDATES NEW VERSIONS OF SBC DOCUMENTS New versions of the Summary of Benefits and Coverage (“SBC”) template, instructions, uniform glossary, and related documents are required to be used on or after April 1, 2017. Under the Affordable Care Act, group health
Employee files can be a legal liability if they are not managed properly. The fact is companies can create risk to the business if they do not follow certain steps to protect employee information, manage access appropriately and comply with state and federal laws for record keeping, retention and destruction. Common errors associated with employee file management and creation include: Lack of controlled access – who is allowed to see what, when, why and how Poor organization or no organization – whether information be easily found Inconsistency in employee file content – collecting the same information and documents from all employees Retention guidelines not followed