Insurance

What you should look for in a health benefits broker

07/27/2010

It’s probably the toughest part of a benefits administrator’s job: choosing next year’s health insurance plan. If they’re lucky, benefits pros have powerful allies in that high-stakes game: insurance brokers. But some brokers are little more than order-takers. If you’re starting to think your broker is part of the problem and not part of the benefits solution, maybe it’s time to look for a new one.

Don’t break the bank for effective wellness programs

07/27/2010

Employers are warming up to wellness programs to help reduce health care costs. And it works! But choosing the wrong pieces of the wellness puzzle can lower your ROI dramatically. For the most bang for your wellness buck, focus on these five efforts that drive the greatest cost savings.

What’s a ‘grandfathered’ health plan? Feds release new rules

07/26/2010

Group health plans that were in effect when the big reform law was signed on March 23, 2010, can earn “grandfather” status. Employers will lose their grandfather status if they change insurance carriers or “substantially increase” out-of-pocket costs for employees.

The truth about employee wellness … and 7 ways to get workers to take it seriously

07/12/2010

Want your employees to take more responsibility for improving and protecting their health? Examine how you communicate with them about their benefits, says a new report from the Midwest Business Group on Health. Here are seven major findings from its new research, along with tips on using the information to trigger employee participation in wellness programs:

Do I now have to provide long-term care insurance to my employees’ same-sex domestic partners?

07/09/2010

Q. I recently heard that same-sex domestic partners of employees are now eligible for the long-term care insurance. Is that true?

Feds clarify tax status of dependent coverage

07/09/2010

The IRS has clarified that, under the new health care reform law, coverage provided for employees’ children under age 27 is tax-free to the employee. That means employers with cafeteria plans may permit employees to immediately make pretax salary-reduction contributions to provide coverage for children under age 27.

New anti-drug initiative could reduce your WC premiums

07/08/2010

A new drug-abuse prevention program promises significant savings on workers’ compensation premiums for Ohio employers that agree to participate in it. The Ohio Bureau of Workers’ Compensation’s Drug-Free Safety Program allows Ohio employers to opt into the program—which requires drug and alcohol education, testing and accident reporting—in exchange for discounts on workers’ comp insurance.

Use 3 strategies to cut health care costs

07/08/2010

“Now is the time for all of you with plan-year start dates on or near Jan. 1 to start thinking about ways to control health plan costs,” says insurance expert Nancy L. Newell. Lowering employers’ health insurance burden requires balancing three strategies: shifting more costs to employees, implementing cost savings and making plan changes.

Shopping for employee-lawsuit insurance: 6 questions to ask

07/01/2010

Employment practice liability insurance (EPLI) covers you from employee lawsuit judgments. The jump in employee lawsuits is making EPLI a nearly must-have; so premiums are rising. Here’s how to shop for a policy …

4 key trends transforming employee assistance programs

06/29/2010

Employee assistance programs are on the rise as employers cope with higher health care costs—and employees cope with the stresses of an uncertain economy. An expert says four trends will drive EAP change in coming months, bringing cost savings for companies and better care for workers.