Benefits to A Fully-Insured Group Insurance Solution
New products and trends have emerged in the insurance industry over decades, such as the increased flexibility of a Health Spending Account (HSA), but there has been one constant: traditional, fully-insured group insurance. Group insurance offers benefits coverage to a defined group of individuals, such as employees of a company, members of an association, or union members. This type of insurance safeguards against the financial risks associated with illness or death.
Association Health Plan Introduction and Its Benefits
An association is a group of businesses or companies that all provide the same type of services. These companies come together to form an association in order to protect and serve their mutual interests. Here’s a few examples of common industries and professions that might create associations
All Things You Need To Know About Third-Party Administrator (TPA)
A TPA is an organization that handles the operational and administrative duties of an employee benefits plan and is different from an insurer. They are experts in benefits administration and can work with Insurers to provide benefits coverage and more personal service. TPAs were created to fill a gap in the insurance marketplace where administration needs were growing more complex (specialized employee eligibility requirements, hour bank systems, etc.).
5 Steps to Employee Onboarding for Your Benefits Plan
Onboarding employees into your company’s benefits plan might seem as straightforward as completing a few forms—and we strive to simplify it as much as possible. However, the process is nuanced and critical, with potential pitfalls such as improperly enrolling an employee or missing their enrollment, which could lead to inadequate coverage or no coverage at all, causing stress for both the employer and the employee.
Why you should offer employee benefits
Besides wages, employee benefits stand out as a crucial factor in both attracting and retaining valuable staff members.
What is a Good Group Insurance Advisor
Whether you’re starting a new insurance plan or you already have one – you want to get the best value for your money. An important part of making that happen is working with a specialist. A dedicated Group Insurance Advisor stands as a committed ally to your benefits strategy. But what makes for a great group insurance advisor? And what exactly should your advisor be doing to support you?
Lifestyle Spending Accounts – Benefits and Potential
Lifestyle Spending Accounts (LSA), also known as Wellness Spending Accounts (WSA) or Personal Spending Accounts (PSA), are a new flexible benefit option that employers employ to fund some of an employee’s wellness activities.
Health Spending Account Claim Deadlines and Carry-Forward Guidelines
Spending accounts can be a great way to keep employee benefits within budget while providing flexibility to employees. The simplicity of them is also quite attractive. However, it is important to ensure that the details surrounding spending account claims submissions and carry-over rules are well known so employees can get their claims in on time.
How Employee Marital Status Relates to Health Benefits
Just as every business has its distinct characteristics, employees and their families vary greatly in composition and circumstances, which can change over time. As an employer, this may necessitate occasional adjustments to coverage.
