You’re a great employer! You’ve set up a benefits plan for your employees, but you may be exposed to unrealized liability. Many companies set up a benefits plan to protect their employees but is your employee benefits plan creating a liability for your company? Here are some potential situations that we come across that can potentially come back and blow … Read More
How Do You Ensure the Most Used Part of your Employee Benefit Plan Will Never Increase Again?
Employee Benefit Plans for small businesses are notorious for double-digit inflation. The threat of the unsustainable benefit plan is a fact that many small business owners face every year at renewal. Here’s a way to stop having that awkward renewal conversation with your benefits provider; make the most used portion of your benefit plan a fixed and predictable cost. This … Read More
What are the 4 Services You Must Get Rid of from your Employee Benefits Plan?
Some benefits on plans should be eliminated or enhanced to give more value to employees and stakeholders. By having them on your plan, they are subject to abuse. It is not necessarily your employees’ fault, and the practitioners are all too willing to take your benefit dollar as far as it can go. Since benefit renewals are all based on … Read More
Why is it Good to be Disruptive in the Employee Benefits Industry?
By definition, Disruptive means “causing or tending to cause disruption”, but in business, it generally refers to “innovative or groundbreaking”. My 15-year son being disruptive in his classroom is not encouraged, but it takes guts to be a trailblazer in the business world. Also, if you’re successful, then the masses will follow. Who Said a Tiger Can’t Change Its Stripes? … Read More
10 Employee Benefit Plan Tips That Keep Employees and Employers Happy
10 Employee Benefit Plan Tips Usually, there is a disconnect between employers and employees as it relates to employee benefit plans. Employees want a comprehensive plan and employers need to be watchful of the bottom line. Pleasing both parties is not always easy to achieve. Here are 10 Employee Benefit Plan Tips that if incorporated into your plan, will satisfy … Read More
5 Questions Every Business Owner Needs To Ask When Selecting an Employee Benefit Company
If you’ve been tasked to investigate setting up a new employee benefit plan for your company, you will be overwhelmed by options. The process can be daunting, and the consequences can be dire. Most benefit consultants will push you towards an Insured plan, but you have options. There are many more questions to ask when implementing a benefit plan, but … Read More
How will Educating Employees on Benefit Plans Create a More Sustainable Plan?
Educating employees on benefit plans means more than just explaining what their plan includes and how to make a claim. So how will educating employees on benefit plans create a more sustainable plan? Many of my clients know how much I emphasize this point with their plan sponsors. It probably is the single most important detail in ensuring that a plan … Read More
5 Reasons Why Benefit Plans for Business Owners Should Differ From Employee Plans
I walk into many privately-owned companies only to find out the business owners are set up under the same benefit plan as their employees. Should benefit plans for business owners differ from employee plans? In a word, Absolutely! It’s all too common that I see business owners having the same co-pay obligations as their employees. So if an owner goes … Read More
The 11 Key Elements that an Association Benefit Plan should provide its Membership
When does an Association benefit plan make sense? In short, the answer should always be. However, this is seldom the case. Many companies have experienced that there’s a premium to work through an Association benefit plan. Many companies have experienced high administration fees, one-size-fits-all approach, limited service capabilities, ineffective regional coverage and limited supporting technology platforms. Many feel it is great … Read More
Why You Deserve to Know How Much You’re Paying Your Benefits Consultant
Let’s be clear about this; transparency and disclosure of compensation is a sign of the times. Some industries work on this premise. It helps to earn trust with clients and ensure that you’re making recommendations because it is in your clients’ best interests and not your own. So how much do benefit consultants get paid? I’m not going to … Read More
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