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
What are the 9 Obvious Signs You Should Be Firing Your Benefits Advisor?
It ceases to amaze me that in this day and age that some benefit advisors still have clients or are holding onto their clients using the same approach that they’ve used for the past decade or longer. So when is it that you should look at changing benefit advisors? A case in point. I had a meeting with a new … 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
Beware of These 5 Factors When Setting up Employee Benefit Plans for Bosses
If you’re responsible for the setup and administration of your company’s employee benefit plan, you may want to pay close attention to how you set up your boss on the plan. This specifically applies to business owners or shareholders of the business. Most don’t realize this, but group benefit plans work really well for employees, but the same doesn’t necessarily … Read More
What You Need to Know About Employee Benefit Plans for Business Owners?
Business Owners: An Important Guide to Employee Benefit Plans Business owners need to be aware of the vital parts of an employee benefit plan. Whether you manage the plan yourself or you have someone else within your business that acts as a benefits administrator, you need to be aware of some key elements that can reduce long term cost, create greater … 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
What are the Not So Obvious Factors That Impact Employee Benefits Cost?
Over the past couple of decades, employee benefits have increased in importance and have become a critical part of employee compensation programs. Employees are using their dental, prescription drug, paramedical and vision coverage at record levels. The three major factors contributing to the increases in benefits costs are: Aging: As we get older, we use more health care products and … Read More
How Would You Like to Pay A Lot Less at the Dentist?
I love to learn. A big part of what I do is teaching business owners and employees about how to keep more money in his/her pockets. So when I find out something new in the employee benefits field, I like to share it. When it is something that potentially can affect everyone, it’s even more relevant. Doesn’t everyone want to … Read More
9 Best Practices to Setting Up a Successful Employee Benefit Plan
All Employee Benefit Plans Should Not Be Created Equal When setting up an employee benefit plan, not enough attention is paid to future sustainability and the important considerations that need to be taken into account setting up an employee benefit plan or changing benefit providers. Weigh these tips very carefully when going through the set-up process and you can avoid … Read More