Most companies have Accidental Death and Dismemberment Insurance (AD&D) on their group benefit plans but should they? This type of insurance provides benefits for injury resulting in loss or permanent and total loss of use of body parts. It also pays out a benefit in the event of death caused by an accident on or off the job. It’s a … Read More
Which of the 4 Benefits Plan Funding Models is Right For Your Company?
Today, the stakes are high when setting up an employee benefit plan for your company. Trying to find common ground on risk adversity, cost certainty, employee security, plan sustainability, and affordability all begin with your plan funding model. Arguably, your plan funding model can represent one of your most important decisions when setting up your plan. Arbitrarily deciding one or … Read More
How To Make Your Employee Benefit Plan Go Further
To understand cost containment for your employee benefit plan, you need to understand the cost breakdown of a typical plan. The average cost of employee benefits is about $3,000 per employee per year. Approximately 15% of that is made up of administration fees, and the rest (85%) comes from benefit claims costs. Most insurance companies say they will save you … Read More
10 Questions to Determine if Your Employee Benefits Plan is Exposed
Is there ever a perfect solution? Probably not in a realistic world where employers want to keep costs contained, and employees want unlimited benefits. There are ways of managing your company’s exposure, yet ensuring quality benefits are available for employees that require them. You will want to ensure that you don’t have an exposed benefit plan. The following is a … Read More