This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Health insurance is often the biggest-ticket item in any company’s benefits package, and the cost of health insurance rises on average each year , historically. Companies spend a lot of money, time and effort to make their benefits competitive and provide quality group health insuranceplans to employees.
Moving beyond standard To really get ahead, companies should consider a shift from only offering the most common benefits – or, at minimum, what’s legally required. Certain benefits are now viewed by prospective employees as standard, meaning that: They assume your company offers them, because they are, in some cases, legally required.
A business leader can’t eliminate all risks, but insurance can provide some cover should the sky begin to fall. Despite this, insurance is an area where owners often try to skimp on the type of insurance they pay for or the amount of coverage they choose. Property insurance . Workers’ compensation. Professional liability.
In this article, we will: Provide links to federal guidelines on the topic Consider possible pros and cons of requiring vaccines for employees Outline four common approaches Explore exceptions employees may seek to vaccination mandates Identify five potential legal issues related to the topic. Incentivizing vaccines.
As a co-employer, the PEO you choose will ultimately take responsibility for payroll processing, providing workers’ compensation insurance coverage, providing an employee benefits package and a host of other sensitive human resources (HR) and administrative tasks. Or would you retain plan sponsorship and fiduciary responsibilities ?
Older Americans must consider everything from where they want to live to how they plan to support themselves as they age. She thinks its invaluable for adult children to have these financial planning conversations with aging parents. With age may come wisdom, but it also comes with a variety of questions around lifestyle and legacy.
was accused in a lawsuit filed on Tuesday of mismanaging its employee health insuranceplan and forcing tens of thousands of U.S. The lawsuit is the latest to accuse employer-sponsored health plans of failing to negotiate lower prices for drugs on behalf of participants, as prescription drug costs continue to rise sharply in the U.S.
If your military employee deploys for weeks or even months, your company is legally required to hold their job for them for the duration of the deployment. Keeping a plan in mind. The military has this adage: “Proper planning prevents poor performance.” For employees: Have a plan for reassigning work to other team members.
Access to Fortune 500-level benefits When joining a PEO, companies can can access to PEO-sponsored benefit plans. Risk management Compliance becomes much more complicated as businesses grow in size and expand into other municipalities and states.
The most obvious concerns stem from the legal issues surrounding your current state’s laws and how different the laws are in your new location. Before you start to pack any boxes, obviously, it’s wise to consult legal counsel. Yet HR-related laws and regulations are increasingly complex. A remote work policy ?
The legal liability for data breaches and failure to comply with data privacy laws can incur prohibitive costs, including fines and penalties. Is the planned use of the data aligned with why it was collected? Contact your company’s insurance provider, if you have cyber liability Insurance.
To help you figure out whether your workers are classified correctly, we’ll cover: Basic legal resources and information you need to know Who enforces the law on worker classification, and what happens if you’ve misclassified workers (either intentionally or unintentionally) The most common mistakes you should avoid to stay out of trouble.
Being proactive in the area of HR, recognizing and rectifying HR mistakes before they become serious problems, can save you countless headaches and protect your business against costly legal claims. For example, many businesses are without a vacation payout policy , complaint process and a disaster and workplace violence plan.
Their benefits include: Healthier employees, which can help companies contain health insurance costs Less absenteeism and, therefore, greater productivity Higher morale A sense among employees that their employer cares about them in a holistic manner – beyond their functional role at work – which can strengthen loyalty and improve retention.
Lower health insurance premiums? One 2012 report found that most North American employers who have analyzed the ROI of their wellness programs saved one to three health plan dollars per dollar invested. Here are some low-cost wellness program ideas to bring to the planning table. Happier employees? Why workplace wellness?
Start by offering a solid benefits package that includes a great portfolio of health insurance options to choose from. This alone can help ease some of your employees’ money concerns because they will have the opportunity to get things like medical insurance, disability, flexible spending accounts, retirement plans and more.
And that’s exactly what business insurance does. Nearly every conceivable risk a business might face is covered by a type of business insurance,” says Darrell McGee, program manager at Insperity Insurance Services. Property insurance. Also, it typically covers the legal costs involved in the lawsuit.
Ensure compliance with all relevant HR documentation and legal requirements. Reduce costs associated with workers’ compensation , disability and medical insurance (if an employee can return to work faster). Formulate a disaster or emergency preparedness plan. Identify essential functions of the job.
What are the legal responsibilities for accommodating someone with mental health-related issues? The employee and the HR manager should engage in the interactive process to focus on and implement an accommodation plan and review future requests for work leave. How should you handle a request for time off due to mental illness?
Everyone wants less expensive benefits and insurance (and without having to scale back on coverage). These opportunities are examples of soft cost savings that often come with HR outsourcing , and they often help employers more adeptly run their business.
Health insurance Health insurance aims to assist employees with the costs of obtaining medical care. Optional dental and vision care are usually offered alongside health insurance for an added fee.) To confirm your company’s legal obligations for these types of insurance, check the laws in your particular state.
What plans do you have for your business in the coming year? The study authors suggest that conscientiously planning your human capital strategy can prevent a number of problems and help insure your enterprise flourishes. Without a career development plan, employees may not feel that they have a future at your company.
Having an estate plan might seem like something only extremely wealthy people need, but that’s not entirely true. While high net-worth people need an estate plan, it’s also crucial if you own a house or business , have children or want control over what and how your possessions are distributed after your death.
There are no legal requirements to keep in touch with workers while they’re out on leave. They can also reach out about changes that may impact the employee, such as reminders about open enrollment periods for health insurance. If the leave is planned. Contacting employees on leave isn’t required, but it’s a good idea.
Sponsoring a retirement plan can help them get there. Retirement plans come in a wide range of shapes and sizes, each with its own unique functionality. The following steps can help simplify the process of choosing and managing a plan. The first step toward establishing a plan for your company is learning what is out there.
For instance: Relationship and marriage issues Parenting and family issues Grief resulting from the loss of a loved one Stress management Emotional distress or trauma Financial issues Legal issues Wellness and nutrition Workplace changes Substance abuse. Typically, EAPs plans are subsidized entirely by employers.
However, the line between bullying and harassment is sometimes murky, so managing bullies is not only important for morale in the workplace, but also it helps to ensure no legal lines are crossed. This plan can include having the bully attend classes or sessions that address specific behaviors. What the bully gets out of it.
However, when your employees are operating a company fleet vehicle or driving on official business, that assumption can open the door to potential safety incidents and legal liability. As times and laws change, you must update your policy to weigh in on the use of substances that may now be legal.).
Once businesses reach the 50-employee threshold , expand into other states and municipalities or hire remote employees who reside elsewhere, they can be subject to more legal and regulatory complexities. How can midsize businesses benefit from PEOs? Increase capacity for strategic initiatives As companies grow, so must HR functions.
As a co-employer, the PEO is able to offer a wide variety of benefits to your employees through PEO-sponsored benefit plans, such as medical, dental and vision coverage, a healthcare flexible spending account, and life and disability benefits. Retirement plans. Think you can minimize legal expenses and PR fallout from lawsuits?
A history of working in these various legal and regulatory environments is ideal. Do you carry employment practices liability insurance (EPLI)? The PEO should answer the following questions: Is the PEO’s group health plan sponsored by the PEO? Or would you retain plan sponsor fiduciary responsibilities ?
Ensure you check out your legal requirements and get these down. Ensure you plan to grow; put simple, yet effective processes in place now so that when the volume naturally increases with the growth of your business, you are ready for it. Make sure the employee liability insurance is displayed in your office!
Get the help you need to: Provide employee access to big-company benefits – When outsourcing, everything from medical health insurance and dental and vision coverage to adoption assistance and training and development resources are in reach. Boost employee productivity, retention and skills with a solid training and development plan.
Next, you’ll need to consider your current company benefits such as health insurance and retirement plans. According to the Bureau of Labor Statistics , the average employer paid “78% of medical care premiums for single coverage plans” in 2021, which is a nice perk. Create a plan. First, what are you trying to accomplish?
Always review with legal counsel to oversee the process and to answer any questions about foreign national sponsorship and the changing laws that affect employment. Federal law requires all employees complete an I-9 form for legal identification. Comply with insurance requirements. Customs and Immigration Services.
Some experts contend this data may boost a company’s bottom line , and many insurance providers are promising lower health care premiums in exchange for it. If not designed correctly, these wellness programs can violate federal laws such as the Health Insurance Portability and Accountability Act (HIPAA) and the Affordable Care Act (ACA).
Employment benefits, from insurance to retirement vehicles, are an important part of most compensation packages, above and beyond a paycheck. of Americans receive health insurance through an employer, and 73% of workers have access to retirement benefits at work. In fact, 54.3%
Co-employment is the legal structure that professional employer organizations (PEOs) and their client companies use to share HR responsibilities. the amount of loss that you experience compared to the amount of loss that similar insured companies have) when you join or leave a PEO. Hello, human error.).
A history of working in these various legal and regulatory environments is ideal. Do you carry employment practices liability insurance (EPLI)? The PEO should answer the following questions: Is the PEO’s group health plan sponsored by the PEO? Or would you retain plan sponsorship and fiduciary responsibilities ?
You also need to track voluntary deductions like health insurance and 401(k) contributions, prepare and file quarterly reports, and process w-2s at the end of the year. It’s crucial to stay on top of what it takes to stay in compliance to reduce legal liability. Costs associated with inefficiency.
They’ve been planning [for] retirement as a couple,” Hetrick says. “Health insurance is a key consideration for people in this age group,” Hetrick says. Often, one spouse carries the health insurance through their job. When a couple divorces, one spouse is left without insurance. So now they’re behind.
But now, because the Affordable Care Act (ACA) paved the way for the creation of state health insurance exchanges, there’s at least one reason to warm up to the law: COBRA is no longer the only viable option for continuing health coverage. Divorce or legal separation. Health insurance is a numbers game. COBRA quickie.
Buying health insurance can be a costly endeavor. Most Americans must have health insurance or face a tax penalty. Purchase coverage through a state or federal health insurance marketplace. Affordable – Employee’s share of premium for the lowest-cost, employee-only plan option is not to exceed 9.5 Why should you care?
What’s your plan to protect your financial future? Whether it’s navigating the high costs of healthcare, protecting your home, or ensuring your loved ones are taken care of, having the right insurance can make all the difference. Here are five essential types of insurance to consider to protect your financial future: 1.
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content