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per hour, per employee, for health-insurance costs, according to Sept. In 2021, employer expenses for health insurance are expected to rise by 3.9 In 2021, employer expenses for health insurance are expected to rise by 3.9 However, a major driver of increasing health-insurance costs is plan usage and claims history.
Latin America’s insurance market is booming—both in premium growth and complexity. The opportunities available to global, regional, and local insurers are immense.
The personal property and casualty insurance industry grew in 2023, fueled by rate increases in developed markets. The opportunity now is to expand coverage to new markets and sectors.
There are bright spots for growth in global life, retirement, and health insurance. But to combat stagnant demand, the industry needs to find new sources of growth beyond its core products.
Understanding which injuries your workers’ compensation might cover, adapting your safety program and updating your claims reporting process can help your organization handle injury claims more efficiently in the age of remote work. What counts as a work-related injury at home? What does a workers’ compensation investigation involve?
This includes medical, dental and vision coverage, a health care flexible spending account , a retirement plan, life insurance and personal accident insurance, short-term and long-term disability insurance, adoption assistance, commuter benefits and educational assistance. EEO reporting and claim resolution.
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. Is the plan fully insured, or self-funded?
Not only do you have to figure out the proper way to pay your people, you have to withhold the appropriate taxes, deposit them and report them to the government. Understanding the difference means knowing how to report income, withhold and pay taxes, and handle overtime for each group. Verify employee classification.
Despite this, a sizeable portion of employers report wanting to return to the office full time , for various reasons. This includes: Retirement account (401(k)) Health insurance (along with dental and vision insurance) Paid time off (PTO) Life insurance Disability insurance.
The most powerful Democrat in Congress on banking and financial issues called for President Joe Biden to replace the chairman of the Federal Deposit Insurance Corp. Ken Sweet, Associated Press business writer Fatima Hussein, AP treasury department reporter, contributed to this report. Tim Scott, R-S.C.
At the start of 2023, 49% of employers insisted that their staff report to the office daily. The technology, insurance, telecommunications, professional services, and media and entertainment industries are among the biggest adopters of long-term remote and hybrid arrangements. That percentage fell to 32% at the end of 2024.
During open enrollment periods, employees report feeling confused (22%), stressed (21%), and anxious (20%). Some common misconceptions noted by Voya include a belief that unused Health Savings Account funds disappear at the end of a year or that the most expensive insurance premiums would always lead to the maximum cost efficiency.
Saving money on car insurance can be a double-edged sword. Many people buy car insurance once and don’t think about it again unless they’re in an accident. But it’s a good idea to review your policy to ensure you have the best car insurance and check for a better price every six to 12 months, depending on when your policy renews.
You’re probably well-aware of the direct costs you pay in workers’ compensation insurance premiums, but you may not have considered the indirect costs of on-the-job accidents and injuries. Your workers’ compensation insurance carrier – Many carriers provide fee-inclusive safety consultation services to their customers.
1, 2016, you’ll be responsible for filing new IRS reports each year. The ALEs who don’t comply with the employer shared responsibility rules could face a tax penalty if just one full-time employee buys individual coverage through a federal or state insurance exchange (aka marketplace) and receives a tax credit or subsidy.
Then, over the summer, she got a notice in the mail from the center’s liability insurance company that it was dropping the center’s policy. Even though the center’s licensing and accreditation were never at stake, the insurer said it would no longer cover the program.
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. What’s in it for companies that devote time and money into health management programs? Happier employees? Cost containment.
Contact your company’s insurance provider, if you have cyber liability Insurance. Report the data breach to local law enforcement or consumer protection agencies, if required by state law. Security specialists can also investigate the breach and collect information on how it happened and how much data was stolen.
Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover (JOLT) report from March 2022 , there are more than 11 million job openings in the U.S., Many companies provide a basic benefits package that may offer employees access to things like: Health insurance. Dental insurance. Vision insurance. Life insurance.
This may include: Health insurance 401(k) retirement plans Healthcare FSA/HSA programs Life/disability insurance 2. Relief from payroll and HR administration overload Pass off your daily HR duties – like administering benefits, managing employee paperwork, processing payroll and tax reporting – to a group that specializes in HR.
PEOs don’t assume responsibility for wage and hour compliance because the PEO must rely on what their clients report. Choosing to go with a certified PEO (CPEO) may seem like a small distinction when you’re comparing PEOs, but it can put your company in a much more favorable position in terms of tax withholding and reporting.
According to a survey by the National Business Group on Health, 39% of large employers offer only high-deductible health plans (HDHPs) to employees for health insurance, which is up from 7% in 2009.
Using the same chain of reporting that is used for a harassment issue may be the best course of action, however follow your company’s handbook for complaint-resolution processes, which typically use the company’s organizational chart and chain of command. This gives you and the HR department points of discussion with the bully.
As a co-employer, the PEO you choose will ultimately take responsibility for processing payroll, providing workers’ compensation insurance coverage, providing employee benefits and a host of other sensitive tasks. Assess financial strength and security.
Though you don’t withhold taxes for these parties, you may need to report the benefit to the government using one of the following forms: IRS Form 1099-NEC for independent contractors IRS Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. Independent contractors you hire for a specific job can be recipients.
According to the Society of Human Resource Management (SHRM) 2019 Employee Benefits Survey , 79 percent of employers reported offering an EAP.). Your EAP provider should give you regular usage reports covering a specified time period – each month, quarter or year, for example.
of Koreans reported experiencing at least one mental health issue in the past year, such as chronic stress, anxiety, or depressive symptoms. For example, insurance data reveals that propofol usage in medical institutions rose 12% in a single year, with only 15% of it being used under national health insurance coverage.
Outside of health care insurance, research ways to offer your employees a wider variety of benefits. In a 2013 study, nearly half of employers (47 percent) reported that they usually or always hire candidates who have held the same job title as the position they’re hiring for, according to CareerBuilder.
An employee’s health insurance continues during their leave, as long as the employee pays their usual portion of the premiums. Employers are required to obtain paid family leave insurance. If your company self-insures on disability benefits, you may purchase a separate paid family leave policy or apply with the state to self-insure.
These administrative tasks include addressing issues related to: HR-related government compliance and reporting Benefits and COBRA administration Leave of absence compliance and support (FMLA) Employee relations issues. Meanwhile, as employee headcount rises, your HR infrastructure must scale and become more specialized.
This year's report is full of important findings, from increases in health insurance premiums to changes in employer contributions and growing use of new programs like telemedicine. Included in the report is information pertaining to employee health and wellness programs.
According to a 2016 report from the Society for Human Resource Management , only about 7 percent of offices in the U.S. Regardless of whether you rent or own your workspace, it’s a good idea to contact your insurance agent about coverage for pet-related damages. Some ideas include: Offer a discount for pet insurance.
Generally, most PEO clients retain their eligibility for many grants and economic incentive programs, and the PEO can help you qualify for more of these special opportunities by providing you with organized employee information and reports that are readily available. Myth 4: “My employees won’t embrace the change.”.
Lower health insurance premiums? Research over the years has offered conflicting reports on whether wellness programs actually reduce insurance and workers’ compensation claims. What’s in it for companies that devote time and money to workplace wellness programs? Happier, healthier employees?
Small businesses that can provide big-company benefits, such as affordable employee health insurance, will have a leg up on the competition when it comes to decision time for these hard-to-find employees.
A new study published in the Journal of Affective Disorders Reports sheds light on this issue, offering insights from patients diagnosed with Major Depressive Disorder (MDD) who have experienced antidepressant treatment. The authors write: “The 852 patients currently using ADs reported current use of 1178 ADs (mean: 1.4
According to a report from Sun Life Financial, the number of patients with claims that exceeded $1 million grew from 104 to 194 between 2014 and 2017, reflecting a 87% growth rate. Regardless of the cause, self-funded employers are bearing the financial burden, either directly or through increasing premiums for stop-loss insurance.
And if your company publishes an annual CSR report, it may provide you with an opportunity to weave in compelling stories that demonstrate the heart and values of the organization from your employees’ point of view. From an employer brand standpoint, few resources are more powerful when it comes to recruiting and attracting talent.
Make sure you have a clear understanding of your company’s complete benefits package, which may include: Health insurance Dental insurance Paid vacation 401(k) retirement plan Perks : How does your company go above and beyond, and what sets it apart from other companies?
Rent or mortgage payments, utilities and related expenses such as insurance and maintenance costs add up quickly, limiting growth opportunities and profits. They’ll have to find new ways to connect with, coach and motivate their direct reports without face-to-face contact. How often are you there?
There are lots of tips out there for guiding managers in retaining their direct reports. But did you realize that your human resources (HR) team could be one of your greatest assets in keeping employees around?
Payroll costs generally include payments for: Salary, wages and commissions Payment of cash tips or equivalent Covered leave Separation allowances Group health care benefits, including insurance premiums Retirement benefits State or local taxes assessed on employee compensation.
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