Reason #3: Customized Plan Design Self-insuring allows employers to specifically customize and build the plan design for their specific needs rather than a “Cookie Cutter” one-size fits all benefit plan design offered on the fully-insured side. This means the unique needs of employers can be addressed without the task of searching for (cookie
Reason #2: Immediate reward for favorable claims experience Self-funding allows the employer to immediately benefit from low plan utilization. Claims are paid only when they have been received and processed, allowing cash to be retained by the employer for inclusion in operating cash flow. Compare this to fully insured plans. The insurance
Why Employers Should Consider Self-Funding Reason #1: Transparency As health care costs continue to rise its causing employers to consider major changes to their health insurance plans. With the new ACA law the term “transparency” is getting a lot of attention in the healthcare industry as it creates a new savings opportunity
Noncompliance with COBRA laws could result in astronomical penalties, legal fees, and other expenses. Consider this: A maximum of $110 penalty per affected participant or beneficiary per day from the date the noncompliance started. Personal liability imposed on plan administrators. It is not unheard of for COBRA violations to cost a company thousands
Employee handbooks are an essential part of effective HR management. Handbooks are also an important risk management tool. Since employee handbooks are not required by law, organizations may determine the best method and most effective means to communicate important HR-related information to their employees. An employee handbook should help reduce risk
Back in November of 2014 I published a blog about an issue Barrett Business Systems seemingly had titled "I See Smoke On Mount BBSI". Well it smoldered for a good while and now there is fire. BBSI has been informed by staff at the San Francisco office of the Division of Enforcement of
The use of technology is revolutionizing the way we do business and young professionals have come to expect it. The practical use of technology in the employee benefit space is evolving, and in many ways, millennials are in the driver's seat. With Increased regulation, unsustainable medical cost increases, and an
Once you reach the point in life where you start to accumulate "stuff" and furthermore, own items of significant value, you'll need to have insurance on that "stuff". We all recognize the need (and responsibility) to carry auto insurance for our cars, and when we buy a home, we carry homeowners
Please join us for a brief 20 minute webinar on February 4th at 11:30 am. We will be showcasing our technology tools designed to streamline your processes for Benefits Management, Human Resources, and ACA Compliance into one, simple, easy-to-use system. This webinar we will highlight: Employee On-boarding Supervisor Training Online Benefit Enrollment and Cost
While it should be easy, enrolling in Medicare stresses a lot of people out. Having to deal with Social Security and employers can often lead to confusion. If you do not enroll in Medicare, at the right time, it can cost you in lifelong penalties. Making sure you enroll at