by admin | Apr 22, 2025 | Custom Content, Employee Benefits
Life sometimes throws you a curveball. You might sprain an ankle playing soccer, need surgery, or experience a difficult pregnancy. These situations can temporarily prevent you from working and earning an income. That’s where short-term disability insurance comes in. It acts as a financial safety net, providing income replacement while you recover and get back on your feet.
What is Short-Term Disability Insurance?
Short-term disability pays you a portion of your salary (usually between 40% and 70%) in situations when non-job-related injuries, illnesses, or other medical issues prevent you from working for a limited time-period. (Note: “Non-job-related” is an important phrase because injuries sustained while you’re on the clock will typically be covered by worker’s compensation vs. short-term disability). It typically provides benefits for a shorter period, ranging from a few weeks to several months, depending on the policy and your situation.
Types of Short-Term Disability Insurance:
- Traditional: Employers pay the full premium
- Contributory: Both employers and employees contribute to the benefit cost
- Core Buy-Up: Employees have the option to purchase more coverage
- Voluntary: Employees alone pay for disability benefits
What to Look for in a Short-Term Disability Policy:
- Premium: The monthly amount you (or your employer) pay for the policy.
- Benefit Amount: How much of your income will be replaced?
- Benefit Period: How long will benefits be paid?
- Elimination Period: How long must you wait before benefits begin?
- Covered Conditions: What illnesses, injuries, and conditions are covered?
- Exclusions: What situations are not covered?
- Cost: How much will the premiums be?
Illnesses or Injuries That Are Not Covered by Short-Term Disability:
- Pre-existing conditions
- Self-inflicted injuries
- Use of drugs (non-prescription) or other illegal substances
- Injury that occurred from doing something illegal
- Cosmetic procedures that are not medically necessary
- Work-related injuries or illnesses
An unexpected illness or injury can happen to anyone. Short-term disability insurance provides a crucial safety net, protecting your financial well-being during a time of need.
by admin | Apr 15, 2025 | Custom Content, Employee Benefits
The Rise of Voluntary Benefits
As healthcare costs increase, so does the demand for voluntary benefits. These optional benefits allow employees to select and pay for additional perks to meet their individual needs, especially in today’s diverse workforce. They’re also a valuable supplement to health insurance, particularly as healthcare expenses rise and affordability becomes a challenge.
Trending Voluntary Benefits
Here are some voluntary benefits that are currently popular or expected to gain traction this year:
- Supplemental Health Insurance: As healthcare costs continue to rise, more employees are looking for ways to manage unexpected expenses like deductibles, copays, coinsurance, and other out-of-pocket costs during accidents, serious illnesses, or hospital stays. Accident, critical illness, and hospital indemnity insurance can help fill these gaps. Unlike major medical insurance, these supplemental plans are not subject to many federal health and benefits regulations, making them a more affordable option. By offering additional coverage, these policies provide employees with peace of mind and financial stability when faced with health challenges.
- Student Loan Repayment Assistance: One in four U.S. adults under 40 have student loan debt, according to the Pew Research Center. Educational assistance programs, traditionally used for expenses like tuition and supplies, can now also cover principal and interest on qualified education loans, with payments made directly to the lender or the employee. This benefit, allowing up to $5,250 in tax-free student loan repayment annually, expires on December 31, 2025.
- Term Life Insurance: Achieving financial security is a priority for many Americans, including being prepared for the loss of a loved one. While 80% of Americans worry about their financial readiness in the event of an unexpected death, nearly 30% still do not have life insurance, according to Guardian. Many organizations offer base-level group term life insurance, partially or fully funded by the employer, with the option for employees to purchase additional coverage. Since employers have already vetted and selected policy options, group life insurance can be an easy choice for employees.
- Cybersecurity and Identity Theft Protection: With increasing cyberattacks, data breaches, and identity theft incidents, employees are more aware of digital risks. Protecting personal and financial information has become a priority. Additionally, the shift to remote and hybrid work environments has introduced new security challenges, as personal devices and home networks are often less secure than corporate systems.
Legal Plans and Services: Legal plan voluntary benefits are highly relevant because employees often require legal assistance for personal matters. These plans alleviate stress, reduce work disruptions, and offer support for various situations, including estate planning, real estate, and traffic issues.
Today’s workforce is diverse, with varying needs and priorities. Employees are no longer content with a one-size-fits-all benefits package. Many workers want benefits that cater to their unique lifestyles, financial situations, and personal goals. Voluntary benefits provide employees with the flexibility to choose the perks that matter most to them, creating a more customized and engaging compensation package.
by admin | Mar 17, 2025 | Custom Content, Health & Wellness
Did you know that your oral health can have a significant impact on your overall health? It’s true! Your mouth offers clues about your general well-being. Good dental hygiene can help improve your overall health. As a bonus, maintaining good oral health can even REDUCE your healthcare costs!
Your Mouth: A Window to Your Health
Your mouth is a gateway to your body. It’s home to a diverse community of bacteria, some beneficial and some potentially harmful. When oral health declines, it can have a ripple effect throughout the body. Oral bacteria can contribute to:
- Cardiovascular Disease: Heart disease, as well as clogged arteries and even stroke, can be traced back to oral bacteria.
- Diabetes: People with diabetes may experience more severe gum disease, and poorly controlled diabetes can increase the risk of oral health problems.
- Respiratory Infections: Bacteria from the mouth can travel to the lungs, increasing the risk of respiratory infections such as pneumonia.
- Low birth weight: Poor oral health has been linked to premature birth and low birth weight in newborns.
Over $45 billion is lost in productivity in the United States each year because of untreated oral health problems. These oral diseases can result in the need for costly emergency room visits, hospital stays, and medications, not to mention loss of work time. The pain and discomfort from infected teeth and gums can lead to poor productivity in the workplace, and even loss of income. Children with poor oral health are more prone to illness and may require a parent to stay home from work to care for them and take them to costly dental appointments. In fact, over 34 million school hours are lost each year because of emergency dental care.
So, how do you prevent this nightmare of pain, disease, and increased healthcare costs? It’s simple! By following through with your routine yearly dental check-ups and daily preventative care, you will give your body a big boost in its general health. Check out these tips for a healthy mouth:
- Maintain a regular brushing/flossing routine: Brush and floss your teeth twice daily to remove food and plaque from your teeth and between your teeth where bacteria thrive. Use the right toothbrush—when your bristles are mashed and bent, you aren’t using the best instrument for cleaning your teeth. Make sure to replace your toothbrush every three months.
- Visit your dentist: Schedule regular check-ups and cleanings with your dentist. They can identify and address any potential issues early on.
- Eat a healthy diet: Limit sugary foods and drinks, as they contribute to tooth decay. Starchy foods have a similar effect.
- Drink more water: Water is the best beverage for your overall health—including oral health. Drinking water after every meal can help wash out some of the negative effects of sticky and acidic foods and beverages in between brushes.
- Quit Smoking: Smoking weakens the immune system and increases the risk of gum disease.
Investing in your oral health is an investment in your overall well-being. By practicing good oral hygiene, you can not only maintain a beautiful smile but also significantly improve your overall health and quality of life. And at the same time, you can increase your productivity and potentially lower your healthcare costs – a win-win!
by admin | Mar 11, 2025 | Custom Content, Financial Planning
Financial stress is a silent epidemic plaguing workplaces everywhere. It impacts employees at all levels, leading to decreased productivity, lower morale, and increased absenteeism. But there’s good news: employers hold the key to building a financially healthy workforce.
Stress and Financial Well-Being
Cultivating your employees’ financial well-being is a necessity in creating a productive and effective work environment. Financial worry is the number one source of stress for employees and can lead to exhaustion and burnout. According to a 2023 study by consumer financial services company Bankrate, 52% of U.S. adults said that financial stress and money worries have a negative impact on their mental health. Since financial stress can lead to declines in productivity and low morale, employees’ financial well-being should be important to every employer who wants to create an environment in which people thrive.
Employers have a unique opportunity to help alleviate some of their employees’ financial stress by providing them with resources that will help them make smart short and long-term financial decisions. Some of the following are ways employers can improve employees’ financial literacy:
- Promote financial resources, including employee assistance programs (EAPs) – Financial guidance and assistance are often included as part of the EAP. These services can provide helpful information about budgeting, achieving healthy spending habits, loan consolidation, debt repayment, setting up an emergency fund, and more.
- Educate employees about financial literacy – Offer workshops to educate employees over topics like student loans, debt, credit, financial goals, emergency funds, and retirement.
- Provide individualized support – Employers who know and understand their employees’ needs can help offer more targeted support to reduce financial stress. For example, younger employees might need more support and information about managing their money and student debt versus the older generation who may be more interested in planning for retirement.
- Reiterate benefits like retirement savings – Employers should remind employees about all available benefits, with a focus on those that offer financial relief and long-term savings. For example, to prevent employees from dipping into their 401(k) savings to cover unexpected expenses during times of great financial stress, reinforce the importance of retirement savings plans as long-term investment strategies.
It’s vital that employers acknowledge employees’ financial stress, while also giving their employees the resources to manage financial matters. The future of work is one where employees feel supported and empowered in all aspects of their lives, including their finances. By prioritizing financial wellness, you’re not just building a stronger workforce for today, you’re investing in a brighter future for everyone.
by admin | Feb 26, 2025 | ACA, Custom Content
At the close of 2024, Congress passed two new pieces of legislation: the Paperwork Burden Reduction Act and the Employer Reporting Improvement Act. These laws simplify the Affordable Care Act (ACA) reporting requirements for employers and introduce new limits on the IRS’s authority to enforce “pay-or-play” penalties, among other changes.
Under the ACA, applicable large employers (ALEs) and non-ALEs with self-insured health plans must report to the IRS regarding the health plan coverage they offer (or don’t offer) to their employees. Additionally, they must provide individual statements about their health plan coverage.
Previously, ALEs were required to send a health coverage statement (Form 1095-C) to each full-time employee within 30 days of January 31 each year. The IRS allowed non-ALEs with self-insured plans to provide health coverage statements (Forms 1095-B) to covered individuals only upon request. Starting in 2025, ALEs will have the same flexibility as non-ALEs to provide Forms 1095-C upon request.
As a result, employers are no longer obligated to send Forms 1095-C or 1095-B to individuals unless specifically requested. Employers must inform individuals about this option in compliance with any IRS guidelines. Requests for forms must be fulfilled by January 31 of the year following the calendar year to which the return pertains, or within 30 days of the request, whichever is later. These forms may be sent electronically to individuals who have previously consented.
Although the new laws offer reporting flexibility, ALEs and non-ALEs with self-insured plans are still required to submit ACA returns to the IRS. The deadline for electronic filing is March 31, 2025.
Additionally, ALEs may face IRS penalties if they fail to offer affordable minimum essential coverage under the ACA’s employer shared responsibility (pay-or-play) rules. The new legislation extends the time ALEs have to respond to IRS penalty assessment warning letters from 30 days to 90 days. It also establishes a six-year limit on the IRS’s ability to collect penalty assessments.
by admin | Feb 17, 2025 | Custom Content, Employee Benefits
Most organizations treat employee benefits like a seasonal event. Open enrollment brings a flurry of activity – emails, seminars, and even benefits fairs. However, communication often dwindles after this initial push, leaving employees confused and underutilizing their valuable benefits.
This is a missed opportunity. Research shows that employees crave more benefits education, spending hours researching their options. By proactively engaging employees throughout the year, organizations can:
- Improve Employee Understanding: Ongoing communication helps employees retain information and make informed decisions, rather than relying solely on a single, overwhelming open enrollment period.
- Reduce Confusion & Mistakes: Employees often make costly mistakes, such as under-saving for healthcare expenses or failing to utilize valuable benefits like employee assistance programs. Consistent communication can help them avoid these pitfalls.
- Boost Benefits Utilization: Regular reminders encourage employees to actively use their benefits, such as gym memberships, financial counseling, or legal services, leading to improved well-being and reduced stress.
- Enhance Employee Engagement: When employees understand and utilize their benefits, they experience increased job satisfaction, reduced stress levels, and improved overall well-being, leading to higher productivity and retention rates.
- Gain Valuable Insights: Year-round communication allows HR teams to gather valuable data through employee surveys and feedback, enabling them to refine their communication strategies and better address employee needs.
Building a Successful Communication Plan
Two primary approaches can guide your communication strategy:
- Calendar-Based: This traditional approach focuses on pre-determined themes for each quarter or month, aligning with seasonal trends and employee needs. For example, Q1 might focus on retirement planning, Q2 on health and wellness, Q3 on family-related benefits, and Q4 is Open Enrollment season.
- Action-Based: This more modern approach triggers communication-based on employee actions, such as when they file a claim or contribute to their Health Savings Account (HSA). This ensures communication is most relevant when employees are actively engaged with their benefits.
Key Considerations:
- Go Beyond the Booklet: Get creative with your content! Repurpose your open benefits booklet and enrollment presentations into a variety of formats. Utilize diverse communication channels, such as emails, podcasts, newsletters, intranet resources, text messages, and interactive online tools to make information easily accessible.
- Focus on Employee Needs: Tailor your communication to address specific employee concerns and questions, such as how to reduce healthcare costs or plan for retirement.
- Measure and Refine: You can’t manage what you can’t measure. Be sure to track the effectiveness of your communication efforts through surveys, employee feedback, and utilization data. Use these insights to refine your strategy and improve employee engagement.
Benefits education is communicating information about available benefits in ways that employees can connect to and understand. Communicating benefits information year-round is important because employees’ lives – and their situations – are constantly changing. They get married, divorced, adopt a child or have medical challenges arise.
If employees are engaged with their benefits throughout the year, they are more likely to value and use their benefits and will be better informed about their decisions and/or changes they need to make during the next Open Enrollment period!
