So much of what we do today has been taken over by technology. Even something as simple as buying a cup of coffee can now be done from the convenience of an app on a smartphone. With all of its advantages, it makes perfect sense that technology has begun to overtake the employee benefits industry. Technology has allowed many people to gain efficiencies to do things faster, and become more productive. Fax and even email seem to have become a thing of the past, as more and more employers are utilizing human resources information systems (HRIS) to take care of various administrative tasks including employee onboarding, payroll, and employee reporting. Continue reading Technology: The Next Wave of Change in The Benefits World
Each year in the benefits industry we see the same routine repeated over and over again. Healthcare costs continue to rise and the most obvious choices you have to combat that tide aren’t ideal—you either increase employee payroll deductions or raise co-pays and deductibles on the benefit plan you offer. These choices seem like the lesser of two evils, right?
In addition to hitting your employees in the wallet, the choice to increase deductions or co-pays also has an impact on your company’s key performance metrics. The 2014 Aflac WorkForces Report found that personal financial issues are the number one non-work related issue distracting employees while on the clock. You don’t want to add to that burden and potentially sacrifice employee well-being or productivity—so what else might you consider? Continue reading Fight Rising Deductibles With An Integrated Benefits Strategy
By: Emily Bailey, Sr. Consultant
In March of this year, I took an oath to join a recruit class for the oldest state militia in the country, the 1st Company Governor’s Horse Guard. This organization was chartered in 1788, with a primary purpose to protect the Governor of the State of Connecticut during his travels, and to defend the State of Connecticut and the United States of America during times of war. Since that time, the troop has served many different capacities during times of unrest throughout our nation’s history.
Today, the troop serves a few purposes: to preserve one of our nation’s oldest military cavalry traditions, to participate in parades and ceremonies, and to volunteer in the community in which we serve. Continue reading Life Lessons from Recruit Training with the Governor’s Horse Guard
Back in August of 2012, I penned a blog post titled, When the Rubber Meets the Road: 4 Necessary Steps for Employers Receiving MLR Rebates. Well, it’s been a while, so I’d like to take a few moments to recap.
Remember that MLR law? The PPACA had a section that mandated that insurers must provide rebates to fully insured policyholders if their MLR (defined as the percentage of premium revenue spent on claims and medical care), is less than 85% (large groups) or 80% (small groups or individuals). Awesome! But here is the tricky part to remember–if you are one of the employers receiving a check, and your plan is subject to ERISA, you are now responsible for the allocation and distribution of those funds. For examples on how to do that, see my prior post here.
Here in Connecticut, only Oxford Health Plans will be paying small group rebates for 2013. But watch out if you have employees that live out of state! Their states may be eligible for rebates with the other carriers–so be prepared and on the lookout if this is the case.
Questions? Don’t hesitate to contact your Ovation Consultant or Advisor for guidance on this new update.