AVOIDING LATE APPLICANTS ON YOUR GROUP INSURANCE PLAN
When an employee wants to join your company group insurance plan the insurer will require they do so within 31 days of becoming eligible. The reason being that if everyone was allowed to join when ever they chose, they would likely only join when they had a significant claim to process. This hurts the insurer as they will take in less premium money and pay out more in claims. It also hurts the company because the inflated claims versus premiums paid ratio will lead to higher premium rates in subsequent years.<...
THE FOUR BIGGEST LIABILITIES OF GROUP INSURANCE ADMINISTRATION (AND HOW TO AVOID THEM!)
Administration of a group insurance plan is generally quite a simple process in the age of the internet. Online portals and designated service staff to solve problems make this part of an owner or HR professionals job that is not particularly time intensive. Moreover, as years go by without a claim, it is possible to take your “eye off the ball” when it comes to proper updates in reporting. This can create a large liability concern in the case of a claim.
THE BASICS: HEALTH CARE SPENDING ACCOUNTS WHAT ARE THEY AND HOW DO THEY WORK?
As opposed to a traditional insurance arrangement, an HSA allows an owner to provide an allotment for eligible medical expenses on a tax free basis to the employee. There are a whole host of covered expenses, expanding even beyond what you would expect from a traditional group insurance plan. It is a flexible and transparent arrangement, and is often offered as a “top up” in conjunction with traditional insurance.
Funding and claiming expenses is very...