Every long-term disability policy has these key provisions. These include: Definition of disability: This key provision determines when — and if — the policy will pay benefits. Some policies define disability as the inability to perform material and substantial duties of one’s own occupation. Others pay benefits only when the insured cannot work in any...
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Disability Happens: Are Your Employees Insured?
More than 1 in 4 of today’s 20-year-olds will become disabled before reaching age 67, according to recent studies. Disability can have a profound effect on an individual’s employability and income. U.S. Census figures show that only about a third (34.7 percent) of people with disabilities were employed, compared with 71.9 percent of people without...
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Through Thick and Thin: Using Skinny Plans and Fat Plans to Cut Healthcare Costs
In a companion article, we discuss how some employers are using “skinny plans” to cut healthcare costs under the Affordable Care Act. Others are planning to use the opposite strategy: high-cost plans with rich benefits, or “fat plans.” The Affordable Care Act requires all health plans to cover certain preventive care services with no copayment....
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Skinny Health Plans—Good Idea or Not?
So-called skinny health plans could give larger employers a way to minimize shared responsibility penalties under the Affordable Care Act. Beginning in 2015, the Patient Protection and Affordable Care Act (ACA) will require all employers with 50 or more full-time equivalent (FTE) employees to offer their full-time employees coverage that is affordable and meets a...
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Are You Losing Abandoned Retirement Funds to Escheat?
Every year, thousands of people disappear into thin air, at least as far as their former employers are concerned. This can create problems for retirement plan sponsors. If an employee leaves after vesting but before the plan’s retirement age, benefits generally stay with the plan until the employee claims them at retirement. Several situations could...
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The Affordable Care Act and Voluntary Benefits
It’s important to understand that the health insurance exchanges created by the Affordable Care Act offer only major medical insurance. When it comes to other benefits, however, voluntary benefits can fill the gaps. Dental and Vision Benefits The Affordable Care Act (ACA) requires health plans to cover pediatric dental and vision care services to be...
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How Do Your Healthcare Providers Rate?
Before buying something online, you can check reviews from previous purchasers. When you buy a car or appliance, you can check Consumer Reports and other rating services. But when you buy healthcare services, where do you turn for pricing and quality information? Why Information Matters High-deductible health plans are supposed to encourage competition by giving...
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