Just like at a hotel, an employer’s concierge service can perform services such as making a restaurant reservation or buying tickets for a concert, to finding a plumber or babysitter. Without a concierge, employees might otherwise spend work time handling these tasks. The point of concierge services is to make employees’ lives easier. Employers that...
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Voluntary Life Helps Bridge the Insurance Gender Gap
Making insurance available through the workplace, including with voluntary programs, can help eliminate a dangerous financial problem for many women: inadequate life insurance. How serious is the underinsurance problem? MetLife’s 8th Annual Study of Employee Benefits Trends found that married men with minor children have, on average, five times their annual household income in life...
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Employers’ Liability
Workers’ comp policies usually include a special section for employers’ liability. What additional coverages does it provide and why do you need them? Your workers’ compensation policy covers the costs associated with an employee’s work-related injury or occupational disease. It pays for the worker’s medical costs, rehabilitation costs, lost wages and any settlement for permanent...
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Intern-al Affair
With the jobless rate for people ages 20 to 24 still higher than10 percent, many college students might be willing to trade their time for an unpaid learning experience. But there is a legal difference between an employee and an intern. Knowing the difference can help you avoid breaking the law. Does workers’ compensation apply...
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PTSD and Workers’ Compensation
According to the National Center for Post Traumatic Stress Disorder (NCPTSD), some 7.8 percent of Americans will experience post traumatic stress disorder (PTSD) at some point in their lives. How does PTSD impact an employer’s workers’ compensation program? PTSD is a psychological syndrome that can affect a person of any age. A person can develop...
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What is Telemedicine?
Recently, the state of Washington passed a law requiring employee health plans to reimburse providers for telemedicine services. That made Washington the 24th state to require “telemedicine parity.” Parity laws remove some of the barriers to more widespread adoption of telemedicine. Knowing they will be reimbursed for services makes healthcare providers more willing to offer...
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How a Little 401k Fee Can Make a Big Difference
No longer can employers select a retirement plan and put it on autopilot. Lately, employee groups have been suing their employers…and winning…over high 401(k) fees. The Supreme Court heard arguments in a relevant case, Tibble v. Edison International, earlier this year. Plaintiffs claim that administrators of Edison’s retirement plan breached their fiduciary duties by offering...
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What Are Your Fiduciary Responsibilities?
Every written employee retirement plan must name at least one fiduciary. As a fiduciary, what are your fiduciary responsibilities? They include, but are not limited to: Controlling plan operations: A fiduciary differs from a typical manager in that the fiduciary must act solely in the best interest of plan participants and their beneficiaries. Communicating: Fiduciaries...
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Cadillac Tax Reviewed
As we posted this article, the IRS had just ended a comment period on the so-called Cadillac tax. The tax, part of the Affordable Care Act, is scheduled to go into effect in 2018 unless the law changes. Some Republicans have promised to do just that. Created by Section 9001 of the Affordable Care Act,...
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ACA Spurring Interest in Self-Insurance
Self-insurance can create risk exposures that most smaller employers don’t want to take. Still, 15 percent of smaller employers (1-199 employees) find the benefits outweigh the risks. What Is Self-Insurance? Employers providing health benefits to employees have three basic choices: buying a fully insured plan, self-insuring or offering employees a choice of fully insured and...
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