Administering payroll, benefits, time and attendance cost mid-sized employers $2,000 per employee annually, according to a 2011 PricewaterhouseCoopers study. Commissioned for payroll provider ADP, the study found that large employers typically paid a bit less, at $1,400 per employee per year. It’s no wonder that many employers turn to third-party administrators. Some employers choose to...
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High-Deductible Health Plans: Has Their Time Come?
Employers are increasingly turning to high-deductible health plans to control their benefit costs. In 2014, 20 percent of people covered by an employer-sponsored plan had an HDHP, and 27 percent of large employers offered this type of plan. Plan Structure Many plan sponsors offer high-deductible health plans (HDHPs) designed to work with a tax-advantaged health...
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Save Money with a COBRA Audit
Despite reports to the contrary, COBRA is alive and well…and costing you money. A COBRA audit can help you trim your rolls of ineligible beneficiaries. The health provisions of COBRA, the Consolidated Omnibus Budget Reconciliation Act, require most group health plans to offer continuation coverage to beneficiaries who would otherwise lose coverage due to specific...
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How Pharmacy Benefit Managers Control Your Drug Costs
Pharmacy benefit managers, or PBMs, have nine basic tools to control the cost of prescription drugs: Pharmacy payments. PBMs use their clout to negotiate volume discounts with certain pharmacies, and then steer plan members to these pharmacies. Generic substitutions. Generic drugs usually cost much less than their branded equivalents. PBMs use several strategies to encourage...
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10 Tips for Protecting Your Company from Auto Liability Claims
Although the number of auto liability claims has fallen in the last few years, the cost of claims is increasing, even though the severity of injuries is decreasing. In 2012, auto liability claim costs for property damage averaged $3,073; cost of bodily injury claims averaged $14,653, according to the Insurance Services Office (ISO). Protect your...
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9 Tips For Building a Company Social Media Policy
More than 70 percent of businesses surveyed reported having to discipline an employee for “social media misuse.” Considering the reach and persistence of social media, employers should ensure employees know the do’s and don’ts of social media at work. Establishing a company social media policy should be a priority. What exactly is “social media misuse”?...
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How to Be a Better Benefits Buyer
Employers spend thousands per employee on health insurance plans. Yet few check the quality of their plan before buying. When you want to buy a car or appliance or hire a contractor, you can check Consumer Reports and Angie’s List for quality ratings. Few would argue that using rating services such as these can save...
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Basic COBRA Administration, Part 1
COBRA, the Consolidated Omnibus Budget Reconciliation Act of 1985, allows qualifying people formerly covered by an employer’s group plan and their dependents to temporarily continue health coverage at group rates. Employers who don’t understand basic COBRA administration and their obligations can face penalties. Certain employer-sponsored health plans must offer COBRA continuation coverage to employees who...
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“Skinny Plans” Loophole To Close
Proposed IRS regulations would close a loophole that allowed certain employers to skirt the Affordable Care Act’s minimum value requirement, creating so-called “skinny plans.”. Background The Affordable Care Act applies to employers with 50 or more full-time equivalent employees. It requires them to offer their full-time employees coverage that: Is affordable. The employee’s share of...
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No Reimbursements for Individual Insurance
The U.S. Departments of Labor, Health and Human Services and Treasury issued guidance that draws a bright line delineating employer group health coverage from individual coverage sold to those who aren’t covered by government or employer-sponsored health plans. Under the guidance issued November 6, employers cannot reimburse employees to cover individual policy premiums. “If the...
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