Many workers compensation policies include a provision that allows insurers to conduct workers compensation audits. The results of an audit will affect your premiums, so it benefits you to be prepared! WHAT ARE WORKERS COMPENSATION AUDITS AND WHAT ARE THEY FOR? Unless you’re a smaller employer with a “minimum premium” policy, your workers compensation policy...
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Five Steps to Conducting a Job Hazard Analysis
A job hazard analysis can help you identify hazards that can lead to injury. A hazard is the potential for harm. In practical terms, a hazard often is associated with a condition or activity that, if left uncontrolled, can result in an injury or illness. A job hazard analysis is an exercise in detective work....
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401ks Leave Most Americans Unprepared for Retirement
The rise of 401(k) plans has left most Americans unprepared for retirement. The average family only has $5,000 saved in a retirement account, according to a new report by the Economic Policy Institute. The report, “The State of American Retirement,” found 401(k) plans have magnified economic inequities. While the median family between the ages of...
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Private Exchanges Offer Brokers Ways to Help Employers Navigate Changes
At a time when changing healthcare legislation is creating uncertainty for businesses, private exchanges can help employers stay financially afloat in the choppy seas of benefit changes. Private exchanges—online marketplaces where businesses and people can buy health insurance—are growing rapidly in popularity, a new survey found. The Aflac Healthcare 2015 survey found 86 percent of...
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Self Funding 101 For Employers
Many employers are taking advantage of self funding to reduce costs, particularly medical costs. A self funding 101 lesson for employers is contained in a new report by Sun Life Financial U.S. Tn their Top Ten Catastrophic Claims Conditions report, Sun Life compiles the costliest medical conditions covered by its stop-loss insurance from 2012-15. The...
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Average Age of Retirement Now 62—Up From 59
At a time when people in the United States are working longer hours and taking second jobs to pay the bills and save for retirement, a new Gallup poll found the average age that Americans are retiring was 62 in 2014, up from age 59 in 2010. As a result, our economy is less productive...
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Employers Offer Increasingly Generous Benefit Packages to Top Earners
The rich get richer, and the wealthy get far nicer benefit packages too. A new report by the Pew Charitable Trusts Foundation found employers spend a median of 38 cents of each compensation dollar on benefits, and those earning more receive more generous benefit packages too. “Controlling for other factors, jobs with higher pay generally...
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The Pros and Cons of Paid Sick Leave
Five states, 22 cities, and one county in the United States mandate paid sick leave benefits, making the United States the only country among 22 developed nations that doesn’t guarantee paid leave if someone falls ill or has to care for a sick family member. President Obama in 2015 signed an executive order requiring federal...
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Implementation of Cadillac Tax Delayed for Two Years
Implementation of the “Cadillac Tax,” a tax on expensive employer health plans, has been pushed back from 2018 until 2020. Many, though, would like to see the tax go away completely. More formally known as Section 9001 of the Affordable Care Act (ACA), the 40 percent excise tax will be levied against “excess” benefits and...
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Why Prescription Drugs Cost so Much and What You Can Do About It
Prescription drug costs rose by 12.6 percent in 2014 and by 10 percent in 2015 — well beyond the U.S. inflation rate. And in some extreme cases, specialty drug costs increased more than 5,000 percent. What can employers do to control these soaring costs? In 2015, Martin Shkreli, chief executive officer of Turing Pharmaceuticals, was...
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