Do You Offer Paid Leave For Employees?

“How much paid leave will I get?” is a common question of people considering joining your company.

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Part of the perks employees are looking for when they join a company or are considering staying with an organization – is paid leave, or paid time off.

 

In most cases, companies are not obligated to offer employees paid leave, but many long-term and full-time employees feel entitled to their 10 days a year – not to mention all national holidays (such as Thanksgiving, Christmas and other federal holidays). They wouldn’t and don’t think how expensive paid leave is to an organization.

 

So what does an employer do? To keep good people, you have to offer paid leave – but it can be hard to find the money to do so, especially if you are a small company.  Fortunately, there are a couple of strategies we can recommend that can make paid leave less expensive.

 

Paid Time Off Plans

 

Instead of splitting leave into sick days, personal days and vacation days, some companies put it all into one bucket under the name paid time off (PTO). This has two benefits: it cuts down on administration, and it means that employees may be happy with less leave, since a PTO package gives them more flexibility of choosing when they are at work and when they are not.

 

Unscheduled Leave Reduction

 

While all paid leave is expensive to an organization, unscheduled leave has the biggest impact. Unscheduled leave affects all team members, with other scrambling to pick up the slack of the person absent. It can mean missed deadlines and even lost clients.  That is why many companies have an incentive plan to reduce unscheduled leave.

 

We want to make sure you know some of your options so that you can effectively communicate this to employees and offer an attractive package to your staff without too much impact on your business operations.

Highest regards,

Stacia

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Protecting Our Families

Most employees want to feel sure that if something happened to them their loved ones would still have financial stability. And yet many people don’t prioritize having sufficient coverage in place, and 2 in 5 people don’t have any life insurance in place according to Life Happens, 2016 Insurance Barometer Study, 2016.

 

This is just scary. Look around at work. Yes, right now. Look to your left and look to your right and identify 5 people. Two of those five people don’t have any life insurance and their families would be left to cover funeral costs, and figure out how to replace your co-worker’s wages if something were to happen to them. If you work in an insurance office like I do, go talk to those 5 people and ensure they are all covered for their families sake.

 

Life insurance is for the survivors. It usually brings them great peace and comfort knowing they have a little bit of financial stability – at least for a little bit.

 

Life insurance is one of those things people procrastinate about. They know they need it — but there are other pressing bills to pay, and other things to think about, and somehow it never ends up at the top of the list.

 

On top of that, there’s the question of how much to buy.

 

For both of these reasons, it’s a great thing to o er as part

of a workplace benefits package as it provides an easy route for employees to get insurance. With a small, straightforward selection of policies to choose from, employees can more easily decide which one is the right choice for them.

 

30% of Americans admit they know they need more life insurance. Factors like cost make them put off buying it according to LIMRA, 2015 Life Insurance Awareness Month, Sept. 2015.

 

Highest regards,

Stacia

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Hospitals Are Expensive

Hospital Visits Can Bring Financial Worry To Employees

We all know that a trip to the doctor or running a medical test without insurance can be costly. Imagine the cost of being hospitalized for days, or expensive testing to know what is really wrong. The cost of insurance allows you and your team to stay focused on the work at hand when life is happening elsewhere. Life always happens.

 

Since the Affordable Care Act altered the health insurance landscape, companies have been focusing more than ever on benefits that cover the areas where traditional health insurance often falls short. One of those areas is hospitalization costs.

 

The average health-plan deductible has more than doubled in the past decade — increasing from $584 in 2006 to $1,318 in 2015 according to the The Kaiser Family Foundation, Employer Health Benefits Survey, 2015.  

 

Hospital indemnity insurance can be an important way to help employees bridge this gap.

 

Fewer worries, higher productivity

When employees have financial worries, it draws their attention away from their work.

1 in 5 employees report that issues with personal finances have been a distraction at work according to PricewaterhouseCoopers, Employee Financial Wellness Survey, April 2015.

 

Think of all the little worries that come with the prospect of a hospital visit. “That test is so expensive — do I really need it? How will I pay for my next doctor’s appointment?”

Hospital indemnity insurance can help alleviate those worries.

 

Employees can use this type of insurance to help cover the cost of high deductibles, co-pays and other out-of-pocket expenses for:

  • Hospital stays
  • Surgeries
  • Diagnostic tests
  • Emergency room tests
  • Other hospital expenses

 

Keeping your employees focused at work will be way less costly to your organization than them not being there. Plus offering solutions to rising medical costs, like hospital indemnity insurance, is a way to show you care for those that work for you.

 

Highest regards,

 

Stacia

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Have the Ability, with Disability Insurance

“Life happens”, the short saying you use when something unplanned or accidental happens.

 

Sometimes we are lucky enough to only have to reschedule minor plans. However, other times we are not so lucky and when “life happens”; we need to be prepared.

 

Disability insurance can help your employees keep one of their most important assets protected, their income. When that unexpected injury, childbirth, or illness occurs, it can hinder their ability to make ends meet for themselves and their families.

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  • Something most people don’t think about is just over one in four of today’s twenty year olds will be disabled before reaching the age of sixty-seven.

 

  • Even more shocking, is that some of the most common disabilities are not covered by workman’s compensation.

 

  • These disabilities include cancer (16%), back disorders (excluding injury) (13%), injuries (12%), cardiovascular (9%), and joint disorders (9%); as you can see these are very common disorders that several people are affected by.

 

In today’s world of ever growing technology comes higher prices for medical care. These troubling times can be less stressful with the help of a disability insurance plan.  Let that sink in. Surely, you want to give your employees and their families protection against the inevitable. You’re probably wondering, how do I achieve this? How does this work without breaking a budget?

 

You have options, from a short term plan that allows you to pay a little at a time for a period of several weeks, to long term coverage for several months to several years. Either way, you can’t really go wrong!

 

These plans work together, with flexible coverage for you and your employees, when disability lingers, have the piece of mind so you and your employees can focus on what’s important. Which shouldn’t be if you have the coverage, or can afford what workman’s compensation won’t cover.

 

Extra protection for your company and employees, that will save you both money in the end.

Warm regards,

Stacia

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“Brace” Yourself! A Great Addition to Your Benefits Package

Brace Yourself! Picture this: you wake up early on a bright, sunny Tuesday morning, you go to the kitchen and brew your daily cup of coffee and pop some bread in the toaster. You turn on the morning news as you do every other morning, and you sit at the table as you wait for your coffee and toast. Then you notice a strong, sharp ache in your tooth. You take some ibuprofen and hope with all your heart that it goes away, are at least becomes a duller pain, but sure enough, it doesn’t. You still go to work and carry on with your day, but you’re absolutely miserable. Your toothache seems to make everything hurt.

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You don’t want to make an appointment because it’s so ridiculously expensive.

 

Then you remember, your work has a dental insurance plan that would cover your appointment. You call and make an appointment with your dentist right away, and he can get you in. You’re so happy, and you think how you wouldn’t be able to afford an appointment if your work didn’t cover you.

 

So many people don’t have the luxury of being covered by a dental insurance plan, which forces them to overlook their dental issues. There are so many people that are quick to overlook a tooth ache and call it a minor issue, when in all reality, dental hygiene or a lack of it, has been a proven contributor of diabetes, heart disease and blindness. With this realization, many companies are beginning to offer dental coverage as part of their benefits package. In fact, ninety-six percent of employers are offering this kind of coverage to their employees, and it’s becoming a huge factor when people are considering careers.

 

As an employer, you most likely offer sick leave or a similar type of coverage, so your employees are able to get better faster and miss less work.

 

Having a dental insurance plan added to your benefits package is the same concept. With the amount of conditions linked to dental problems, your employees could miss more days than they need to because a dental package could have prevented all of it. Not good for you, not good for your employees. By covering procedures like root canals, routine cleanings, and crowns, you can save yourself and employees a lot of money with flexible plans and family coverage options.

 

What are you waiting for? Don’t miss out on a great candidate and more opportunities. Get your dental coverage package today!

Warm regards,

 

Stacia

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Know What Coverage Options Benefit You and Your Team Most

When choosing coverage for your company, there are many factors that you need to keep in mind.

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  • Should your coverage include families?
  • Should your benefits be offered to part-time workers?
  • What demographic works best for you and your team (Millenials, Baby Boomers and Generation X)?

 

It is always important to think about how the benefits you want to offer will fit with factor such as the key objectives of your business, what competitors are offering to their employees, the budget you have to work with (are you going to fully fund these coverages, share the cost with your employees, or make your employees solely responsible to fund them), and the wants of your employees. Most employee demographics today span a wide range of generations.

 

Another important thing to consider is what millenials are looking for in coverage as opposed to Generation X.

 

To explain this further, Millenials have a lot of the same values as the older generation, along with benefits that will help with the balance of work and other aspects of their lives.

 

Some of these coverages include, paid leave, retirement plans and parental leave.

 

On the other side of the spectrum, Generation X looks for an employer who will fill the gaps in regular coverages they already have.

 

They ask themselves about the “what ifs” in life, things that will require immediate attention; not later in life like Millennials. Coverages they look for include, hospital indemnity insurance, life insurance, accidental insurance, and disability insurance.

 

Once you know the coverage options you want to offer, it is important that you consider the legal matters, large mistakes can result in large penalties and greatly affect your ability to offer benefits to your employees.

 

Follow these rules, and you will come up with the perfect package to not only benefit you, but your employees and their families as well.

 

Warm regards,

 

Stacia

Nothing Wrong With Having Extra

When it comes to coverage it is often said that it’s better to be safe than sorry, especially when it comes to insurance benefits.

 

Voluntary benefits are benefits that your employees are solely responsible for paying for.

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You may be thinking that paying extra money to enhance benefits they are already being offered is not the best strategy; but in all reality it is quite opposite. In fact, 81% percent of employees say they will buy voluntary benefits because of the convenience of purchasing through the work place.

 

Voluntary benefits benefits make a lot of sense for various reasons including; they help fill the gaps in medical coverage for high co-pays and deductibles, they fit the diversity of your workplace by letting employees choose the areas they need more coverage to suit their lifestyle and needs, and you’re allowed to offer more benefits at little to no cost to your company!

 

These extra benefits fall into 3 categories with subcategories.

 

The main categories are health, wealth/lifestyle, and security.

 

Health has 4 subcategories.

  1. Vision, which includes regular eye exams to help maintain healthy vision and are the first line of defense in detecting more serious eye conditions, such as glaucoma, high blood pressure and diabetes. This type of benefit typically helps pay for eye exams, glasses and contact lenses. They may also offer discounts on treatments such as laser eye surgery or eyecare accessories.
  2. Dental, which can provide benefits for both routine and more expensive dental procedures that are not covered by most health insurance plans. They typically include cleaning, fillings, sealants, tooth removal, crowns and dentures, and may also provide benefits for regular dental appointments.
  3. Accidental, these include the unexpected happenstances of everyday life. Typically, they help cover some of the expenses for initial care, surgery, transportation and lodging, and follow-up care.
  4. Hospital confinement indemnity insurance provides a lump-sum benefit to help with out-of-pocket costs related to a hospital stay. This may include outpatient surgery, diagnostic tests, doctor’s appointments and emergency room trips.

 

Wealth/Lifestyle has 3 subcategories.

  1. Disability insurance replaces a percentage of an employee’s income if they become disabled as a result of a covered accident or sickness, to help them continue to make ends meet while they’re out of work.
  2. Legal typically gives employees access to qualified attorneys at a reduced cost. Coverage usually applies to the most common personal legal matters including family, vehicle, real estate, civil lawsuits and wills.
  3. Financial counseling helps employees manage their finances. Traditionally, this has mainly focused on retirement plans, but as baby boomers approach the end of their working careers, financial counseling now also includes a range of topics such as credit card debt, investment advice, tax advice, saving and budgeting.

 

Security with 3 subcategories.

  1. Life insurance pays out a lump sum to help provide financial protection for an employee’s family members in the event of the employee’s death. Coverage can be updated to reflect changes in life such as getting married, buying a home or having a child. Most plans offer spouse and child coverage.
  2. Travel accident insurance is designed to provide extra protection while travelling internationally, supplementing coverage typically provided by an accidental death or dismemberment policy. It typically covers emergency medical and legal fees.
  3. Identity theft protection does not cover any financial loss as the result of identity theft. Instead, it may include monitoring public records and alerting the employee of any fraudulent use of their personal details, including attempted loans and credit applications. It also covers the cost of repairing the person’s credit history.

 

When it comes to keeping your employees and their families protected, there is nothing wrong with a little extra.

 

Warmest regards,

Stacia