Associations, affinity groups or employers with multiple sites often have complex benefit needs, requiring creativity in finding the right mix of plans with a range of attractive product options. In national surveys, employees have indicated their preference for benefit packages that include dental and vision plans. Frequently employees do not have specific dental or vision needs, but they want the benefits for their dependent family members.
Over the past few years, producers and insurance companies have made many adjustments to respond to industry changes and continually consider new solutions to maintain their business. The following is an excerpt from an article printed in Health Insurance Underwriter magazine.
Being in compliance with regulations for employee benefits is a topic that weighs heavy on the minds of business leaders. The idea of a lawsuit for failing to meet regulations is of major concern.
Businesses considering a merger or acquisition (M&A) invest hundreds of hours reviewing the partnership opportunity. Often these potential deals must be consummated within several months of the initial discussion. According to national business experts, issues and problems often arise with employee benefits, which, if not addressed correctly, can cause an M&A to fall apart.
Mergers and acquisitions (M&A) can be great opportunities for businesses to reduce costs and enhance profits through collaboration, synergy of services and operations, strategic alliances and increased market leverage.
Employee benefits issues often become obstacles that impact the success of an mergers and acquisitions, including the approval of the agreement, satisfaction and productivity of employees at both companies, and the bottom line.
With ASO, the employer (policyholder) is responsible for the cost of dental, vision and hearing plan claims and assumes the financial risk, which helps lower their overall costs. Ameritas assumes responsibility for servicing and processing the claims, including the actuarial and underwriting services, plan materials and descriptions, and bills employers for the administrative costs.
Health care reform – officially called the Patient Protection and Affordable Care Act (PPACA) – has been on the minds of businesses for several years. It is an issue that probably has kept many business leaders up at night, wondering how to adjust employee benefits and budgets to implement the forthcoming changes.
Customer service is a vital component of an excellent employee benefit plan. As you evaluate insurance companies, determine the quality of the customer service support employees will receive throughout the year. Employees who are happy with their benefit plans tend to perform better and are more content with their job and employer.
Employers offering wellness programs want to encourage employees to make choices to pursue a healthier lifestyle.