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Cost of Family Health Insurance Doubles

healthcare costs

According to a recent study by the Commonwealth fund, premiums for family coverage paid by both employers and workers have risen 50 percent since 2003, reaching almost $14,000 a year.  Annual premiums for employees have increased by 63 percent since 2003. Last year, employee premiums for family-plan coverage averaged around $3,400. That’s an increase of around $1,400, the average cost of employee premiums for family-plan coverage in 2003.

Unemployment Law – Unemployment Law and Your Business


Unemployment in America still hovers around nine percent, one of the highest rates in history.  Changes are constantly occurring in the world of unemployment law, and businesses must follow rules and regulations or risk facing penalties and fines.  Looking over the history of unemployment law as well as the effects it has on American businesses doesn't take a lot of time, but can provide employers with knowledge that they may not have ever considered otherwise.  And with recent legislation, some employers may be completely unaware of recent changes to unemployment law and how it affects their business.

Voluntary Benefits Plans – What they Are, Why They Matter


If you're a small to midsized business trying to offer your employees the most that you can in your benefits package without spending enough to bankrupt your company, then you may need to look into voluntary benefits plans.  These options are often enough to satisfy most employees and provide your company with the ability to deliver a host of different coverage options to your employees for little or no cost to you.  Most insurance providers offer a variety of different voluntary benefits plans for you and your employees to choose from, and taking the time to review all of the different options will likely show you that it's easy to give them a wide range of choices.  Here's a closer look at the basics behind voluntary benefits plans.

Train Your Employees More Effectively


In order to help new hires adjust to the workplace and help your business run smoothly, employee training is a critical step in the hiring process. Training can help employees better understand their job responsibilities and can also be used to teach new skill sets. Taking the time to train employees reinforces your commitment to them and can help to increase both morale and productivity. Here are some tips to help make employee training as effective as possible:

Considering Supplemental Benefits?


For many small and mid-sized businesses, the cost of employee benefits is difficult to manage. However, these benefits contribute to the success of the company, by retaining key employees and attracting new talent. An option for employers to consider is supplemental benefits, which as the name suggests, supplement existing benefits to give employee’s more selection without overspending.

Five Percent of Americans Responsible for Half of Nation’s Healthcare Spend


In 2009, Americans spent $1.26 trillion on healthcare. According to the Agency for Healthcare Research and Quality, that number rounds out to about $90,000 per person. A recent federal study found that a mere 1% of Americans accounted for 22% of healthcare costs in the same year. The report also found that around one in five healthcare consumers were among the top 1% of spenders for at least two years in a row. In other words, half of the US population spends very little on health care.

Supplemental Insurance – The Different Options


Recent studies found that eighty nine percent of employees rate their insurance coverage through their employer as very important to them.  And since happy employees are a key element of business success, it's important to consider adding it to your company.  But with insurance rates expected to rise by about 10.6 percent over 2012, it's getting harder for companies to give their workers the best coverage possible.  One option is to provide a very bare-bones standard policy and then let employees opt-in for supplemental insurance if they desire.  Using this supplemental insurance model helps you save on insurance costs while still giving your workers the ability to buy the insurance options they're looking for at a reduced cost.  There are many different types of supplemental insurance you can offer.

Employment Law – The Most Common Issues


Employment law, also referred to as labor law, is a far reaching body of different legislation put in place to define and protect the rights of employees and their employers.  Employment law as a whole covers practically every aspect of the American workforce from safety issues to wage regulations.  While every business is unique, many of the different laws that fall within the context of employment law will likely never be experienced by a majority of businesses, some will have great importance to only certain companies, while some will affect every American business that currently exists or will be started in the future.

The Importance of Compliance Training – Protecting Your Company


Compliance is almost a dirty word in the world of business.  Of course, it is a necessity, but one that many companies fail to address properly.  The importance of compliance training cannot be overstated, however, since adherence to all applicable laws and regulations that concern your business is absolutely vital.  Failure to follow regulatory compliance could lead to severe penalties and even criminal charge in some cases.  The rules can be complex, however, with numerous state and federal agencies responsible for enforcing countless different rules that can vary depending on a number of factors such as business size and the type of industry in question. 

What are Employee Voluntary Benefits Plans? – An Overview


In the world of employee benefits and especially in health insurance, the question of just what are employee voluntary benefits plans may arise.  Understanding just what are employee voluntary benefits plans will actually help you understand why they're being offered in so many different companies and just why it's worth thinking about adding them to your own benefits offerings.  If you only offer a very rudimentary insurance policy or if you're just looking for way to make it more attractive to employees, learning what are employee voluntary benefits plans is a good idea and an effort that you aren't likely to regret making.  With about 69 percent of private sector workers having access to insurance, and the cost of those policies rising by 10.6% in 2012, it's worth learning more.

American Recovery and Reinvestment Act – Overcoming the Economic Crisis


The economic collapse had far reaching consequences.  As banks imploded, the housing market crashed, and millions of Americans were faced with unemployment, congress began to draw up measures to help America recover.  The result was the American Recovery and Reinvestment Act, passed by congress on February 13 of 2009 and signed by President Obama a mere four days thereafter.  While the overall scope of the American Recovery and Reinvestment Act is very broad, at its core are three basic goals.  The creation of new jobs and retention of existing ones, to spur economic growth, and to increase the levels of transparency and accountability that have been missing from government spending for far too long.

Customize Your Communications Package


Today’s workforce is a diverse one, with employees of various ages who rate job satisfaction for different reasons. Metlife’s 2011 Study of Employee Benefits Trends found that different generations value different parts of the work experience. For instance, 32% of Gen Y employees surveyed telecommute all of part of the workweek. For boomers, both old and young, that number is less than 15%. Gen X employees lead the way in flex time participation, followed closely by Gen Y. Convenience services are greatly utilized by both Gen Y and Gen X, however younger and older boomers fall below 10%. 

Family and Medical Leave Act – A History and Brief Overview


The Family and Medical Leave Act brought about strict guidelines that protect an employee's right to take a medical leave of absence from their jobs without fear of demotion, pay deduction, or termination.  It was one of President Bill Clinton's main goals during his first term, and on February 5, 1993 he signed the Family and Medical Leave Act into law.  Administered by the Wage and Hours Division of the United States Department of Labor, the Family and Medical Leave Act covers a huge number of American workers, recognizing their needs to successfully balance their careers with their personal lives.

What are Employee Voluntary Benefits Plans? – Breaking Down the Basics


If you're asking "what are employee voluntary benefits plans?", then you're not alone.  It's a question that plenty of employers are asking themselves these days due to the increase in insurance costs and the scramble to find different ways to offer employees benefits for less.  There are numerous different aspects of learning what are employee voluntary benefits plans to consider, from figuring out what are employee voluntary benefits plans' different benefits to employers and employees all the way to just learning what are employee voluntary benefits plans' different specific offerings.  It's worth taking a good, hard look at all the different questions and figuring out exactly what are employee voluntary benefits plans and just how they can help you and your employees.

Are You Aware of Employees Likely to Quit?

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According to a 2011 Mercer survey, 2400 U.S. workers reported a desire to leave their current position. It has been found that employees are becoming less committed to their employers and aren’t as satisfied with their work experience. Many employees looking to leave their current positions are younger, with a majority being under the age of 35. Employees looking to leave are more likely to be short-tenured, with 43% of employees considering leaving after one to two years with their company. Additionally, 37% currently hold a managerial position.

FMLA – A Look at Both the Federal and State Laws


The Family and Medical Leave Act, or FMLA as it is commonly known, was a 1993 bill.  The law protects the rights of employees who must take leave in order to care for seriously ill family members or to cope with an injury or serious medical condition they themselves are suffering.  Before the FMLA was passed employers could deny leave for any reason they wanted and terminate an employee who took a leave of absence for any reason.  While the FMLA is a federal law and governed by a branch of the US Department of Labor, many individual states have also passed their own laws to further mandate family and medical leave.

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