Wednesday, 03/15/23

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What is FDIC, NCUA and SIPC Insurance — What Are the Limits?
Getting an FDIC, NCUA or SIPC account is important if you want protection for your hard-earned savings. But how much do they cover?
Erin Bendig / Kiplinger / March 13. 2023 / / Read Article

There are several organizations that have been set up to protect consumers' financial assets — the FDIC which covers deposits in banks and savings associations, the NCUA which does the same for most credit unions and the SIPC which covers investors' assets. It's important to be aware of your rights and how these institutions can keep your money safe. We break down the difference between these organizations and what they cover.

How does FDIC insurance work?

Established during the Great Depression, the Federal Deposit Insurance Corp(opens in new tab) (FDIC) ensures that your bank deposits are safe, even if the bank goes under. The FDIC — which is funded by premiums paid by banks and savings associations — protects up to $250,000 in individual deposit accounts and up to $250,000 for each person’s share of joint accounts.

How does NCUA insurance work?

Deposits in federal credit unions are covered by the National Credit Union Administration(opens in new tab) (NCUA), a federal agency set up in 1970. It operates in a similar way to FDIC, protecting up to $250,000 per credit union member (whether in an individual or a joint account) via the National Credit Union Share Insurance Fund. NCUA states that "Credit union members have never lost even a penny of insured savings at a federally insured credit union."

How does SIPC insurance work?

The Securities Investor Protection Corp.(opens in new tab) (SIPC) is an independent body that protects investments and brokerage accounts. Brokerages are required by law to keep customers’ investments separate from their own funds. If the firm fails, SIPC will oversee the liquidation of member firms to recover customers’ missing assets, cash and securities.

SIPC first divides up the broker’s remaining assets among investors, then uses its own funds — up to $500,000 per account, with a limit of $250,000 in cash — to buy the same number of shares you originally owned and replace your cash. Depending on the amount of property the brokerage is able to recover, you may receive more than $500,000 and SIPC has been successful in making most customers whole, says Josephine Wang, CEO of SIPC

From student loans to retirement, financial wellness benefits need to help four generations of employees
Alyssa Place / ebn / March 13, 2023 / / Read Article

No matter your age or status, employees can probably agree on at least one thing: they could use more money.

Whether it's to pay off student loans, put a kid into preschool or college, or save up for a beach-front condo in retirement, what employees are spending on — and saving for — can vary significantly. That means that businesses have to be at the ready with options and strategies for a workforce with diverse financial needs and goals. Are employers up for the challenge?

"What has become incredibly clear is that a one-size-fits-all approach really doesn't fit anymore, since the needs of different parts of your employee base will vary pretty wildly," says Edward Gottfried, director of product at Betterment at Work. "The different kinds of financial balancing acts weigh heavily on different segments of your employee base, and your package should really be responsive to those."

5 Biggest Retirement Mistakes You Will Regret Forever
March 13, 2023 HABIB UR REHMAN / Insider Monkey / Yahoo  / / Read Article

Below are the 15 biggest retirement mistakes you will regret forever.

15. Retiring Prematurely
14. Retiring Too Late
13. Prioritizing Children Over Retirement Needs
12. Disregarding Cognitive Decline
11. Filing Social Security Early
10. Not Considering the Impact of Taxes
9. Entering Retirement with Significant Debt
8. Ignoring Healthcare Expenses
7. Overlooking Inflation
6. Draining Retirement Accounts Early
5. Not Diversifying The Investments
4. Missing Out On Employer Retirement Plans
3. Not Saving Enough For Retirement
2. Underestimating Life Expectancy
1. Not Planning Ahead Of Retirement

Employee Engagement Tools: What Can They Do For Your Organization?
03/13/2023 / Startup Info Staff / / Read Article

Employee engagement plays a vital role in workplace productivity and morale. However, maintaining a high level of employee engagement can be a challenge for organizations. Investing in employee engagement tools is crucial in fostering an environment of collaboration and cooperation among staff members.

In this blog post, we will explore various engagement tools available to organizations and discuss their unique benefits. These digital solutions range from improving communication between coworkers to providing real-time performance feedback and can keep employees committed and interested in their job responsibilities. By carefully developing, customizing, and implementing these technologies, companies can have greater control over creating successful teams than ever before.

1M Individuals Impacted By Healthcare Data Breach at Medical Device Company
ZOLL Medical Corporation recently notified more than one million individuals of a healthcare data breach that occurred in January.
Jill McKeon / HEALTHITSECURITY / / Read Article

ZOLL Medical Corporation recently began notifying more than one million individuals of a healthcare data breach. According to its website, ZOLL Medical develops novel resuscitation and acute critical care technology.

ZOLL detected suspicious activity within its network on January 28, 2023, and immediately took steps to investigate by consulting with third-party security experts and notifying law enforcement.

By February 2, ZOLL had determined that names, addresses, Social Security numbers, and birth dates were potentially compromised. The investigation is still ongoing, but ZOLL notified impacted individuals of the incident and offered 24 months of complimentary identity theft protection services.

New Hope man latest to be sentenced in healthcare fraud conspiracy
Kait Newsum Mar 13, 2023 / HUNTSVILLE, Ala. (WHNT)  / / Read Article

A 53-year-old New Hope man is just the latest in a string of people to be sentenced for his involvement in a multi-million-dollar healthcare fraud conspiracy.

Chief United States District Court Judge L. Scott Coogler sentenced John Hornbuckle to 80 months in prison on March 10. Hornbuckle pleaded guilty in November 2022 to one count of conspiracy to commit healthcare fraud and one count of conspiracy to receive kickbacks.

Hornbuckle owned QBR, LLC. between 2012 and 2018, a healthcare facility management company. In his plea agreement, QBR billed insurers millions of dollars for electro-diagnostic testing done by its technicians, whether there was a medically necessary reason for them or not.

Bridgepoint Software and Technology Team Advises Enspire During Acquisition with Empyrean
Newsfile Corp. / March 13, 2023 / / Read Article

Bridgepoint Investment Banking ("Bridgepoint") acted as the sole financial advisor to Enspire ("Enspire") on their sale to Empyrean Benefit Solutions ("Empyrean"), a subsidiary of Securian Financial Group, Inc. ("Securian").

Enspire - the leading digital employee engagement and communication platform - powers a custom employee app that improves employee experiences and productivity for impressive employee retention. Enspire solves employee needs by integrating all employee communication and resources enterprise-wide into one custom-branded employee app. From benefits to company alerts, employee spotlights, and more, everything employees need through the entire employee life cycle is easily accessed through one convenient digital hub. Enspire platform analytics and engagement intelligence capabilities provide valuable insights to employers by measuring employee engagement.

Anthem Launches on TPA Stream Claims Data and Benefits Software Platform
March 14, 2023 / PRNewswire / / Read Article

TPA Stream is pleased to announce that Anthem Patient Access APIs are now live within the TPA Stream platform. This means that the 43 million members on Anthem can get their out-of-pocket health expenses paid faster and more accurately when their third party administrator uses TPA Stream.

"We're so excited to have the Anthem Patient Access API live for our customers. We've supported claims harvesting for the Anthem group of carriers for years. Connecting directly via API improves the participant experience and enhances the deliverability and connectivity for the third party administrators working on reviewing and approving out-of-pocket claims for our members," Jacob Sheridan, CEO and co-founder of TPA Stream.

TPA Stream is a leader in consuming and standardizing large amounts of data for over 200 Payers either through participant-level permission or through claims files. Its strength lies in its ability to collect this information from disparate sources, standardize it, and help administrators and apps use it to enhance benefits administration or solutions. Any third-party application that wants to integrate with us and consume this API along with other data sources can do so, without the hassle of developing the tooling to receive this data via API directly.

Tuesday, 03/14/23 - - Feds Move to Rein In Prior Authorization, a System That Harms and Frustrates Patients

Wednesday, 03/08/23 - Benefits of employee retention credit for employers

Thursday, 03/09/23 - - POLICY BRIEFS / Flexible Benefits for a Flexible Workforce: Unleashing Portable Benefits Solutions for Independent Workers and the Gig Economy

Friday, 03/10/23 - - More than 80% of local governments have opted out of Colorado’s new paid family, medical leave
Editorial Mission Statement: The goal of this publication is to provide readers a broad selection of what is being written about the insurance industry and related issues. Some articles may have a “tilt” towards a particular perspective one way or another. Inclusion in this newsletter is not an endorsement of any views or content; but report the various and differing views appearing in media.
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