Daily Insurance Report
Tuesday, 06/01/21 Walt Podgurski 440-773-1108 E-Mail
Read Online Subscribe Media Kit Press Releases

8 Types of Employee Benefits - U.S. News & World Report
U.S. News / / Read Article

As the workforce continues to open up and more jobs are becoming available, many professionals are starting or renewing their job searches. Whether you have already received a job offer or are starting to apply for job positions, it's important to be aware of the different types of employee benefits and what is available to you by a particular employer.

Healthcare benefit forms including: enrollment forms and applications. Affordable healthcare remains an important topic around the world!

Employee benefits are important and often are highlighted by hiring managers to help sweeten a job offer. Due to the changes the pandemic has brought to the workplace, workers are also now more alert to what benefits organizations offer. When starting a new job, read through all of your paperwork carefully and ask the human resources department for more details if necessary. It's important to be informed, since sometimes some benefits don't kick in until after a certain time frame. There also may be other benefits available that you are underutilizing.

Read on for a list of common benefits employers may offer and what kind of benefits you should consider as you search for your next job.

Health Insurance
Retirement Benefits
Disability Insurance
Life Insurance
Vacation Time
Additional Education
Child Care Benefits

Couples may score a bigger tax break with this flexible spending account strategy
Kate Dore / CNBC / / Read Article


Employee Benefits to Consider During Your Job Search
Job offers can come with perks. Here's a closer look at some of the common employee benefits offered.
By Hallie Crawford

The American Rescue Plan increased the 2021 dependent-care flexible spending account limit to $10,500 from $5,000.

While companies aren’t required to adopt the new limit, many are now allowing employees to make the change.

Married couples may maximize their tax break with proactive planning, financial experts say.

How Employees Handle Their Retirement Savings During Work Transitions
PEW / / Read Article

Among the key findings:

Lower-income households (under $25,000) are more than three times as likely to withdraw all of their savings than households with incomes of $100,000 or more. This may, in part, reflect rules allowing employers to cash out or force a transfer of small accounts when an employee leaves a company, because of the administrative cost of maintaining such accounts.

Conversely, those who left some or all of their DC plan assets with an employer when leaving a job were more likely—when compared with those who did not leave any or all of their assets in place—to have a larger DC account balance and have a higher income. This finding could indicate that higher-income workers may be better able than lower-income workers to withstand financial pressures, such as a health or job crisis, without having to access their retirement savings.

Individuals with high levels of unsecured debt (often credit card debt) more commonly withdrew the entire account balance than those with low or no unsecured debt.

Guardian Life Simplifies Employee Leave with New Absence Management Program
Guardian Life  / / Read Article

The Guardian Life Insurance Company of America® (Guardian Life) announces a new absence management offering, Guardian Absence Solutions, for companies seeking to simplify their employee leave programs. The new solution provides a guided, comprehensive absence management experience that supports optimal return-to-work outcomes for employees, while addressing the growing complexity and compliance challenges employers face around managing employee leave.

According to Guardian’s Absence Management Study, more than eight in ten employers (82%) report keeping up with changes to federal and state leave laws is a challenge, and 8 in 10 employers say COVID-19 raised senior leadership awareness of the importance of effective absence management.

  • Benefits Enrollment and Management
  • COBRA Administration
  • ACA Compliance and Reporting
  • Financial Connectivity
  • Carrier Connectivity
  • Benefits Reconciliation™
  • Benefits Invoicing
  • Automated New Hire Reporting
  • Leave of Absence Management
  • Dependent Eligibility
  • Payments & Collections
Transform Your Benefits Administration Experience!

The Pandemic Boosted Life Insurance Sales, But for How Long?
Sam J. Friedman and Michelle Canaan / ThinkAdvisor / / Read Article

It’s not surprising that the COVID-19 outbreak spurred a significant boost in life insurance activity. Fear has always been a prime factor in life policy sales, and concern about the potential for infection, severe illness, and possible death has certainly been prevalent during the pandemic.

MIB’s Life Index shows U.S. applications rose by 4% in 2020, the biggest full-year increase in the last decade, bolstered by a 14.1% spike in July and a 7.6% jump in October. This growth trend has continued into 2021, according to MIB, with applications up overall by 10.1% for the first quarter and 18.5% in March over the same month in 2020, when the pandemic first hit the U.S. market.

In the best of times, however, life insurance can be a hard sell. Unlike auto insurance, which is usually required by law, individual life insurance is a discretionary product. That means it’s an easy purchase for most people to put off — sometimes permanently. It may be even harder to sell supplemental life insurance to millions of individual buyers who already have simple term coverage through their employee benefit plan.

5 New Skills That Drove Up Employee Engagement This Year
Joseph Folkman / Forbes / / Read Article

While employees are generally more satisfied working from home, some managers appear to be doing a better job than others at managing a remote workforce. We identified the top 20 leadership behaviors correlated with increasing employee engagement before and during the pandemic. We discovered that while 15 of the leadership behaviors were consistent before and after, five new leadership behaviors appeared to make a substantial difference in the pandemic. Leaders who performed these five leadership behaviors well had significantly higher employee engagement. In the graph below, we created an index based on managers' effectiveness ratings on the five leadership behaviors. The impact of these five leadership behaviors on employee engagement is dramatic.

5 New Leadership Behaviors

Protecting employees from risks.
Capitalizing on the diverse perspectives and talents of employees.
Building an inclusive climate.
Managers true concern with developing others.
Adapting quickly in response to people's needs or the situation.

Allworth Advice: The basics of a Solo 401(k)
Steve Sprovach and Amy Wagner / cincinnati.com / The Enquirer / / Read Article

Question: Trevor in Deer Park: I have a side business but also work for an employer during the week. Can I save money I make with my side business in my work 401(k)?

A: You should really keep those ‘buckets’ of savings separate. And there’s actually an easy way to do this, assuming your side business is comprised of just you: Use a ‘Solo 401(k).’

A Solo 401(k) is basically just as it sounds. It’s a 401(k) plan specifically designed for self-employed folks who don’t have any employees (the IRS calls it a one-participant 401(k)). With this type of plan, you play the role of both the employer and the employee, so your contribution limits are higher than a standard 401(k): In 2021, you can contribute up to $58,000, or, if you’re age 50 or older, you can contribute up to $64,500.

3 strategies for leveraging APIs in digital health
Gautam M. “G” Shah, Change Healthcare’s VP of Platform & Marketplace / TechCrunch / / Read Article

In the United States, healthcare spending is on the rise, reaching $3.8 trillion annually—nearly 18% of the country’s gross domestic product. Research estimates that 30% of healthcare spending is regarded as wasteful. More than ever, technology and health IT companies can play a leading role in helping address this problem while also helping deliver an improved digital consumer experience reflective of other industries such as travel, online retail, and finance. Application Programming Interfaces (APIs) are the backbone of this transformation, and when leveraged strategically, APIs can help technology and health IT companies accelerate their time to market, make the most of their capital, and deliver value more quickly.

Healthcare providers, insurance companies, health IT, and other stakeholders will increase their investments in APIs in 2021, according to our national study on API adoption. Nearly 90% of healthcare stakeholders believe APIs are “mission critical” or “quite important,” but less than a quarter report using APIs at scale. However, healthcare providers and insurance companies expect to nearly triple their use of APIs in the next three years. As API usage grows, they will spur the next wave of innovation in healthcare.

Research, teaching, and claims, oh my: Why UW owns and operates an insurance company
By Timothy Phung / The Daily (Of The University Of Washington) / / Read Article

The UW does a lot of things. It conducts world-leading research, teaches tens of thousands of students each year, and employs thousands of people. But did you know it also has its own insurance company?

Established in 2002, Portage Bay Insurance (PBI) is a captive insurance company owned by the UW. The company provides the university and its affiliates with professional, general, automobile, and employment practices liability insurance.

Their coverage also extends to medical malpractice, slip-and-fall, UCAR accidents, and other claims in which the university is liable.

“At the University of Washington, we use it as a tool for self-insurance,” Joe Dacca, the UW’s director of state relations, said. “It is a mechanism for setting aside money for inevitable claims that are going to come and that the university is going to have to pay out.”

Photo Of The Day

Monday, 05/24/21 - - Dozens of longtime employees are suing Farmers Insurance for age discrimination

Tuesday, 05/25/21 - -
How nonprofit hospitals get away with the biggest rip off in America

Wednesday, 05-26-21 - -
Health Insurance Broker: Dude, what you're doing is changing lives by Andy Neary

Thursday, 05-27-21 - -  Three Ways To Prioritize Well-Being Through Employee Benefits

Friday, 05-28-21 - -
Pay down your student loans or wait for forgiveness? A financial planner weighs in on the best next step

The "Daily Insurance Report" is now subscribed to by 25,000 elite insurance industry influencers who receive it Monday - Friday and have a quick overview of what is appearing in the media regarding the insurance industry; with an emphasis on life, health, and employee benefits.
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.