What’s 5% worth? It’s worth A LOT, if you’re an employer who provides benefits to your employees.
As an employer in California, you might be surprised to learn that the insurance broker handling your employee benefits earns 5% of your premiums. This percentage is fixed, non-negotiable, and embedded in the cost of every health insurance product sold to employers in
As a consumer or employer navigating the complex world of prescription medications, one of the most frustrating questions we hear is, “How much is my drug copay?”
It seems like it should be a simple answer, but in today’s rapidly changing pharmaceutical and insurance landscape, it’s becoming increasingly complicated. Let us share our experience and what our clients can learn.
It’s 2024, so by now most companies have some type of technology that they use to communicate and enroll their employee benefits, beyond the insurance company brochures. (IF your company doesn’t have a system and you’re using scans or faxes or .pdf’s, stop reading and call us IMMEDIATELY!)
Considering that costs for employee benefits are a multiple, six-figure expense for
If you want to understand how to manage employees you will need to think about what motivates them.
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As open enrollment season approaches, most companies are looking to enhance their benefits packages without breaking the bank. Voluntary benefits offer an excellent solution, providing added value to employees, at little to no cost for employers. Among these offerings, AFLAC stands out as the most requested employee benefit, delivering products that resonate with employees and their bank accounts.
Why Voluntary
CorpStrat analyzes multiple survey data, such as the annual Kaiser Foundation Survey of Employee Benefits, alongside other industry intel reports, to provide clients with a holistic view of market trends.
This allows companies to benchmark their offerings against similar-sized businesses in their industry, ensuring competitiveness in attracting and retaining talent.
For example, using insights from the KFF survey, CorpStrat
The majority of US employers will be getting a very thick package in their inboxes from their insurance company in the next 60 to 90 days. Included in this is their plan renewal for their benefits, which may include potentially a rate adjustment, as well as plan benefit changes – some of which are mandated by law, and some of
When was the last time you’ve had an expert help you do an Employee Benefits Audit? If you’re like most companies, the answer might be “never.” Many businesses stick with the same benefits plans year after year, making only minor adjustments here and there. While this might seem convenient, it can lead to several significant risks. Here are five dangers
Are your Employee Benefits bundled with one of the big payroll companies like Paychex, Gusto, ADP, or Zenefits? If so, there’s a good chance you’re not getting the service you deserve. These giants often push businesses into rolling their employee benefits with them, banking on the fact that most people aren’t fully aware of what they need or deserve. This
Succession planning doesn’t need to be complicated. Here are a few thoughts about how business owners can achieve greater success and clarity as they develop their own business succession plan. When I develop an executive search for a business owner, I encourage the owner to develop a growth strategy and plan for the business. The […]
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