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<title>2SBD New Site - Healthcare, Insurance</title>
<link>https://2sbdigest.com/sections/healthcare-insurance</link>
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<title>Demystifying Workers' Compensation For Small Businesses</title>
<link>https://2sbdigest.com/content/demystifying-workers-compensation-small-businesses</link>
<description><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="/sites/default/files/image001(2).jpg" style="width: 175px; height: 175px; margin: 5px; float: left;" />Workers’ compensation insurance is one of the most important and misunderstood areas in the small business world.</span></p>
<p><span style="font-family:arial,helvetica,sans-serif;">Regardless of industry, employees are often at risk of experiencing injury or illness while working. </span></p>
<p><span style="font-family:arial,helvetica,sans-serif;">In the event of a workplace injury, many employees who do not have financial help are likely to find themselves with significant debt as a result of mounting medical bills and lost wages.</span></p>
<p><span style="font-family:arial,helvetica,sans-serif;">In addition, businesses may be subjected to personal injury lawsuits from injured employees who are seeking damages, causing financial distress to the business that can be difficult to recover from.</span></p>
<p><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;">According to Tracey Berg, the president of Cerity, a workers’ compensation insurance provide, both employers and employees benefit from workers' compensation insurance. </span></span></p>
<p><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;">Adds Berg, l</span>uckily, workers’ compensation insurance offers protection to both the employee and the employer by covering expenses related to on-the-job injuries, including short- and long-term medical bills, lost wages, and legal fees related to workplace personal injury lawsuits. </span></p>
<p><span style="font-family:arial,helvetica,sans-serif;">Why small business owners – all business owners, really – should be concerned with workers’ compensation. </span></p>
<p><span style="font-family:arial,helvetica,sans-serif;">First, there is no doubt some owners might wonder if it’s truly worth the cost. In short, yes, it is, especially when the cost can be less than one might think as with pay-as-you-go workers’ compensation insurance.</span></p>
<p><span style="font-family:arial,helvetica,sans-serif;">Berg believes small business leaders need to think of workers’ compensation insurance as the crucial part of their risk management plan. Small businesses are often the ones that are least likely to be able to handle risk such as that from a work-related injury claim by an employee. Not only could the business have to pay for medical care, but there is also the risk of fines or even being forced to go out of businesses for not being in compliance. With the appropriate coverage, business owners can avoid such devastating expenses while ensuring compliance with relevant state laws.</span></p>
<p><strong><span style="font-family:arial,helvetica,sans-serif;">What Is a Workers’ Compensation Claim?</span></strong><span style="font-family:arial,helvetica,sans-serif;"><strong> </strong>A workers’ compensation claim is an insurance claim that is filed through a business’s workers’ compensation insurance provider. Its purpose is to help cover the costs related to a workplace injury or illness.</span></p>
<p><span style="font-family:arial,helvetica,sans-serif;">By filing a claim, an employee is alleging that the injury or illness is a direct result of their employment and is holding the business liable for covering the costs related to the injury. As with other types of insurance, businesses have workers’ compensation to help cover those costs. Once a claim is filed, the workers’ comp claims process begins, and the claim is either approved or denied.</span></p>
<p><strong><span style="font-family:arial,helvetica,sans-serif;">What Is the Workers’ Compensation Claims Process Like?</span></strong><span style="font-family:arial,helvetica,sans-serif;">Although the workers’ comp claims process can differ depending on the state, for the most part, the process is as follows:</span></p>
<ol>
<li><span style="font-family:arial,helvetica,sans-serif;">Following a workplace injury, the employee must act quickly to report the injury or illness to their employer.</span></li>
<li><span style="font-family:arial,helvetica,sans-serif;">The employee will then receive the proper workers’ comp paperwork from their employer, fill it out, and submit it back to the employer.</span></li>
<li><span style="font-family:arial,helvetica,sans-serif;">Once the paperwork is submitted, the employer submits the paperwork to their insurer, officially filing the claim.</span></li>
<li><span style="font-family:arial,helvetica,sans-serif;">Once the workers’ comp claim has been received by the insurer, the insurance adjuster assigned to the claim assesses the situation using all available evidence and either approves or denies the claim.</span></li>
<li><span style="font-family:arial,helvetica,sans-serif;">In the event of approval, the insurer will contact the employee with details about payment. The employee can choose to accept the amount offered or pursue legal action if they feel the funds are insufficient.</span></li>
<li><span style="font-family:arial,helvetica,sans-serif;">In the event of a denial, the employee can choose to either accept the determination, ask the insurance company to review its decision, or pursue legal action.</span></li>
<li><span style="font-family:arial,helvetica,sans-serif;">Once a determination and agreement have been made between the employee and the insurance company, the employee must notify their employer as to when they can return to work.</span></li>
</ol>
<p><strong><span style="font-family:arial,helvetica,sans-serif;">How Long Does the Workers’ Compensation Claims Process Take?</span></strong><span style="font-family:arial,helvetica,sans-serif;">Every employee, business, and workplace injury or illness is different. Additionally, every insurance policy and company’s protocols are different. That said, the length of time a worker’s comp claim can take from start to finish varies greatly depending on the unique circumstances of each claim.</span></p>
<p><span style="font-family:arial,helvetica,sans-serif;">For example, a claim in which the employee does not accept the compensation amount offered by the insurer will take significantly more time than instances in which the employee deems the compensation amount sufficient. The claim timeline also depends on the severity of the injury or illness. Complicated injuries and their long-term effects can require more time to determine a compensation amount.</span></p>
<p><strong><span style="font-family:arial,helvetica,sans-serif;">How Much Does Workers’ Comp Insurance Cost?</span> </strong><span style="font-family:arial,helvetica,sans-serif;">Workers’ compensation insurance premiums are based on multiple factors, such as the industry and state in which a business operates in, the workers’ comp claim history of a business, and other factors that are unique to each business.</span></p>
<p><span style="font-family:arial,helvetica,sans-serif;">However, compared to the costs associated with being held liable for an employee injury, which includes medical expenses, lost wages, and legal fees, many business owners find workers’ compensation insurance premiums worth the investment. And many find that workers’ comp insurance is more affordable than expected once they get an online quote.</span></p>
<p><span style="font-family:arial,helvetica,sans-serif;"><span style="font-family:arial,helvetica,sans-serif;">Tracey Berg, the president of <a href="https://cerity.com/">Cerity</a>, a workers’ compensation insurance provide. </span>Cerity — A New Approach to Workers’ Comp. Cerity is a faster, more affordable, and more flexible way to get workers’ comp insurance.</span></p>
<p><span style="font-family:arial,helvetica,sans-serif;"># # #</span><br /><br /> </p>
</div></div></div><div class="field field-name-field-op-section-term field-type-taxonomy-term-reference field-label-above"><div class="field-label">Section:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/sections/healthcare-insurance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Healthcare, Insurance</a></div></div></div></description>
<pubDate>Thu, 12 Nov 2020 17:35:20 +0000</pubDate>
<dc:creator>dmazzella@is-incorp.com</dc:creator>
<guid isPermaLink="false">393 at https://2sbdigest.com</guid>
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<title>Retirement Accounts Can Help Lure, Retain Top Employees</title>
<link>https://2sbdigest.com/content/retirement-accounts-can-help-lure-retain-top-employees</link>
<description><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><img alt="" src="/sites/default/files/Vicki Hitchcock_small.jpg" style="width: 179px; height: 277px; margin: 5px; float: left;" />The best incentive a business can offer is a future.</p>
<p>According to Victoria Hitchcock, Manager, Audit and Accounting, Gorfine, Schiller &amp; Gardyn, “People who have a retirement plan tend to think about their future more, and they tend to be more loyal because their employer is giving them an opportunity to be part of something that benefits their future for a longer time.”</p>
<p>Adds Hitchcock. “That’s particularly true if an employer matches some part of the employees’ contribution. Then the employees feel the company is invested in their future as well, and is aware of their hard work.”</p>
<p>Employees are becoming increasingly aware of bleak results from studies like that of Northwestern Mutual, done earlier this year. It showed:</p>
<p> 21% of Americans have no retirement savings at all.<br /> A third of Americans have less than $5,000 saved toward retirement.<br /> 24 %respondents said they believed Social Security was “extremely unlikely” to help when they retire.</p>
<p>Consider, also, that 43 percent of businesses with 5-250 employees do not provide a retirement account of any kind, according to a 2017 survey by the Pew Charitable Trusts. New small business owners are competing with many of those companies for top employees.</p>
<p>A new small business can offer employees retirement education, often through a consultant expert. Even if the owner doesn’t have money to contribute to employees’ retirement yet, that owner can set up a mechanism that allows workers to invest their own pre-tax dollars in their future through payroll withholding.</p>
<p>Then, as company success allows it, the owner can begin contributing.</p>
<p>There are several retirement account possibilities to consider. Some include:</p>
<ol>
<li>401(k) — The most popular. Up to $18,500 (2018 limit) in pre-tax money is contributed to a retirement account by employees, with tax paid at withdrawal. Employers can match contributions up to 3 percent of salary. Employees must meet eligibility requirements defined in the plan document.</li>
<li>403(b) – Limits are the same as a 401(k) $18,500 (2018 limit). These plans have a universal availability rule which says the employer must offer to all employees in the organization with only a few exclusions.</li>
<li>Individual Retirement Accounts (IRA) — Employee sets up the account, then contributes through payroll withholding</li>
<li>Simplified Employee Pension IRA (SEP IRA) — Generally, higher contribution limits (lesser of $55,000 or 25 percent of salary in 2018). Remember, the employer can be part of a SEP IRA.</li>
<li>Roth IRA or Roth 401(k) — Similar to traditional IRAs and 401(k), except contributions are made from taxable funds. That means no taxes are due at retirement.</li>
</ol>
<p>There are rules that come into play for employees and employers, and understanding these rules is part of the education process for both.</p>
<p>For example, employees need to know that money withdrawn from a retirement plan before age 59 1/2 can be subject to tax and a 10 percent penalty. Employers need to know that there are fees in setting up retirement accounts. Those fees are generally nominal and based on the number of employees involved. A $500-per-year, three-year tax credit can be claimed to cover these costs.</p>
<p>As the business grows, employers also need to know that annual plan financial statement audits by an independent qualified public accountant are required by plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) when the company reaches 100 or more eligible employees at the beginning of the plan year. Then again, that 100-employee mark is often considered a sign of business success. It can come when a small business hires the right people from the start — something that can be best accomplished by getting employees involved in the future.</p>
<p>Victoria Hitchcock is a Manager, Audit and Accounting, Gorfine, Schiller &amp; Gardyn, a Maryland-based full-service certified public accounting firm offering a wide range of accounting and consulting services to clients of all sizes. For more information: <a href="http://www.gsg-cpa.com/">http://www.gsg-cpa.com/</a></p>
</div></div></div><div class="field field-name-field-op-section-term field-type-taxonomy-term-reference field-label-above"><div class="field-label">Section:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/sections/healthcare-insurance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Healthcare, Insurance</a></div></div></div></description>
<pubDate>Wed, 22 Aug 2018 06:55:57 +0000</pubDate>
<dc:creator>dmazzella@is-incorp.com</dc:creator>
<guid isPermaLink="false">344 at https://2sbdigest.com</guid>
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<title> 5 Ways Entrepreneurs Can Beat Back Pain</title>
<link>https://2sbdigest.com/content/5-ways-entrepreneurs-can-beat-back-pain</link>
<description><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" src="/sites/default/files/Dr Bosita Texas Back Institute.jpg" style="width: 175px; height: 176px; margin: 6px; float: left;" />Many people, entrepreneurs and small business owners among them, have conditions such as degenerative disc disease and do not realize it until the pain begins.<br />According to Dr. Rey Bosita, Jr of the Texas Back Institute, “If the spine becomes deconditioned and the muscles become more fatigued, then range of motion can be reduced and the lower back disc is more likely to become symptomatic of an existing condition. This will cause back pain.”<br />For someone who is sitting at his or her desk for 10 to 12 hours a day, there is little time to get to the gym and exercise, stretch and condition those muscles. Sedentary workers are also susceptible to cardiovascular disease due to a lack of exercise.<br />Yes, entrepreneurs are known for “putting their nose to the grindstone,” but should also consider maintaining their health for a long and prosperous career as a leader,” according to Dr. Bosita. <br />He also believes by using entrepreneurial discipline to create a balance between work, family and exercise an individual can help create a successful and pain-free life. <br />Here are some of Dr. Bosita’s tips to get started:</span></p>
<ol>
<li><strong>Tackle Early Symptoms of Stress and Pain:</strong><span style="font-family:arial,helvetica,sans-serif;">Entrepreneurs and others in stressful occupations have a much higher incidence of back and neck pain. Unfortunately, many entrepreneurs try and ignore this and "push through" rather than stopping to fix the problem. Ignoring back pain can lead to more significant back issues including a decrease in the level of back function.</span></li>
<li><strong><span style="font-family:arial,helvetica,sans-serif;">Put Down Your Device, Pick up Your Work-Out Gear:</span></strong><span style="font-family:arial,helvetica,sans-serif;">It's amazing how much we depend on our mobile devices for business and personal scheduling. So, put that device to work on scheduling regular exercise and back health preservation (and then put it away during your work-out).</span><span style="font-family:arial,helvetica,sans-serif;">Use that smart phone to schedule regular periods of time, during the work day and after, for family time, stretching and exercise. Then, just as one would do with a business appointment, follow that schedule!</span><br /><span style="font-family:arial,helvetica,sans-serif;">Bonus Back Tip:</span><br /><span style="font-family:arial,helvetica,sans-serif;">Simple back preservation exercises (video icon image) can be used to build back strength and flexibility, just make sure you check in with your doctor first, and get a green light to proceed.</span></li>
<li><strong><span style="font-family:arial,helvetica,sans-serif;">Incorporate a Standing Desk in the Workspace:</span></strong><span style="font-family:arial,helvetica,sans-serif;">Another good tactic for better back health involves incorporating a standing desk. Standing desks let you to alternate between sitting and standing while working on a computer.</span><br /><span style="font-family:arial,helvetica,sans-serif;">It's not a cure-all by any means. However, it is a good tool for incorporating more movement during the work day.</span></li>
<li><strong><span style="font-family:arial,helvetica,sans-serif;">Breathe Deeply:</span></strong><span style="font-family:arial,helvetica,sans-serif;">Stressed? Overworked? Back hurting? Just. Breathe.</span><span style="font-family:arial,helvetica,sans-serif;">In times of stress, an individual tends to take very shallow breaths. Conversely, in times of relaxation, the breaths tend to be longer and deeper. Interestingly, these processes can exacerbate how someone is feeling – short, shallow breaths can encourage more stress and deeper breathing can lead to feelings of relaxation. Deep breathing exercises can help "smooth out" emotional stress.</span><br /><span style="font-family:arial,helvetica,sans-serif;">Entrepreneurs and small business owners face a great deal of anxiety and stress because they have far less support than is available in larger organizations. This is a constant challenge to overcome and, in many ways, it is what drives self-employed or entrepreneurs to succeed. However, too much anxiety can cause physical problems such as back pain. For anxious over-achievers, however, deep, calming breaths are easy to do and take minimal time from that deadline-driven work day!</span></li>
<li><strong><span style="font-family:arial,helvetica,sans-serif;">Use Responsible Pain Management Tactics:</span></strong><span style="font-family:arial,helvetica,sans-serif;">There is no more controversial topic than pain management. The long-term negative effects of prescription drugs such as opiates concern everyone, especially physicians. It is very easy for a patient in pain to take a pill rather than go to physical therapy, lose weight or exercise regularly.</span><br /><span style="font-family:arial,helvetica,sans-serif;">There are times when medication can be an excellent way to reduce the pain of a back injury for the short run. However, long term use of medications could indicate there is a more serious problem which needs a different type of treatment option. Sedentary work, being overweight, lack of exercise and constant stress can all contribute to back problems. Solving these challenges requires a change in attitude about work and health.</span></li>
</ol>
<p><span style="font-family:arial,helvetica,sans-serif;">Rey Bosita, Jr., M.D., M.B.A., is a board-certified orthopedic spine surgeon at Texas Back Institute who specializes in lumbar and cervical disc surgery. Dr. Bosita and is a graduate of Stanford University, The University of Chicago Pritzker School of Medicine, and Northwestern University J.L. Kellogg Graduate School of Management.</span></p>
</div></div></div><div class="field field-name-field-op-section-term field-type-taxonomy-term-reference field-label-above"><div class="field-label">Section:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/sections/healthcare-insurance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Healthcare, Insurance</a></div></div></div></description>
<pubDate>Fri, 20 Jul 2018 18:34:51 +0000</pubDate>
<dc:creator>dmazzella@is-incorp.com</dc:creator>
<guid isPermaLink="false">343 at https://2sbdigest.com</guid>
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<title>Adding Employee Health Insurance Benefits Small Businesses</title>
<link>https://2sbdigest.com/content/adding-employee-health-insurance-benefits-small-businesses</link>
<description><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><span style="font-family:arial,helvetica,sans-serif;">Small business owners do have a unique set of pain points in offering health insurance, including costs and administrative tasks.<br />But there are solid advantages for doing so.<br />Sally Poblete CEo and founder of Wellthie offers these reasons why providing health insurance is important for small businesses, despite the challenges.<br /><strong>Small business owners want to provide health insurance</strong>: Small business owners want to provide health insurance to employees. In fact, 40% of small business owners consider it a moral responsibility to offer coverage. Many of them are concerned that employees would not otherwise be able to afford a health insurance plan.<br /><strong>Offering health insurance is an effective way to attract and retain talent:</strong> Health benefits continue to be a main reason that employees choose a particular job, and 60% of employees say that they would stay at their job if they were happy with the benefits provided. Small businesses especially have limited time and resources, so incentivizing the right candidates is an effective business strategy to maintain profit margins and reduce turnover.<br /><strong>Providing health insurance means better access to healthcare resources: </strong>allowing them to take advantage of different types of care to stay healthy. Employees who are healthy are also more productive, which is better for everyone in the workplace.<br />Costs are often a barrier, but there are ways to mitigate them: Nearly 80% of small business owners worry about the cost of providing health insurance to employees. According to 62% of them, a premium increase of 15% or more would make group coverage unaffordable. However, there are a number of ways small businesses can keep costs down.<br /><strong>Online marketplaces to compare prices and benefits of different plans side-by-side: </strong>There are a breadth of choices available, including bronze, silver, gold and platinum plans, which all differ in terms of out of pocket costs, as well as their monthly premium. Exploring various networks of providers covered by a plan can result in lower price points. In addition, business owners can decide how much they want to contribute to employees’ monthly premiums depending on what is right for thier business. Typically, this ranges from covering the total cost to covering half of the cost.<br /><strong>There are tax advantages they would receive by offering health insurance: </strong>Employer contributions to premiums are tax deductible, and employee contributions are made pre-tax, lowering a small business’ payroll taxes. Small businesses with fewer than 25 employees may also qualify for tax credits if the average annual income of employees is under $53,000.<br />Argues Poblete, “providing health insurance is an important step small businesses can take to not only attract and retain employees, but to make sure they stay healthy. While many small business owners may think they can’t afford health insurance, it is worth investigating creative solutions. There are great ways for small businesses to offer health benefits and take care of their most important asset -- their employees.”<br /> <br />Sally Poblete Bio<br />Sally Poblete founded Wellthie out of a deep passion for making health insurance more simple and approachable for consumers and small businessesSally received her B.S. in Management magna cum laude from New York University and received her MBA from the Wharton School at the University of Pennsylvania, specializing in Health Care Management. </span></p>
</div></div></div><div class="field field-name-field-op-section-term field-type-taxonomy-term-reference field-label-above"><div class="field-label">Section:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/sections/healthcare-insurance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Healthcare, Insurance</a></div></div></div></description>
<pubDate>Tue, 03 Jul 2018 14:05:15 +0000</pubDate>
<dc:creator>dmazzella@is-incorp.com</dc:creator>
<guid isPermaLink="false">342 at https://2sbdigest.com</guid>
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<title>Employee Wellness Programs Can Have A Positive Effect On Small Businesses</title>
<link>https://2sbdigest.com/content/employee-wellness-programs-can-have-positive-effect-small-businesses</link>
<description><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><span style="font-family:arial,helvetica,sans-serif;">Employee wellness programs are quickly catching on. In fact, about nine out of 10 organizations offer at least one wellness initiative. But employee wellness programs are about more than enticing potential prospects or buttering up employees.<br />Their benefits go much deeper and can be more financially beneficial.<br />Chris Powell, CEO, Talmetrix lists some of those benefits from slashing health care costs to increasing productivity, here’s how employee wellness programs boost a business’ ROI.</span></p>
<ul>
<li><span style="font-family:arial,helvetica,sans-serif;"><strong>Elevate employee engagement</strong>: Effective wellness programs require both time and money. But make no mistake, the upfront investments are well worth it. More than two-thirds of U.S. workers believe such programs drive engagement in their employer’s missions and goals. And the more committed employees are, the more value they may bring to the table. Research from Gallup found that engaged employees are 21 percent more productive and 37 percent less likely to skip work.<br />Keep in mind, however, employers and employees aren’t always on the same page when it comes to defining and building an effective wellness program. It’s best not to assume what works for your employees. In fact, focusing less on stress management and more on flexible schedules can help pave the way for better employee feedback.</span></li>
<li><span style="font-family:arial,helvetica,sans-serif;"><strong>Manage healthcare costs:</strong> Less engaging workplaces are leading to less active lifestyles. Businesses committed to supporting employee health need to take action before this problem takes an even greater toll. Developing a wellness program is one way to do just that. Health care costs tend to increase an average of 7 percent each year. For 20 companies with award-winning wellness programs, those costs only shot up 1 to 2 percent, serving as an example of how impactful an effective program can be amidst a growing national health crisis.</span></li>
<li><span style="font-family:arial,helvetica,sans-serif;"><strong>Enhance productivity:</strong> Productivity can make or break a business’ budget. Employees who don’t perform as well due to illness end up costing employers $160 billion annually. That’s twice as much as the cost of missing work altogether.</span></li>
</ul>
<p><span style="font-family:arial,helvetica,sans-serif;">Powell urges employers to start by surveying employees to gauge which benefits would be most appealing. Whether it’s free monthly yoga sessions or healthy office snacks, gathering input from employees ahead of time will maximize participation.<br />Powell continues and suggests that once the program is underway, keep a pulse on participation and popularity. Are the snacks being eaten? What percentage of the company is going to yoga? As employee preferences change, so should the wellness program. Don’t be afraid to switch things up if participation rates aren’t quite what you had hoped.<br />Finally, Powell says that when it comes to seeing the cost savings that can come with an effective employee wellness program, patience is key. Though it may take some time before reduced health care costs as well as increased retention rates and productivity improve your ROI, it’s a benefit worth waiting for.<br /><br />Chris Powell is the CEO of Talmetrix, an employee feedback and insights solution that helps organizations better attract and retain talent to achieve business goals. To learn more, visit <a href="http://www.talmetrix.com">www.talmetrix.com</a>.</span><br /> </p>
</div></div></div><div class="field field-name-field-op-section-term field-type-taxonomy-term-reference field-label-above"><div class="field-label">Section:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/sections/healthcare-insurance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Healthcare, Insurance</a></div></div></div></description>
<pubDate>Fri, 22 Sep 2017 19:41:59 +0000</pubDate>
<dc:creator>dmazzella@is-incorp.com</dc:creator>
<guid isPermaLink="false">310 at https://2sbdigest.com</guid>
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<title>Small Businesses Can Use Technology In The Benefits Area</title>
<link>https://2sbdigest.com/content/small-businesses-can-use-technology-benefits-area</link>
<description><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><span style="font-family:arial,helvetica,sans-serif;">The to-do lists for small-business owners are often anything but short.<br />And when it comes to the administration of benefits, the list can sometimes grow out of control.<br />Benefits administration not only requires time for extensive research on the best possible plan for employees, but it demands the time and tools necessary to educate employees on choosing policies that truly work best for them.<br />According to Ken Meier, Aflac Northeast Territory vice president, there are new digital tools from insurance providers for small-business employers. They ease the burden of the benefits process.<br />These new solutions, like those offered by Aflac, provide employers with a comprehensive benefits platform that allows them to effectively choose, communicate, enroll and administer benefits under one system, reducing the time they would spend on each of these tasks. Here are a few advantages of technology that can help streamline your benefits administration:<br />Greater efficiency: Implementing online platforms into the benefits enrollment experience can lead to a much more efficient process. This type of platform lets employers make specific products and coverage readily available to their employees. Business owners won’t need to make the time to manually enroll each employee or do time-consuming research to answer employee questions. With everything available online, employees can complete the enrollment process when it is most convenient for them.<br />Simpler education: According to the 2017 Aflac Workforces Report*, 67 percent of employees say reading about benefits is complicated or stressful, so it is vital for small-business owners to provide employees with the information they need to make well-informed decisions about their benefits.<br />An online platform gives employees access to the information they need to make smart choices and provides an easy, one-page view of all the benefits options and selections available. This makes it even easier for them to recognize any holes they may have in coverage and understand the benefits options that best fit their lifestyles. Ensuring your employees are well-equipped with the knowledge they need to successfully navigate benefits will save them time, help them make the right decisions and maximize the resources your company has to offer.<br />Easier access: Self-service options are available to employees 24/7 with online benefits platforms, putting resources at the fingertips of employees virtually anywhere, anytime. Employees can receive enrollment deadline reminders, download brochures and educational videos, and get detailed benefits statements.<br />With the help of technological resources, small-business owners can refocus time and energy into making their business thrive and, at the same time, provide employees with an easy and thoughtful way to choose the best benefits.</span></p>
<p><span style="font-family:arial,helvetica,sans-serif;">Ken Meier is the vice president for Aflac’s Northeast territory. He is responsible for sales, marketing, recruiting and training from Maine to Virginia.</span><br /> </p>
</div></div></div><div class="field field-name-field-op-section-term field-type-taxonomy-term-reference field-label-above"><div class="field-label">Section:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/sections/healthcare-insurance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Healthcare, Insurance</a></div></div></div></description>
<pubDate>Fri, 18 Aug 2017 15:16:25 +0000</pubDate>
<dc:creator>dmazzella@is-incorp.com</dc:creator>
<guid isPermaLink="false">307 at https://2sbdigest.com</guid>
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<title>Building A Robust Benefit Program For Small Business Employees</title>
<link>https://2sbdigest.com/content/building-robust-benefit-program-small-business-employees</link>
<description><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p>Three of four small-business employees surveyed said they are very satisfied with their job because they work for a small business.<br />However, nearly 72 percent of small-business employees stated an improvement in their benefits offering would make them even happier employees.1 Working for a small business can be appealing for many reasons.<br />Some factors that contribute to small business employees’ job satisfaction include being rewarded for hard work, flexibility in scheduling, knowledge of how their job fits into the big picture and feeling like their input matters. <br />These and other interesting data were gleaned from Aflac’s 2017 Happiness Report.<br />Despite the many upsides of working for a small business, there is one area with room for improvement – benefits offerings. Here are a few ways small-business employers can ramp up their benefits:<br />Ken Meier, Aflac Northeast Territory vice president offers some thoughts on how some of these obstacles can be overcome by small business leaders.</p>
<ol>
<li><strong>Personalize benefits.</strong> Small businesses are often a unique kind of workplace, so by nature, their benefits offerings should not be one-size-fits-all. By gathering ongoing feedback from employees, small-business owners can tailor their benefits packages to meet the needs and desires of their unique workforce. While many employees typically appreciate the standard benefits offerings, such as major medical, vision and dental insurance, they may also seek out non-health benefits including training programs, tuition reimbursement, fraud protection, or maternity and paternity leave. Tailoring benefits will ensure that employees are able to find perks that meet their needs.</li>
<li><strong>Diversify your offerings.</strong> One way to stand above other employers is by offering benefits beyond major medical insurance, such as supplemental insurance or value added services. Supplemental insurance is a no-cost way to offer a broader benefits package to employees. Insurance products like critical illness, cancer and hospital indemnity give additional financial protection to employees facing major out-of-pocket expenses like high deductibles, overnight hospital stays, travel and lodging, or high prescription costs. Supplemental insurance can be a financial safety net for employees and help relieve some of their financial stress allowing them to stay more focused on their work.<br />Some providers like Aflac are expanding even further and offering value-added services as part of the portfolio. These services are designed to be used independent of an accident or illness. For example, bill negotiation services help employees manage non-covered bills, reducing out of pocket responsibility. Another example is telemedicine, which enables employees to consult with a medical professional online and receive personalized treatment remotely, on-the-go. Many of these non-traditional benefits are available at no cost to the employer while having a very positive impact on employees’ financial wellbeing and perception of their employer.</li>
</ol>
<p>Adds Meier, communicate with your employees. Engaging employees throughout the entire benefits enrollment process is essential to improving the overall benefits experience for small-business employees. This not only means listening to what their needs are, but also providing information on what the benefits package entails in an easy-to-understand manner. This can include information such as when employees should enroll in benefits, which services may be most beneficial to them given their current life stage and how to make the most of their benefits. Improving benefits without properly communicating how to utilize them leaves both employers and employees at a disadvantage. Small-business employees typically enjoy more transparency than other workplaces, and this can certainly apply to benefits packages.</p>
<p>Small businesses have much to offer to their employees, and benefits can be a major component. Employees can enjoy the transparency, opportunities for growth and close-knit feelings associated with working for small businesses, while also ensuring their needs are met in the way of benefits. By constructing a robust benefits package for their employees, small-business owners can continue to score high in employee satisfaction and retention, and ensure they are setting up their employees for success.</p>
<p>Ken Meier has more than 20 years of experience in voluntary benefits sales in the insurance industry and is territory vice president of the Northeast. He is responsible for sales, marketing, recruiting and training from Maine to Virginia.</p>
</div></div></div><div class="field field-name-field-op-section-term field-type-taxonomy-term-reference field-label-above"><div class="field-label">Section:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/sections/healthcare-insurance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Healthcare, Insurance</a></div></div></div></description>
<pubDate>Fri, 14 Jul 2017 20:29:17 +0000</pubDate>
<dc:creator>dmazzella@is-incorp.com</dc:creator>
<guid isPermaLink="false">301 at https://2sbdigest.com</guid>
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<title>Bridging The Healthcare Labor Gap</title>
<link>https://2sbdigest.com/content/bridging-healthcare-labor-gap</link>
<description><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><img alt="" src="/sites/default/files/lynn_schroeder.jpg" style="width: 200px; height: 200px; margin: 5px; float: left;" />The U.S. healthcare worker shortage crisis is expected to intensify as waves of baby boomers retire but fewer workers remain to replace them. <br />According to the U.S. Census Bureau, the number of American workers 65 and over is expected to increase 75 percent by 2050 while those 25 to 54 will likely increase only two percent.<br />According to Lynn Schroeder Vice President, Client Relations of The Council of Adult and Experiential Learning (CAEL) retaining employees will be critical if companies in health care are to ensure they have the workforce they need to succeed. <br />Plainly, there is a premium on retaining an organization’s talent, and the time is now for companies to develop their strategy to protect against talent flight.<br />It’s important for employers to understand that employees do not leave their jobs because of money; in fact, they leave because they cannot see a viable path to advance within the organization. <br />The problem is particularly acute in health care because of the specific skills and training needed to qualify for open positions. Typically employees have little time to understand the job requirements and acquire the skills or training they might need so they can qualify for the position and apply. Thanks to new tools like interactive career maps, employees can understand their future within the organization and follow career path scenarios that also highlight the skills and competencies they will need along the way.<br />These tools help employees take charge of their careers while also taking the pressure off busy supervisors and managers who are likely not trained, prepared or even interested in having career conversations with employees. <br />For example, today’s interactive career pathing software like PathSavvy gives employees a detailed look at opportunities for advancement and development within the organization. Employees document their skills, education and interests, and are shown their percentage of match with other roles within the organization, as well as the gaps where they need improvement. The self-guided career exploration tool helps empower employees to chart a clear path to reach their goals, while also creating a personalized plan to help them enjoy a successful and fulfilling career. <br />HR and management in turn benefit from the use of career pathing software which generates data about employee skill level, interests and education, all of which can be useful for providing employee guidance and organizational workforce planning. <br />The data can help companies pinpoint skills gaps and identify talent they didn’t realize they had which can fill open positions. It can also help the company identify and maximize internal talent, taking the guesswork out of filling roles and aligning the right people with the right jobs. <br />As the number of older Americans continues to rise, they will increasingly be leaving the healthcare workforce and require more medical care which will place an enormous burden on the nation’s healthcare delivery system. Employers who are committed to working with employees to develop a clear path forward within the organization will be rewarded by lower turnover rates and a future-ready workforce ready to meet the challenges of today—and tomorrow.</p>
<p>The Council for Adult and Experiential Learning (CAEL) is a nonprofit 501(c)(3) organization based in Chicago, Illinois that assists adults with their educational endeavors, finding practical ways to help them earn college credit for learning acquired through life and work experiences toward the completion of a postsecondary credential.<br /><br /> </p>
</div></div></div><div class="field field-name-field-op-section-term field-type-taxonomy-term-reference field-label-above"><div class="field-label">Section:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/sections/healthcare-insurance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Healthcare, Insurance</a></div></div></div></description>
<pubDate>Wed, 26 Apr 2017 18:41:28 +0000</pubDate>
<dc:creator>dmazzella@is-incorp.com</dc:creator>
<guid isPermaLink="false">289 at https://2sbdigest.com</guid>
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<title>SMBs Have Higher Workplace Injuries Than Nation As Whole</title>
<link>https://2sbdigest.com/content/smbs-have-higher-workplace-injuries-nation-whole</link>
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<p style="margin:0in;margin-bottom:.0001pt">While SMB employees make up about 50% of the workforce, they have 60% of the reported accidents.</p>
<p style="margin:0in;margin-bottom:.0001pt">At all US private businesses, roughly 3 million workers are injured peryear according to <a href="https://www.osha.gov/Publications/safety-health-addvalue.html" target="_blank">OSHA</a>at a cost of $170 billion dollars.</p>
<p style="margin:0in;margin-bottom:.0001pt">Small- and mid-sized businesses (SMBs) represent 60% of total claims according to the Injury Impact Report by The Travelers Companies, Inc.</p>
<p style="margin:0in;margin-bottom:.0001pt">The survey identifies the most common causes of workplace accidents and injuries.</p>
<ul>
<li style="margin: 0in 0in 0.0001pt;">Strains/sprains and cuts/punctures are the top injuries at 29% of small business claims.</li>
<li style="margin: 0in 0in 0.0001pt;">The average cost per claim for strains/sprains is $17,000 and $8,200 for cuts/punctures – with other injury costs rising to $42,400.</li>
<li style="margin: 0in 0in 0.0001pt;">Material handling is the single most common accident causes among all SMB claims.</li>
<li style="margin: 0in 0in 0.0001pt;">Across all business sizes, small businesses suffered the highest percentage of accidents involving tools.</li>
<li style="margin: 0in 0in 0.0001pt;">The costliest injury for SMBs is dislocation at an average cost of $97,100.</li>
</ul>
<p style="margin:0in;margin-bottom:.0001pt">The most frequent causes of workplace injuries included:</p>
<ul>
<li style="margin: 0in 0in 0.0001pt;">Material handling (32 percent of total claims);</li>
<li style="margin: 0in 0in 0.0001pt;">Slips, trips and falls (16 percent);</li>
<li style="margin: 0in 0in 0.0001pt;">Being struck by or colliding with an object (10 percent);</li>
<li style="margin: 0in 0in 0.0001pt;">Accidents involving tools (7 percent); and</li>
<li style="margin: 0in 0in 0.0001pt;">Traumas occurring over time, for example when a part of the body is injured by overuse or strain (4 percent).</li>
</ul>
<p style="margin:0in;margin-bottom:.0001pt">The above incidents most often resulted in strains, sprains, cuts, punctures, contusions, inflammation, fractures or chronic sicknesses resulting from a type of work (e.g., a skin disease caused by chemical exposure). On average,</p>
<ul>
<li style="margin: 0in 0in 0.0001pt;">Strains and sprains resulted in 57 missed work days,</li>
<li style="margin: 0in 0in 0.0001pt;">Followed by cuts and punctures at 24 days.</li>
<li style="margin: 0in 0in 0.0001pt;">Of the most commonly-resulting injuries, inflammation and fractures caused the most time away from work at 91 and 78 days, respectively.</li>
</ul>
<p style="margin:0in;margin-bottom:.0001pt">“Even seemingly minor injuries, such as strains or sprains, can substantially impact an employee and slow a business’s operations and productivity,” said Woody Dwyer, Second Vice President, Workers Compensation, Risk Control, Travelers. “The most common injuries we see can often be prevented if the proper safety measures are in place, if safety issues are promptly addressed and if leaders continuously emphasize a culture of safety with employees.”</p>
<p style="margin:0in;margin-bottom:.0001pt"><em>Industry-Specific Findings</em></p>
<p style="margin:0in;margin-bottom:.0001pt">Analysis of the workers compensation claim data revealed that certain causes of accidents and resulting injuries were more prevalent in some industries than others:</p>
<ul>
<li style="margin: 0in 0in 0.0001pt;">While material handling accidents were the top cause of injuries overall, these were especially common in the manufacturing and retail industries, causing nearly 40 percent of injuries in both sectors.</li>
<li style="margin: 0in 0in 0.0001pt;">Falling from height was among the top causes of injuries in both the construction and retail industries.</li>
<li style="margin: 0in 0in 0.0001pt;">The oil and gas industry was the only segment in which motor vehicle accidents were one of the most frequent causes of injury.</li>
<li style="margin: 0in 0in 0.0001pt;">Eye injuries were one of the most frequent types of injuries in manufacturing and construction.</li>
</ul>
<p style="margin:0in;margin-bottom:.0001pt">Additional industry-specific information can be found in the full <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.travelers.com%2Fiw-documents%2Fresources%2Fworkplace-safety%2Fworkplace-injuries-report.pdf&amp;esheet=51343118&amp;newsitemid=20160516005965&amp;lan=en-US&amp;anchor=Travelers+Injury+Impact+Report&amp;index=2&amp;md5=b2a82720b45004d95e31b42460aa810a">Travelers Injury Impact Report</a>.</p>
<p style="margin:0in;margin-bottom:.0001pt"><em>The Costliest Injuries</em></p>
<p style="margin:0in;margin-bottom:.0001pt">The injuries with the highest average incurred costs included amputations, dislocations, electric shock, crushing and multiple trauma injuries, such as breaking multiple bones at once. These severe injuries have typically occurred less frequently overall.</p>
</div></div></div><div class="field field-name-field-op-section-term field-type-taxonomy-term-reference field-label-above"><div class="field-label">Section:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/sections/healthcare-insurance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Healthcare, Insurance</a></div></div></div></description>
<pubDate>Tue, 17 May 2016 15:15:49 +0000</pubDate>
<dc:creator>dmazzella@is-incorp.com</dc:creator>
<guid isPermaLink="false">254 at https://2sbdigest.com</guid>
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<title>For Small Business Showing Greater Concern About Obamacare, Some Answers</title>
<link>https://2sbdigest.com/content/small-business-showing-greater-concern-about-obamacare-some-answers</link>
<description><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p>A recent nationwide survey of small business leaders indicated the Affordable Care Act was the number two concern of those responding.</p>
<p>After getting new customers, the respondents said there was much confusion about the act and what small businesses needed to do to comply.</p>
<p>In fact, many felt they did not know if they were even required to participate in healthcare related programs.</p>
<p>According to Tariq Hilaly, CEO of <a href="http://lumity.com/">Lumity</a>, getting a handle on the newest set of rules and regulations is very possible.</p>
<p>He argues to the most important update comes in the form of the employer mandate. If small businesses don’t have time to review everything, the most important aspect that should be focused upon is the Applicable Large Employer.</p>
<p>According to Hilaly “Redefining the meaning of “small business”, the mandate stipulates the requirements for offering health insurance to employees. Failure to comply with these requirements can result in steep fines of $2,000 per employee, so it is crucial to take the time to understand the employer mandate.” </p>
<p>He adds that the employer mandate defines an Applicable Large Employer, or ALE, as an employer with 50 or more full-time equivalent employees. The mandate has the following requirements for ALEs offering health insurance to their employees:</p>
<ul>
<li>ALEs must offer health insurance to at least 95 percent of their full-time equivalent employees and their dependents</li>
<li>The insurance cost to employees cannot exceed 9.5 percent of their wages, the federal poverty level, and the actual pay amount.</li>
<li>The insurance offers a minimum value, covering at least 60 percent of the total allowed cost of benefits expected to be incurred</li>
</ul>
<p>Careful calculations and organization are key, because failure to provide affordable coverage and offer it to the minimum percentage of full-time equivalent employees will incur penalties known as Employer Shared Responsibility Payments. These penalties can cost businesses up to $2,000 per employee, depending on whether employees purchased coverage in the Health Insurance Marketplace and received a government tax credit. </p>
<p>There are many brokers and products available that are aimed at helping small businesses choose the most beneficial health plans for them. Internet solutions have become particularly popular, offering free and well-designed platforms to HR professionals. However, that isn’t enough to help small businesses dodge increasing prices and government penalties. What will help is the implementation of data-driven solutions that will allow businesses to compare their financial needs against market availability, providing them with the context needed to choose the best plans. It’s an infinitely better solution than picking blindly from a large selection of plans without understanding their nuances.</p>
<p>Small businesses must be thoroughly informed on the ACA’s changes to be sure they are fully compliant and providing the best quality care for their employees. They need to understand the requirements of being an Applicable Large Employer and the complete responsibilities and consequences. Employers must also make sure that they understand the needs of their employees by maintaining a comprehensive record of data, and finding a solution that will analyze it and derive actionable insights. These efforts will not only save money, but also ensure that employees are provided with affordable and valuable health insurance. Being an ALE may mean big changes for small businesses, but staying informed and diligent on all fronts is the key to keeping employees, and Uncle Sam, satisfied.</p>
<p>Tariq Hilaly, CEO of Lumity a benefits platform for small- and medium-size businesses.</p>
</div></div></div><div class="field field-name-field-op-section-term field-type-taxonomy-term-reference field-label-above"><div class="field-label">Section:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/sections/healthcare-insurance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Healthcare, Insurance</a></div></div></div></description>
<pubDate>Thu, 28 Jan 2016 16:33:10 +0000</pubDate>
<dc:creator>dmazzella@is-incorp.com</dc:creator>
<guid isPermaLink="false">237 at https://2sbdigest.com</guid>
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