12 Oct

Does your wellness plan have a positive ROI?

Originally posted by Employee Benefit Adviser.

Without an effective strategy or the right tools to reduce costs, brokers and employers continue to embrace cost shifting through payroll contributions and changes to deductibles and coinsurance to manage rising healthcare cost. However, there are resources that can help employers effectively measure the success of a wellness plan, while incorporating specific cost-saving strategies.

Effective wellness plans improve the health status of members. When planning a population health management strategy, it’s important to focus on driving down costs associated with emergency room visits, inpatient hospital stays and claims associated with heart disease, diabetes and some highly curable cancers.

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11 Oct

Businesses Face Paid-Time-Off Challenges

Originally posted by Andy Roe on shrm.org.

The allocation of paid sick and vacation days for employees has long been a dilemma for employers and HR managers, especially for small businesses.

How many days do you give? Do they carry over from year to year? Should you just replace sick and vacation time with a combined paid-time-off (PTO) bank? How much vacation time do you need to offer to attract new employees? At what point does the issue of employees taking too much time off detract from your business?

The answers to these questions, of course, depend on a number of factors—the size of your organization, the type of work being done, the flexibility of a given department, the ability to do work from home and the competition you face when hiring.

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10 Oct

Four things you don’t know about the business of credit reporting

Originally posted by Jesse Campbell on June 8, 2015 on moneymanagement.org.

Recently, the three largest credit reporting agencies agreed to make some changes to their policies and procedures following an investigation by the attorneys general of 31 different states. In response to this story, we received a number of (often heated) questions about the business of collecting and reporting credit information.

It’s understandable why the subject of credit reporting can get people a bit riled up. Your credit report – and maybe even more importantly, your credit score – plays a huge role in everything from borrowing money to buying a house to finding a job and so on. Just exactly who are these people who hold so much power over our lives? And how is it even possible that they can all have different information and arrive at different conclusions about the same unique consumer?

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09 Oct

Cyber insurers add value with access to expert resources

Cyber insurers add value with access to expert resources

By Erin Ayers on April 24, 2015 on cyberrisknetwork.com.

As more organizations realize they need to improve their cybersecurity posture, insurers have begun to offer more than a simple risk transfer, adding pre-breach services, risk assessments, and expert resources to help clients prepare for what some consider “inevitable” breach events.

These value-added services come part and parcel with cyber insurance policies, but insureds don’t always avail themselves of the opportunities to examine their IT security and plan out a breach response. Taking these steps before a cyber incident can make significant differences in the outcome, from the financial, reputational, and regulatory perspectives, according to industry experts.

“When you think about what else cyber insurance can do for you, the operational side is just as important as the financial side,” said Bo Holland, CEO of AllClear ID. He cited the response of Target to its 2013 data breach – the retailer had the financial ability to respond, but it didn’t have a plan in place, leading to loss of customer confidence, lawsuits, and brand damage. Organizations need “defined, understood, and practiced” response plans, he told Advisen. Insurers can facilitate those relationships with vendors, but it’s up to individual businesses to engage with them, Holland added.
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08 Oct

ACA requires insurers to collect Social Security numbers

ACA requires insurers to collect Social Security numbers

Originally posted by aetna.com.

Beginning this year, health insurers have to send the Internal Revenue Service (IRS) information about health plan members and their insurance coverage, including their Social Security number (or other tax identification number). It’s one of the requirements of the Affordable Care Act (ACA).

The ACA requires that everyone have qualifying insurance, qualify for an exemption, or potentially pay a tax penalty. The IRS will cross-check the information in tax returns against the information health insurers are required to submit for every person they cover. This IRS review will confirm that individuals have the required coverage and don’t have to pay a tax penalty.

Read more about it.