In the insurance industry, ‘annual enrollment’ refers to the period every year where individuals can sign up for an insurance plan with no discrimination or reduced discrimination against pre-existing conditions, or reduced or non-existent medical underwriting.
Insurance companies limit open enrollment to specific times every year in order to protect themselves and everyone else enrolled in their plans against adverse selection, which is the tendency of healthy people not to sign up for insurance until they actually have a claim. By restricting access to insurance programs outside of open enrollment periods, the carriers can prevent new enrollees with medical issues or other risk factors from taking advantage of the system and unfairly passing on their own expenses to other policyholders.
The Affordable Care Act
For those who want to enroll in an Affordable Care Act insurance plan via the exchanges, the open enroll
Access to retirement plans is a key differentiator in the marketplace for top employee talent. If you are counting on your company 401(k) plan to be an asset in helping retain the best talent and to compete against other employers for the services of the workers that are critical to helping your company function, it may be time to take a look at your plan and ensure it’s still competitive with those offered by competing employers.
According to a recent survey produced by Ascensus, a prominent provider of retirement plans and college savings plans, employers have been gradually expanding incentives to encourage workers to contribute to 401(k) plans. The percentage of employers who say they are matching a portion of workers contributions to their retirement plans is increasing, as are match levels. Employers are also relying on technology to support plan administration, reduce costs and liability and encourage plan participation.
A majority of 401(k) plan sponsors
According to the 2015 Workplace Class Action Litigation Report, published by Seyfarth Shaw (a well respected law firm headquartered in Chicago) summarizing nationwide workplace class-action litigation, settlements in claims brought under the Employee Income Retirement Security Act (ERISA) topped more than $1.3 billion.
The report notes that there were a total of 7,163 ERISA claims filed, but the more astounding number was the total settlement figure for ERISA class-action claims – the massive $1.3 billion. As a basis for comparison, the class-action settlements for wage and hour and employee discrimination cases were a combined $443 million during the same period.
These numbers should serve as a reminder that the DOL is serious about ERISA compliance. Now is the time to plan & complete your 2016 filings and reports in order to eliminate potential penalties and the time wasted in pulling together documentation for a 5500 filing, distri
Research shows there are an average of 10 million vehicle accidents in the United States annually. They range from major accidents to small fender benders. In the event a car accident it is important to know what the proper steps to follow. Individuals who know how to react in severe accidents can help save their own lives, the lives of … Continue reading Important Steps to Follow after a Car Accident →
The majority of new business owners are mostly concerned about everything being favorable for the safety and success of their businesses, which means they must obtain the necessary business insurance. However, complacency can result from success and longevity. For example, if a person started a business 10 years ago with only a small workspace but has an office with multiple … Continue reading Why it is Important to Review Business Insurance Annually →
The IRS issued Notice 2016-4 earlier today extending the due date for furnishing to employees Form 1095-B, Health Coverage, and Form 1095-C, Employer Provided Health Insurance Offer and Coverage. The due date for furnishing information to employees moves from February 1, 2016 to March 31,…
According to the Employee Benefit Research Institute, 93% of employers with more than 500 employees offer a 401(k) plan. Smaller employers need to be able to compete for the best talent by offering similar benefits. Fortunately, it’s easier now more than ever for small businesses to…
Today, most people don’t leave the house without bringing along their smartphone. Smartphone users can schedule calendar events, surf the web, and download a variety of applications, commonly known as “apps”. Smartphone users have seen an explosion of innovation when it comes to health-related technology including apps that are available via smartphones and tablet devices. The Health Care industry has … Continue reading Health Care Apps for Smartphones →
With so many options available, it can be very difficult for consumers to know how to choose the health insurance plan that’s best for them. With a little understanding of basic terms, however, the choice becomes a lot easier for most people. Here are some of the basic things to keep in mind as you choose a health insurance plan … Continue reading Choosing a Health Plan Under the ACA →
A recent Harris Interactive Study, commissioned by prominent disability insurance carrier Unum, found that employees who receive frequent and thorough education on their available benefits are also more likely to view their employer positively, and to feel that their employer values them. The survey establishes a positive correlation between employees understanding of their benefits and productivity. Among the recommendations from … Continue reading To Boost Employee Loyalty, Educate Them! →
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