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Posts Tagged ‘Voluntary Benefits’

Individual mandate raises taxing questions

Monday, January 12th, 2015

BenefitsPro reports:

“2015 marks the first year that taxpayers will have to prove they have health insurance or, if they don’t, they’ll have to pay a penalty. But how is the proof presented?

About half the adult population might not know the answer to this, according to a Harris Poll commissioned by Intuit TurboTax. The TurboTax folks had Harris poll more than 2,000 adults, and 48 percent didn’t know they’ll be required to declare their health coverage status on their 2014 tax return.

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Benefits Selling’s 2014 Employer Survey

Friday, October 3rd, 2014

Benefits Pro reports:

“The implementation of the Patient Protection and Affordable Care Act has made most employers “rethink” their employee benefit offerings, including increasing employees’ share of cost even more via consumer-driven plans.

According to Benefits Selling’s 2014 Employer Survey, 70 percent of employers said PPACA has made them rethink their employee benefit offerings, compared to 30 percent who said the health care reform law hadn’t had any impact on their offerings.

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Our View: Examining health care

Tuesday, July 23rd, 2013

Northwest Herald reports:

“The new marketplace opening in October will sell only one type of item – but it’s something that never has been presented in this manner before.

Oct. 1 is when open enrollment in the Health Insurance Marketplace, or the Exchange, starts in Illinois. It’s part of the federal Affordable Care Act, which, among other things, mandates that all Americans have health insurance.

The Exchange is an online portal that will serve as a central location for residents and small businesses to compare and choose from dozens of insurance plans. Six providers have proposed 165 plans, and coverage kicks in Jan. 1.

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Workplace Voluntary Benefits

Monday, May 13th, 2013

In a time of turmoil in the insurance industry, one area remains untouched by the affordable care act, Workplace Voluntary benefits. Employers can offer to them attract and keep a quality workforce, and we see this as a new opportunity to help employers differentiate their benefit package with coverage for:
(click for videos)

The video below from Humana illustrates how voluntary benefits allow employees to pick and choose the benefits which are best for them and their families.

Other great reasons of offering Workplace Voluntary Benefits (WVB) are:

  • It does not cost a business owner anything to make WVB available. The policies are completely voluntary and paid for 100% by the employees.
  • WVB policies are affordable, with plans to fit most budgets.
  • Most WVB policies can be offered on a pre-tax basis, potentially providing tax savings to the employer and employees.

How does WVB help my employees?

  1. If your employee gets hurt or sick and can’t work, what money do they have coming in? These policies provide cash benefits directly to your employees, unless otherwise assigned, in their greatest time of need. If your employee has a covered injury or illness, these policies pay cash benefits they can use to help with out-of-pocket medical expenses of everyday living expenses such as mortgage or rent payments, groceries, or utilities.
  2. The benefits could help cover some of the lost wages if your employee has to take time off work to take care of a covered family member if they get sick or hurt.

Employees Seek More Voluntary Benefits

Thursday, October 11th, 2012

Insurance News Net reports:

“A new MetLife study found that while most employers are not cutting back on employee benefits, they are largely not increasing the available benefits even as employees say they would be willing to pay more for those benefits.

In Westchester, though, business advocates and representatives of employee-benefits services say there has been a “tremendous increase” in the number of firms looking into and implementing voluntary benefits for their employees.

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