Going forward, smart employers will customize their benefits to stay relevant to employees of all ages
Current pricing practices in the group insurance markets are creating something of a feeding frenzy among carriers looking to maintain existing accounts or win new ones. For some time, market-discounting practices have become the norm where insured rates look more attractive than they might have been in the past.
Canadian companies are extending their reach globally more than ever. Whether they are exploring for oil and gas in a remote corner of the planet or looking for more economical manufacturing capabilities in Asia, they’ll need employees to help run their business.
Seven out of 10 global or regional benefits managers at multinational companies have limited or no access to timely financial information related to current employee benefit spending, according to Towers Watson’s 2014 Current and Emerging Global Benefit Themes research.
I recently attended CPBI’s Forum in Boston. A theme that emerged loud and clear from the majority of the speakers on the topic of benefits was that employers need to take a more active role in helping their employees manage the chronic conditions with which they are living and working. I wholeheartedly agree. But what if these employees struggle with health literacy?
Employees are increasingly viewing voluntary benefits as an important component of their overall benefits package.
When most people talk about defined contribution in a benefits context they think of either a healthcare spending account or a flexible benefits plan that permits the allocation of flex credits to fund various employee-selected benefits. Both represent a form of defined contribution—repositioning the benefit promise as a dollar amount versus a promise of specific benefits the cost of which is variable.
An American insurer is offering the option of adding a teeth whitening benefit to dental insurance policies as an additional cost option to employers.
Offering coverage for paramedical services can make your benefits plan attractive to employees. But, at the same time, paramedicals can crush your plan’s experience, saddling you with runaway expenses. How can you manage the need for a quality health benefits plan while also keeping the plan sustainable?
Governance is not just for pension plans—it's necessary for benefits plans, too.