Serving over 200 companies and more than 2000 families since 1988

2882 Sand Hill Rd. Ste. 119 - Menlo Park, CA 94025 - (650) 854-8963 - (800) 564-4476

Posts made in May, 2017

You might have heard that the majority of Americans now have health insurance, with California in particular boasting high numbers. In our state, 45 percent of people are covered by an employer-provided health insurance policy*. But how are your workers actually using their health benefits? We know that simply having a health insurance policy is only one piece to the overall healthcare puzzle. Over the next few weeks we’ll share some stats with you, broken down by income range, to help you understand how your employees are actually accessing their benefits package. This week, we’ll be talking about workers earning less than $50,000 annually. These stats were gathered by Aflac, to understand how benefits influence factors like health, employee retention, and productivity. Productivity. Fifty percent of these workers say that their healthcare benefits are very or extremely important to their overall work productivity. Retention. Still, though, 55 percent of these workers say they are likely to look for a new job in the coming year. How can you make them stay? Thirty-eight percent say that improving their health benefits package could convince them. It is possible that, although this demographic does have health insurance, their deductibles or co-pays might be creating a strain on their budgets. In fact, 82 percent said that they have less than $1,000 to pay out-of-pocket expenses associated with a serious illness or accident. That might explain why 74 percent of respondents said that they would consider voluntary insurance options, if offered by their employer, to help with these expenses. Other types of insurance. Since 86 percent of respondents reported that a benefits package is influential in helping them stay with their current employer, Alfac probed further to see which insurance benefits are most commonly offered. 88 percent of these workers were offered a major medical insurance policy 58 percent are offered life insurance 44 percent are offered disability insurance 17 percent are offered voluntary insurance What can we learn from these stats? We already know that a comprehensive benefits package is one of the most important components of employee retention. But which benefits are most important? In the under-$50,000 earnings range, we can see that many workers are concerned with their out-of-pocket costs, while most employers are not offering voluntary insurance packages to help lower that burden. So, while the vast majority of these workers do have health insurance, they aren’t necessarily fully satisfied with their benefits package. For more information on health insurance, voluntary insurance, and other important components of a comprehensive benefits package, give us a call. We can identify ways to help your employees better access their healthcare policies, and promote...

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Most of us know that purchasing a life insurance policy is important, because it guarantees some form of income to your family in the event that something happens to you. But what if that “something” isn’t death, but a form of disability? A disability can come from an accident or it can come from an illness. Many people have found themselves unable to work due to disability. The medical bills roll in as well as your day to day living expenses. How do you replace that lost income? A disability insurance policy can protect you against this exact situation. But of course, much like purchasing life insurance, choosing a disability insurance policy can feel a bit like navigating a maze of options. These six tips can help you sort them out. Choose a reputable insurance company. If the company is no longer in business when you become disabled, that insurance policy won’t help you. The definition of “total disability”. Before you can claim your benefits, your disability would need to fulfill your insurance company’s definition of “total disability”. Insurance companies vary in how they define total disability, so be sure to look closely at that part of the policy. Consider the residual disability benefit rider. Most likely, you don’t want to become disabled and need to claim your benefits. So, like most people, you would probably fight to recover from an accident or serious illness. If you chose a residual disability benefit rider, you can claim a portion of your benefits while continuing to work, if your disability has resulted in a partial (but not total) loss of income. If you already have a serious condition, your insurance options might be limited. Unfortunately, if you don’t shop for a policy until after you have developed a serious condition, you usually won’t be able to access full protection. It would be like shopping for flood insurance while your area is currently flooded! However, you might be able to enroll in a graded policy, in which your scope of benefits gradually increases the longer you are able to continue working. Young people should consider the future increase rider. Let’s say you’re young and healthy, but you can’t afford a lot of coverage just yet. If you choose the future increase rider, you can increase your coverage amount later, when you’re making more money – without having to show proof of your health status. Premiums will vary. As with any other form of insurance, your premiums are based on your level of risk. So your disability insurance premiums will be partially based on things like your age, sex, health history, occupation, and...

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