In many ways, businesses have the same basic life insurance needs as individuals – protection against untimely death and the need for funds in order for the survivors to carry on. Based on this, there are a number of reasons to consider using life insurance in a business – with the primary benefit being the ability to keep the business running following the loss of an owner, partner, or a key employee.]]>
As Human Resources professionals, we pound the mantra “documentation, documentation, documentation” into supervisors heads over, and over, and over. But, do we ever stop and ask ourselves, do our supervisors know what that phrase means, do they know what we really want from them?]]>
The average age in America today is increasing. Yet, even though people are living longer, they aren’t necessarily living healthier. As we age, the odds of needing long-term care increase dramatically, and by the time we reach age 65, there is nearly a 1 in 3 chance that long-term care will be needed for at least some period of time. This can affect families not just physically and emotionally, but it also can have drastic consequences on overall financial wellbeing.
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As an employer, how do you balance rising healthcare costs when you are beholden to the company, as well as the employees? Your Finance department is requiring broad cutbacks, while Human Resources is pushing to maintain (or build) a viable insurance benefits package. Meanwhile, your employees are vocally, and in unison, demanding better coverage, lower rates and more healthcare options. ]]>
The Kaiser Family Foundation released a new poll tonight finding a significant drop in favorable views of the new federal health care law, to their lowest since the law was passed in March 2010.
Just 34 percent of Americans now view the Affordable Care Act favorably, down 7 points from last month. (It was about this low, 35 percent, in July 2010). Fifty-one percent now view the law unfavorably, numerically a new high (likewise, by one point).
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Following these benefits communication guidelines could help you to save your company money and to retain key employees!From the Birmingham Business Journal
The effect of health care reform on small businesses is still uncertain, but a panel of health care experts discussed how to navigate the complicated law at the Birmingham Business Journal’s Health Care Reform breakfast Thursday.
About 150 local business people attended the panel at the Harbert Center to learn more about the status of health care reform as it becomes law across the country in the next several years.
The panel of experts included Hal Shepherd, President and CEO of The Kennion Group; Will Ferniany, CEO of UAB Health System; Ross Mendheim of Barfield Murphy Shank & Smith PC; and Michael Patterson of Blue Cross Blue Shield of Alabama.
With enactment not until 2014, business owners were advised to start planning now for changes to employee health care plans or to make the decision to opt out and pay the federal fee of $2,000. Businesses should review its health care plans in 2011 and 2012 to prepare for the changes approaching, Mendheim said.
Mendheim also recommended firms hire consultants and professional service agencies – who are knowledgeable about the health care law – to assist in decision making. Health care reform may be rolling through the legal system, with many lawsuits filed against its enactment, but Ferniany said it is too far along to be completely struck down and businesses need to prepare for some form of new health care policies to go into effect. Patterson said it has been OKed so far at several court levels, but may end up at the Supreme Court.
To keep paperwork and costs down, Ferniany said partnerships will be formed among the hospitals and home health care agencies to work together to deliver health care efficiently. It is unclear how it will impact premiums, but Patterson said insurance companies will work to keep them manageable.
“Through working together, we can figure out how to decrease costs and increase the quality of care for businesses and individuals in Birmingham,” Patterson said.
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The Birmingham Business Journal interviewed Hal Shepherd, President & CEO of The Kennion Group on Friday, July 8, 2011 and asked him about health care reform.
You can read the full Birmingham Business Interview on Alabama Health Care Reform here: http://goo.gl/RWtiZ
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Q&A: Hal Shepherd, The Kennion Group
Hal Shepherd, president and CEO of Birmingham-based The Kennion Group advises businesses on health care reform compliance. Shepherd will also be part of the Birmingham Business Journal's Health Care Reform Panel on July 14.
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It can be tough to maintain innovation programs during cost-cutting in an economic downturn, write Paul Nunes and Tim Breene. Still, it's vital to find ways to do so, since only companies that innovate through tough times will be well-placed to cash in when the economy rebounds. "The foundations for tomorrow's winners are likely being built today," they write.
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It sure was nice of Uncle Sam to give workers a raise at the beginning of the year by temporarily reducing the Social Security payroll tax from 6.2 percent to 4.2 percent. Unfortunately, this stealthy little economic stimulus only lasts through the end of 2011, and employers still have to pay their 6.2 percent share. And that’s just one of several tax changes for this year, including how Flexible Spending Accounts can use pretaxed funds.
In a recent survey from the National Small Business Association (NSBA), taxes take up a surprising (and troubling) amount of time for the small business owner. Employers say that having to routinely deal with federal tax issues places huge time constraints and financial burdens on them. Although small businesses could undoubtedly benefit from some of the credits and deductions provided within the tax code, trying to wade through the more than 10,000 pages of the complex laws and regulations puts them at an enormous disadvantage.]]>