This month’s ACA Compliance Bulletin outlines the new Summary of Benefits and Coverage template and glossary of terms. 137340 New SBC Template Required for 2017 2-9-17
NOVEMBER 14, 2016 – VALDOSTA – Open enrollment can be a stressful time for employees, but companies can help ease the pain. It is important that employees understand their benefits. Taylor Insurance Services can help companies by providing one-on-one benefit counseling leading up to the open enrollment period to help employees make the best choice for themselves, their families, their lifestyles and their budgets. .
Research shows that HR professionals believe that individual counseling is the most effective enrollment education tool, ahead of group meetings and Web-based counseling. Other research shows that employees are typically not proactive in learning about their benefit plans, and prefer face-to-face meetings for benefits communication.
“Despite recognizing its value, many companies fail to provide a one-on-one benefit meeting for each employee due to cost.,” explains Trey Taylor, CEO and president of Taylor Insurance Services. “In most cases this can be achieved at no cost to the company if they have a benefits expert, that person could facilitate the personal meetings.”
Taylor Insurance has found that one-on-one benefit counseling can provide the following benefits for companies:
- Actively engage employees in the benefits enrollment process.
- Educate employees about the benefits they have, including voluntary benefits they think they might not need, or may not understand.
- Help employees make better decisions about choosing benefits that are fitting for their lifestyle, medical health, family and budget.
- Help employees realize what is being spent for their benefits and the value of what is provided.
- Gain better employee appreciation for the benefits offered. This can help with retention initiatives and improve employee morale.
- Achieve a better return on investment for their benefits programs.
For more information on benefit enrollment and counseling services and the full spectrum of solutions offered by Taylor Insurance Services visit us at www.taylorinsuranceservices.com or call us at 229-247-6411.
This month’s HR Brief gives an overview on understanding the difference between exempt and nonexempt status under the FLSA, alerts employers that compensation is increasingly important to employees’ job satisfaction and highlights the DOL’s release of an FMLA guide for employers and a new FMLA poster.
The Live Well, Work Well newsletter is an employee newsletter that is produced monthly and covers topics like health, wellness, fitness, nutrition and personal finances. This month’s issue includes information on how to turn a bad day around, the danger of laundry packets and a Zika virus update.
This month’s Benefits Buzz discusses the Affordable Care Act’s affordability contribution percentage increases for 2017, updated HIPAA self-audit tools and Exchange notifications.