The Ultimate Guide to Ancillary Benefits

For business owners, choosing the best health insurance policies for employees can feel like walking through a maze. There are many choices, and the primary goal is to select a comprehensive plan that covers essential benefits. However, employers also have the option to offer secondary benefits to employees, which are better known as ancillary benefits. There are many advantages to including ancillary plans to standard employer-sponsored health insurance, and we’ll discuss them all. Also, over the years, ancillary insurers have

What Is a Health Insurance Qualifying Event?

As life moves forward, people experience events that change their circumstances. Some of these events are happy, such as marriage or the birth of a child. Others are more negative experiences, such as divorce. These life events can trigger a change of life insurance because they’re classified as qualifying events. In this article, we explain what a qualifying event for insurance is, in addition to covering some of the key life events that fit into this category.

What Are Qualifying Life Events?

Employee Benefits Spotlight: SEP (Simplified Employee Pension)

Many small businesses want to help their employees prepare for retirement but aren’t sure they have the size to warrant a retirement plan like a 401(k). For some, the answer may be a Simplified Employee Pension plan, with which a company can contribute toward their workers’ retirements and augment their own as well. For example, the employer can contribute to an IRA for each participating employee with a SEP. According to the IRS, any employer, including self-employed persons, can

Employee Benefit Spotlight: Pet Insurance

While about forty percent of American households include children, according to the 2020 census, over seventy percent of U.S. households have one or more pets. Yet only a quarter of pet parents have pet insurance, despite skyrocketing costs for veterinary services. Figures from the American Society for the Prevention of Cruelty to Animals (ASPCA) estimate the price of a routine vet visit at $225 for dogs and $160 for cats, including immunizations. Emergency visits can easily top $2,500, and

The Key Benefits of Health Insurance for Employees

Being a business owner is a dream many people share but few fulfill. However, once you become a business owner and reality sets in, you realize it might be harder than you thought. Leading a company and being responsible for the wellbeing of your employees is tough. Every decision you make should be well-informed and to everyone’s benefit. One of these tough decisions is whether to offer health insurance to your employees. In some cases, it could be mandatory. But

Employee Benefit Spotlight: Tuition Assistance

With many companies fighting for talent, some organizations are looking for ways to attract workers and retain their loyalty to the business. Major employers are looking for ways to inspire longer-term dedication in industries with high turnover and low barriers to movement, like hospitality, food service, transportation, and warehousing. Some have found an answer in tuition reimbursement. In the past, paying for a college or graduate degree program was much more likely to be available for professional, so-called “white-collar” workers.

Choosing The Best Health Insurance Plan

As a consumer, you may have the option to choose between a health insurance plan offered by your employer or one provided by your spouse’s company, and in some cases, you can even opt for a plan that comes from the healthcare marketplace. When you are deciding, think about what you anticipate for your healthcare needs, and analyze the potential costs and benefits of your choices. First, if you have an employer-provided plan or access to an employer-subsidized program through

Group vs. Individual Insurance – All Key Differences Explained

Offering health insurance is an excellent way to attract talented people to your company. This key benefit relieves one of the biggest cost burdens your employees face. As they no longer need to worry about paying for their own insurance, they’re not thinking about possible health issues while working. The result is a more motivated and productive workforce that has a positive impact on your company’s bottom line. Knowing this, you may be preparing to introduce health insurance into your company’s

Understanding Employee Eligibility Requirements in Group Insurance

According to 2019 Census data, almost half of Americans receive their health insurance via large group plans that their employers provide. Group health insurance provides people with access to coverage that may be more expensive if they take out an individual policy. Furthermore, group policies can be added to an employer’s benefits package, which makes their company more attractive to potential recruits. However, group health insurance is not available to every type of business. There are several group health

Benefit Spotlight: Group Legal Insurance Plans

As employers seek to navigate the competitive waters of employee recruiting and retention, one tool receiving increased attention is the so-called voluntary employee benefit. Of course, most benefits are voluntary because no one is forcing employees to enroll in health insurance plans or take paid time off. But the use of the term typically refers to plans that offer some value to employees at little or even no cost to the employer. Sometimes these benefits allow workers to