If you score less than 50, it is probably time for us to talk.
On a scale of 1 – 10, how comfortable are you with: 1.Finding the most qualified/desirable candidates? Hiring Process; Recruiting & Retaining Solid Employees 2.Creating job descriptions that are ADA compliant? Job Descriptions 3.Classifying your employees and independent contractors properly? Employee or Independent Contractor: Common & Costly Benefits & HR Mistakes 4.Evaluating your employees fairly and accurately? Performance Evaluations:Best Practices Performance Evaluations:Common Supervisor Mistakes The Newest Evaluation Tactic:360-Degree Review 5.Keeping up-to-date with the most current benefit trends [i.e., HSAs, HRAs, Roth, 401(k)]? Plan Designs: Health Savings Accounts Understanding a Health Savings Account 10 Steps to a Health Savings Account Key HRA Decision Points Understanding a Health Reimbursement Arrangement 6.401(k) Plans for Small Businesses 401(k) Plan Checklist 401(k) Plan Potential Mistakes 7.An EEOC investigation? Would you know what to do if you received an EEOC complaint? EEOC Investigations: What Employers Need to Know Employer Information Helpful Tips for Employers Discrimination Charge Report—(EEO-1) 8.Keeping up to date on changes in FMLA, COBRA & HIPAA rules and regulations? FMLA Regulations Final COBRA Notice and Disclosure Regulations HIPAA Security Regulations 9.Tracking wellness, benefit information and consumer-oriented communications to send to your employees? Live Well Work Well Newsletter Series Know your Employee Benefits:Health Savings Accounts (HSA) Healthcare Consumerism: What You Need to Know Healthcare Cost Series:How to be a Wise Healthcare Consumer Coordination of Benefits: What That Means for You Group Health Insurance Benefits What does Self Funding Mean to Me 10.Working with your current broker on development of a comprehensive wellness plan for the year? Workplace Wellness:Getting Your Program Started Programs for Smaller Companies
COBRA updates for Assistance Eligible Individuals
Previously, State Continuation Coverage in Oklahoma and Arkansas was considered non-COBRA comparable, and not subject to ARRA and the premium subsidy. The state of Oklahoma has recently passed a law regarding COBRA and State Continuation and now considers it to be COBRA comparable from an ARRA perspective. The law was effective May 18, 2009 and applies to any employee terminations on or after May 18th, 2009.
Changes Regarding COBRA Comparable State Continuation Coverage Under ARRA:
Premium Reduction: The premium reduction for state continuation coverage is available to “assistance eligible individuals” (AEI). An AEI is the employee or a member of his/her family who:
Is eligible for state continuation coverage at any time between May 18th, 2009 and December 31st, 2009;
Elects state continuation coverage; and
Is eligible for state continuation coverage as a result of the employee’s involuntary termination between May 18th 2009 and December 31st, 2009.
Those who are eligible for other group health coverage (such as a spouse’s plan) or Medicare are not eligible for premium reduction.
Premium Billing:
AEI state continuees will be direct billed by us for 35% of the premium they are required to pay. You will not be billed for the other 65% of the premium.
The carrier should change the status of any AEI to direct bill once the original state continuation election and Request for Treatment as an AEI forms are received in their office.
Premium Subsidy Reimbursement:
The carrier is responsible for recovering the 65% premium subsidy for state continues to our understanding.
What Happens Next:
Most carriers will send a letter to all qualified beneficiaries terminated on or after May 18th, 2009. Sample state continuation letters will be posted on our website.
The individual will have the length of time defined in their notice to return the form to you.
You must complete your portion of the forms for an AEI. Send the original state continuation election and the Request for Treatment as an AEI forms to the carrier. Keep a copy for your records. For Non-AEI’s keep the entire form.
We will bill your continuees directly for 35% of the premium. The continuees will be listed on your group bill for informational purposes only. If you agreed to pay a portion of the premium, we will continue to bill you for that portion.
You are responsible for notifying the continuees of any changes in benefits or rates.
Why is there never enough time to do things right but there is always enough time to do things over?
Carol A. Anderson, Bainswest Benefits, Inc.
Workplace Products
Though our association with EMC National Life Company, we offer a variety of voluntary insurance products that employers can make available to their employees through payroll deduction. Not all products are approved in all states.
Critical Illness Insurance(policy form LP750 and rider form LP751) Thanks to medical advances, more and more Americans are surviving major medical crises – cancer, strokes, heart attacks, kidney failure, etc. Many individuals who have been diagnosed with what at one time were considered fatal illnesses are now overcoming the odds and surviving. Critical Illness Insurance is a relatively new life insurance product designed to help those who are diagnosed with a critical illness covered condition by providing a lump-sum cash benefit paid directly to the employee. Critical Illness Insurance features the following:
Ages 18-65 eligible
Issue amounts from $10,000 to $100,000
A 10-year or 20-year term life insurance policy with an accelerated benefit
Guaranteed to issue available
Short form application - no medical exam required
Death benefit payable if insured dies during term period
A lump-sum benefit up to 100% available upon diagnosis of a covered condition
16 covered conditions (includes HIV for medical personnel)
Minimum three employees enrolled for a new worksite account
Spouse coverage available up to $30,000 benefit amount without spouse’s signature
Children’s coverage available up to $20,000 benefit amount
Increasing Whole Life (policy form ELP001) The Increasing Whole Life (IWL) is a traditional whole life insurance product with a guaranteed increasing death benefit. The policy is available in initial benefit amounts from $5,000 to $100,000. IWL can help meet the immediate obligations of death and provide future income to sustain the household. Worksite IWL can be used for final needs planning, as a supplement to group term life insurance coverage, to protect financial stability or to pay off debts. IWL has the following features:
Guaranteed increasing death benefit
Issue Ages 18-70
Issue Amounts from $5,000 to $100,000
Short form application – no medical exam required
Minimum three employees enrolled for new worksite account
Spouse coverage available up to $30,000 benefit amount without spouse’s signature
Children’s coverage available up to $20,000 benefit amount
Premium options – 10 Year Pay, 20 Year Pay, Continuous Pay to age 121
Additional riders including Unemployment Benefit Rider (inherent in policy, subject to state approval), Accelerated Benefit Rider (automatically available at no charge in states where approved), and optional Children’s Term Insurance Benefit Rider.
Workplace Permanent Life (Policy Form ELP002) The Workplace Permanent Life (WPL) is designed to provide basic supplemental life insurance coverage for employees in the workplace setting. The policy is available in benefit amounts from $5,000 to $100,000. Workplace Permanent Life can be used for final needs planning, as an alternative or complement to group term life or small permanent life insurance plans in the workplace market, or to save for future financial needs. Workplace Permanent Life has the following features:
Issue Ages 18-70
Benefit amounts from $5,000 to $100,000
Level death benefit. Benefit does not decrease as you get older.
Premiums will not increase for the initial guarantee period.
Issue Age
Guarantee Period
18-40
30 years
41-60
To age 70
61-70
10 years
Premiums will change for subsequent periods.
Minimum three employees enrolled for new workplace account
Benefit amounts up to $100,000 with no medical exams (simplified underwriting).
Employee benefit amounts up to $50,000 and a spouse benefit amount of $25,000 available with only three qualifying questions (height and weight guidelines must also be met).
$10,000 dependent child benefit available; one premium covers all dependent children.
Additional riders including Unemployment Benefit Rider (inherent in policy, subject to state approval), Accelerated Benefit Rider (automatically available at no charge in states where approved), and optional Children’s Term Insurance Benefit Rider.
Group Term Life Insurance (policy form LH 727) Some of the largest employers, including school districts, government entities and health care organizations, recognize the need to provide the most basic of coverage to employees – term life insurance. At the same time, employees are looking to their employers to offer this coverage as a benefit. Group Term Life is an annual renewable term life insurance product designed for groups of 10 or more employees. This product also features the following:
Minimum death benefit is $10,000
Supplemental employee and dependent coverage available
Optional riders & benefits available including waiver of premium, accelerated death, and accidental death and dismemberment
Customization of the plan to fit each group’s needs
Coverage can be converted to an individual policy if an employee changes jobs
Group Disability Income (policy form LP 656) Our long and short term disability products provide monthly or weekly benefits for injured or ill employees. Both disability plans are available separately but coordinate perfectly for a complete disability income program. Disability income insurance is available on an employer paid basis or an employee paid voluntary basis.
Long Term Disability
Provides a monthly benefit to disabled employees following an elimination period
Benefits are provided for both occupational and non- occupational illness or injury
Minimum of 25 employees
Benefit duration options
Riders available to provide substantial replacement income in the event of total or partial disability
Short Term Disability
Provides a weekly benefit to disabled employees due to non-occupational illness or injuries
Benefits payable after elimination period which is generally 0 days for accident and 7 days for illness
Maximum short term disability benefit of 26 weeks
Minimum of 25 employees
The above product descriptions provide a brief overview only of the respective product. Complete product details are contained in the respective policy forms for each product which may vary or be unavailable in some states. Additional information can be obtained by contacting one of our representatives or by contacting the Company.
Guaranteed to Issue and Easy Issue Options
Employee Benefit Workplace Products
In order to give clients a competitive advantage in today’s marketplace, we have adopted a very aggressive Guaranteed to Issue (GI) and Easy Issue (EI) stance on our Workplace Voluntary products:
• Workplace Increasing Whole Life Insurance:
Two underwriting questions GI to $20,000 face amount
• Workplace Permanent Life Insurance:
Two underwriting question GI to $20,000 face amount
Three underwriting question EI to $50,000 face amount
• Workplace Critical Illness Insurance:
Four underwriting question GI to $20,000 face amount
Guaranteed to Issue and Easy Issue underwriting options decrease the time it takes your employee to complete an application while increasing the issue rate of written policies – resulting in more coverage for your employees.
Please note, however, that in order to maintain acceptable mortality levels on these products, the Guaranteed to Issue and Easy Issue options may only be exercised once per insured. A second voluntary policy must always be issued with Simplified Issue (SI) underwriting. This is the case in all enrollment scenarios; initial enrollment or reenrollment.
If you have questions about our Workplace underwriting options, please feel free to contact us at 918-660-0090.
Products are underwritten by EMC National Life Company.
