Employee Benefit Adviser articles from May 2008

Employee Benefit Adviser archives from May 2008

Advisers should rededicate themselves to their job.
May 1, 2008... For small employers (less than 50 employees), there really isn't much you can do about health insurance premiums. Both you and the employer are at the whim of the insurance carrier. Marketing the plans every other year or so and looking for...

A prescription for better comp.
May 1, 2008... No strangers to the inside of a courtroom, it looks like benefit brokers and their PBM cohorts may be heading back before the judge unless they make some changes to the way they move employer and employee money around. The DOL's ready to act...

DOL says: Show Me The Money.(Department of Labor)
May 1, 2008... The Department of Labor's proposed rule on reasonable contracts or arrangements under Section 408(b)(2) has many industry players nervous. After two days of testimony on the proposed regulations, the Employee Benefits Security Administration...

Play nice, or else.
May 1, 2008... The rebating issue is rising and prompting a lot of chatter among benefits advisers. Rebating laws have long been on the books, but they've seldom been enforced. State insurance regulators have other things to do besides penalize brokers for...

Divining dental: Group dental may not be at the top of your to do list, but it is at the top of someone's. Pay attention as leading dental experts highlight where they think advisers should drill for group dental success.
May 1, 2008... While you might have more on your mind than just dental, there are plenty of experienced, educated and intelligent professionals in benefits that spend most or even all of their time scrutinizing this corner of the employee benefits market. One...

Benefits Binge: Voluntary benefits have helped keep adviser commissions whole as core coverages have shrunk.They also allow employers to add some benefit value at little extra cost. But like a guest who's stayed too long at an all-you-can-eat buffet, have advisers worn out their welcome?
May 1, 2008... Whether advisers started selling it defensively to fight off an Aflac rep or if they were eager, early adopters, over 90% of employee benefits brokers now have some form of voluntary product in their portfolio, says Eastbridge, a consultancy...

Employers want cost and quality reports on health care providers.
May 1, 2008... The word cost is a crucial part of the health care conversation. But employers rarely get to discuss the costs they aren't privy to due to HIPAA protection. Barbara Riegler, director of HR and risk management at Maryland & Virginia Milk...

CDH portal provides employees an entry point to the individual health marketplace.
May 1, 2008... MyCanopy.com, launched in December by Canopy Financial, aims to fulfill employer dreams of getting out of health insurance. Under the program, employers pay a fixed monthly amount, usually $50 to $500, to each employee, who uses the money...

Generic dispensing programs continue to save on Rx benefit costs.
May 1, 2008... While the prescription drug component of employee benefit plans still exceeds medical cost increases, recent research suggests that pharmacy benefit managers are helping to narrow that gap. That's welcomed news for benefit managers who are...

Recognized insurance companies boost industry reputation.
May 1, 2008... It is sad but true - some people have a bad perception of the insurance industry and that reputation precedes your sales call. True or not, some industries are viewed as more trustworthy than others. In a 2007 Harris Interactive Poll only...

How are worksite and the Iraq war connected?(John Penko, American International Group Inc.)(Interview)
May 1, 2008... Don't know? Give up? AIG's John Penko has some thoughts on the subject. Penko delivered a well-received talk at the recent Workplace Benefits Renaissance in Orlando, Fla., detailing the calling that worksite producers and other benefits...

HR executive and adviser look at claims experience from both sides of the table.(human resource)
May 1, 2008... In the benefits world data matters. But benefit managers and advisers may have different demands on the data they seek. Below Karrie Andes, director of HR for Deffenbaugh Industries in Kansas City and creator of The Savvy Self-Funding...

Ten tips for communicating with employees about retirement plans: VARYING DEGREES OF investment knowledge, scattered workforces, limited time and busy schedules all conspire to make getting the message across difficult.
May 1, 2008... Communicating with employees about their retirement benefits can be a challenge, but the process is getting easier. Many of the barriers that prevented employees from enrolling are coming down because the Internal Revenue Service and the...

Providers revamp investment options and communication in light of 403(b) changes: People act as if the retirement fairy will come along and sprinkle retirement dust on them when they turn 60.
May 1, 2008... As traditional pension plans are increasingly being replaced by defined contribution plans, retirement income plan providers will need to adjust their tactics in order to keep up with the ever-changing retirement landscape. "Most people...

Become the complete benefit professional by motivating change.
May 1, 2008... Last month we looked at what it really means to be an employee benefit professional and the different facets of benefit planning. Before we can look at the skills involved in marketing employee benefit services, it is important to define what...

Crack the LTC code by overcoming objections or just avoid them through story telling.
May 1, 2008... Individual LTC sales are climbing. So are group sales. It's all upside right now for LTC, except for those who aren't seeing their sales spike. Much of the benefits sales force is still getting familiar with not only LTC the product, but also...

Travelling wisdom.
May 1, 2008... Rob Nielsen, president of LeaderLabs, has also helped out with a recent EBA online forum, but most of his time is spent traveling from - helping brokers redefine, redesign and remake their operations along the way. He's just finished his...

Be picky about new products and clients will truly appreciate them:Maybe you have considered expanding your benefit offerings. Thinking.
May 1, 2008... Last month we took a break from our series on strategies for increasing sales revenues to discuss how to optimize your results from conference attendance. Hopefully you found the suggestions helpful. Our company follows what was espoused in...

Eleven management measures for increasingly desperate times.
May 1, 2008... Ben Franklin is credited with coining the phrase "a penny saved is a penny earned" and the corollary concept "by failing to prepare, you are preparing to fail." I venture that if you combine these axioms you arrive at a practical third truism:...

Identity theft service providers turn conference hall into the octagon: The Identity Theft Market is certainly heating up as two service providers faced off at a recent worksite benefits conference.(LifeLock)
May 1, 2008... A pair of identity theft players moving into the worksite looked as if they were going to turn the expo hall of a recent conference into their personal octagon. No blows were thrown, but the drama was high as a lawsuit against LifeLock...