Yesterday, April 5, was National Employee Benefits Day. In honor of this, our friends at BenefitMall sent us the Top Reasons for Employers to Offer Non-Medical Benefits:
Reduce lost work hours: Employees’ poor health cost American businesses $575 billion and 1.5 billion days of lost productivity, according to Ameritas. Providing dental and vision benefits can help employees control costs and supplement the gaps in core medical plans.
Early detection of health issues: Regular dental and vision exams provide opportunities to spot early warning signs of costly medical issues, such as diabetes and hypertension. In addition to controlling long-term costs for these and other diseases, identifying and treating these medical issues early can also mean a worker is less likely to take extended time off for more invasive treatments and recovery.
Improved self-care: Insurer Cigna reported that employees who bundled dental with medical were more engaged in the management of their health. That means they were more likely to have regularly scheduled screenings and exams, and make more lifestyle changes to improve their own health. More than 70 percent of working adults with dental insurance see the dentist at least once a year, compared to only 40 percent of those without dental insurance. Similarly, employees with family dental coverage are more likely to seek regular exams for their children, lowering the likelihood they will need to take time off for a child’s dental emergency.
Lower costs for other health plans: Many insurance carriers will provide discounts to employers offering different lines of coverage, helping employers offer a better and more comprehensive range of benefits while keeping costs under control.
Be a trusted advisor: Despite all of the benefits that dental and vision plans offer for employers, brokers can be hesitant to upsell due to the cumbersome nature of quoting and evaluating non-medical plans. But brokers who don’t evolve their benefits portfolios with non-medical may find themselves struggling to keep the competition at bay. Employers want and need to offer well-rounded benefits packages and will seek out broker partners who can help them create and deploy the right offerings easily and securely.
ACA Turns 12
Hard to believe it has been 12 years since the Affordable Care Act was signed into law, but it has. This week, President Joe Biden announced efforts to strengthen the ACA, including an executive order directing federal agencies to expand coverage and simplify enrollment. There’s also a proposed rule that would eliminate the ACA’s “family glitch”. The glitch means some people with family coverage may not be eligible for the same premium assistance they would if they sought individual coverage. The glitch impacts an estimated 5.1 million people.
Fraud Attempts Increase
Attempts by imposters to access another person’s financial account, continues to increase, according to data from LIMRA’s FraudShare. Since its inception in late 2019, FraudShare has helped companies detect more than 200 incidents targeting over $31 million in account values. The average number of monthly incidents experienced by members increased 20% from five to six per month. The amount of money targeted also increased significantly. From 2020 to 2021, the average account values targeted went up 30%, from $216,000 in 2020 to $280,000 in 2021. From LIMRA’s release:
Our research shows an increase in fraudulent attacks using customer or advisor portals while attacks targeting contact centers and back-office processing centers decreased as a percentage of overall attacks. This is consistent with industry trends enabling more customers to do things using self-service via online channels.
Read more here.
It’s Pechanga in August!
Mark your calendars now…The annual IEAHU, OCAHU & SDAHU Senior Summit will be in person this year August 23-25 at Pechanga resort. Info and registration here.
High Annual Costs Don’t Increase Lifetime Costs When a Life is Short
We have Allison Bell at ThinkAdvisor to thank for this tidbit. Apparently, researchers looking at Medicare have concluded that smokers don’t increase Medicare spending over the course of their lifetimes. Why? Because their short life expectancies offset their high annual levels of health care spending. Sorry, kind of not a happy ending. Read the whole story here.
NAIC Launches Foundation
The National Association of Insurance Commissioners (NAIC) announced the creation of the NAIC Foundation. The concept behind the foundation centers on helping people obtain skills relevant to the regulation and business of insurance. Scholarships will be awarded to students to fund college education, internships and apprenticeships. The foundation will even re-work the association’s acronym to stand for “New Avenues in Insurance Careers” and will provide financial support to enable students to pursue an insurance career either in government or the insurance industry.
The new foundation will be set up as a Missouri non-profit entity led by a governing body of past NAIC members and leaders. NAIC Past President and South Carolina Director Ray Farmer, NAIC Past President and former Kentucky Commissioner George Nichols III, and former NAIC CEO, NAIC Past President, and Iowa Commissioner Therese Vaughan have agreed to serve as inaugural officers. The NAIC anticipates it will complete the formation of the foundation and start providing scholarships this year. The NAIC is committing initial funding to get the new Foundation up and running.
Capitol Summit Coming Up!
If you’re thinking about attending the CAHIP Capitol Summit in Sacramento May 9-11, heads up that the deadline to book the hotel at a discount is April 10. More info about the event here.
GGAHU and LAAHU Announce Open Noms for Board
Golden Gate Association of Health Underwriters and Los Angeles Association of Health Underwriters both sent us notice that they are accepting nominations for their 2022-2023 Board of Directors. Expand your skills and network of professional contacts!
A Microcredential Course for California Leave Laws
Disability Management Employer Coalition (DMEC) is offering a microcredential course that focuses on state-level leave laws in California. Over three modules, you’ll review the history and evolution of leave laws in the United States, get an in-depth look at leave laws specific to California, and explore real-life scenarios. Upon completion of the California State Leave Laws Microcredential Course, you will:
- Understand the background and historical evolution of leave, including the federal laws and protections that have helped shape the face of state laws.
- Understand the eligibility requirements that must be met by both the employer and employee, the benefits provided, and other nuances of each state leave law currently in play in California.
- Understand the interplay between state and federal leave laws in real-life scenarios.
Interested. More info and registration for the self-paced course is here!
Talage Live on the Nexsure Insurance Platform
XDimensional Technologies (XDTI) announced that Reno, NV-based, Talage is live on the Nexsure Insurance Platform. The platform will enable Talage to efficiently provide access to markets for their retail agency clients. With Talage, agencies can receive quotes from multiple carriers that they have direct appointments with or those they do not have an appointment with by using Talage’s access to the unappointed carriers. For more information, visit www.talageins.com.
EPIC Welcomes Jim McSherry
EPIC Insurance Brokers & Consultants, a retail property and casualty insurance brokerage and employee benefits consultant, announced that Jim McSherry has joined EPIC to lead its newly formed Employer Stop Loss Center of Excellence. McSherry has spent more than two decades in the employee benefits space working with brokers and consultants, developing and implementing innovative strategies to assist self-funded clients in managing their employee benefit plans.
- LAAHU Annual Symposium, in person, April 26, Pasadena Convention Center. Info here.
- The Group & Worksite Benefits Conference, in person, May 3 – 5, Boston, Massachusetts. Info here.
- CAHIP’s Capitol Summit, in person, May 9-11, Kimpton Sawyer Hotel, Sacramento. Registration info here. Sponsorship info here.
- NAAIA Spring Career Fair, online, May 24, 11am-1:30pm Pacific, More info here.
- BenefitsPro Broker Expo, in person, May 23-25, Austin, TX. Request more info here. Register here.
- IEAHU, OCAHU & SDAHU Senior Summit, in person, Aug 23-25, Pechanga resort, Temecula. Register here.