Author Archives: CorpStrat News

Are You Actually Covered? It’s Time to Evaluate Your Group Disability Insurance

If your company provides Employee Benefits, there’s a good chance you’re enrolled in a Group Disability Insurance plan. At CorpStrat, we’ve been in business for over three decades and have designed benefit programs for numerous companies from every industry under the sun. We’ve observed a common trend: many Group Disability programs are neglected and outdated. Many are auto-renew year over year without anyone taking a closer look. What many employers don’t realize is failing to regularly review and update your plan can leave your employees unprotected and put your company at risk of financial exposure.

Here’s why it’s crucial to reassess your plan:

1. Adaptation to Changing State Disability Limits

State disability limits have evolved over time, and it’s essential for companies with small group disability programs, particularly Short Term Disability (STD), to adjust accordingly. Failing to do so can result in over or underpayment of benefits, putting both employees and employers at risk. Regular reviews and updates ensure alignment with current regulations and prevent any financial discrepancies.

2. Addressing High-Income Individuals:

Most Group Disability plans come with limitations that may not adequately cover individuals earning $150,000 or more annually. If you’re a high-income earner who assumes you’re adequately insured, think again. Many plans cap out, leaving affluent employees vulnerable in the event of disability. Employers need to explore options to ensure comprehensive coverage for all employees, regardless of income level. This will help mitigate financial risks and provide peace of mind.

3. Reviewing Changes in Rates and Providers:

Rates for Group Disability plans fluctuate over time. These rates are influenced by various factors such as economic conditions and insurance provider policies. It’s imperative for companies with plans under providers like Unum, Principal, Provident, or others to periodically reassess their rates and coverage options. Failing to do so may result in missed opportunities for cost savings or better coverage. Regular reviews enable businesses to stay informed about changes in the market and make informed decisions to optimize their Group Disability insurance benefits.

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In conclusion, Group Disability insurance is a critical component of Employee Benefits, second only to medical insurance. Neglecting to review and update your plan can leave your employees vulnerable and expose your company to financial risks. By staying proactive and regularly assessing your Group Disability insurance, you can ensure comprehensive coverage that meets the evolving needs of your workforce.

At CorpStrat, we want to guide you through this process to help you secure the best possible protection for your employees and your business. Don’t overlook this vital aspect of your benefits package—reach out to us today for expert assistance.

Safeguarding Your Business MVPs: The Power of Key Person and Disability Insurance

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In the world of sports, MVPs like LeBron James and Shohei Ohtani are considered invaluable assets to their teams. These players drive success, just like your key employees do for your business. However, have you considered what would happen if unexpected events were to occur? We’re talking about things like illness, disability, or the loss of a key team member. This is where the importance of employee benefits, key person insurance, and disability insurance comes into play.

Protecting Your Business MVPs

Most companies have health insurance to cover medical expenses and illnesses. But have you considered what the broader impact on your business may be if a key employee becomes disabled and is unable to contribute? Where will the funds come from to both fill that employee’s role and while also continuing to pay their salary? In the unfortunate event of an employee’s death, the need to redeem shares, or even ensuring the continuation of commissions, these are critical scenarios that need careful consideration.

Crafting Disability and Life Insurance Plans

The solution to these potential challenges often lies in crafting comprehensive disability and life insurance plans for your key personnel. These plans are designed to safeguard your business, ensuring continuity and peace of mind in times of unexpected adversity. Having the foresight to design these plans in advance can help you avoid major financial headaches.

Securing Your Business for Continuity

The goal is to secure your business, ensuring it continues to thrive even when faced with unforeseen circumstances. Disability and life insurance plans act as a safety net, providing financial support to replace key personnel, maintain salary payments for disabled individuals, and navigate the financial implications of unfortunate events, such as share redemption or, God forbid, death.

Take Action to Protect Your Peace

At CorpStrat, we understand the significance of safeguarding your business MVPs. We specialize in providing tailored solutions for employee benefits, key person insurance, and disability insurance. By directly addressing the unique needs of your organization, we aim to help you build a strong defense and secure the continuity of your business.

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In business, a great offense is sometimes the best defense. Just as sports teams strategically protect their MVPs, it’s essential for businesses to be proactive in securing the future of their key employees. Contact us today to explore how our specialized insurance plans can wrap a protective shield around your most valuable players. We want to ensure your business thrives in any circumstance.

Schedule a call with us today!

8 Perks You May Not Realize Are In Your Employee Benefits Plan

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As we settle into 2024, many teams have recently renewed their Employee Benefits plans. It’s the perfect time to take a closer look and remind your employees about the fantastic, often underutilized benefits these plans offer. From free to low-cost options, these benefits are not just perks – they’re valuable resources for your employees and their dependents.

Communicating Benefits

Employee benefits are a crucial component of any organization’s compensation package and can greatly influence employee satisfaction, retention, and overall company culture. Communicating these benefits effectively is equally important as providing them. A well-executed communication plan ensures that your employees are aware of the full range of benefits available to them, understand how to utilize them, and feel valued and supported. To learn more about how to communicate your employee benefit plans effectively, read our full article.

Hidden Gems In Your Employee Benefits Plan

1. Telehealth Services

In today’s digital age, many plans include telehealth services. This means your employees can consult healthcare professionals from the comfort of their homes, saving time and reducing the need for in-person visits.

2. Mental Health Support

Mental wellness is crucial. Your plan likely includes access to mental health professionals, including counselors or therapists, often at no extra cost. This support is invaluable, especially in these challenging times.

3. Preventive Care

Preventive services, such as annual check-ups, vaccinations, and screenings, are usually covered. These are key to maintaining good health and catching potential issues early.

4. Fitness and Wellness Programs

Some plans offer access to fitness and wellness programs, encouraging a healthier lifestyle. This could include gym memberships, yoga classes, or even discounts on fitness equipment.

5. Chronic Disease Management

For those managing chronic conditions, many plans provide specialized support and resources, making it easier to manage conditions like diabetes or heart disease effectively.

6. Prescription Drug Coverage

Essential medications can be more affordable with your plan’s prescription drug coverage. It’s worth checking out the specifics, as this can lead to significant savings.

7. Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs)

These accounts can be used for various health-related expenses, offering tax advantages and helping your employees save money.

8. Family and Dependent Care

Coverage often extends to dependents, ensuring that your employees’ loved ones also have access to quality healthcare.

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As employers, you play a pivotal role in ensuring your team is aware and making the most of these benefits. Regular communication and informative sessions can help your employees understand and appreciate the full value of what’s available to them. Remember, a well-informed team is not only healthier but also more productive and engaged.

We encourage you to reach out to your benefits coordinator or our team for detailed information and assistance in maximizing these offerings. Together, let’s ensure that 2024 is a year of health and well-being for you and your employees!

Why Every Company Needs a Good Employee Benefits Broker

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In the ever-evolving world of business, companies face a multitude of challenges and opportunities. One crucial aspect often swept to the side is Employee Benefits. I would caution you not to overlook your Employee Benefits package as it can have a significant impact, both financially and culturally. An experienced Employee Benefits Broker can ensure you don’t get saddled with a bad plan and face major consequences.

Here’s why every company, big or small, needs a good Benefits Broker in their corner:

Navigating Complexity: Employee Benefits can be a complex maze of ever-changing regulations. A good benefits broker helps companies navigate this landscape, ensuring compliance and efficiency.
Expertise and Insights: Benefits Brokers bring a wealth of knowledge and insights to the table. They’re up-to-date with industry trends, allowing companies to make informed decisions.
Tailored Solutions: Every company is unique. A benefits broker can customize benefits packages to align with a company’s culture and employee needs, increasing retention and morale.
Cost Management: Controlling benefit costs is a real challenge, especially in this day and age. A skilled broker can help strike the right balance between offering competitive benefits and managing expenses effectively.
Data-Driven Decisions: Benefits brokers leverage data and analytics to help companies make strategic choices that benefit both the organization and its employees.
Attracting Talent: Competitive benefits packages are a magnet for top talent. A good broker can help companies stand out and attract the best candidates.
Time Savings: Handling benefits can be time-consuming. A broker takes on the administrative burden, allowing HR teams to focus on core business activities.
Employee Satisfaction: Happy employees are productive employees. A broker can design benefits that boost job satisfaction and engagement.
Regulatory Compliance: Benefits regulations can be a minefield. A broker ensures that companies stay compliant, avoiding costly penalties.
Long-Term Partnership: Building a relationship with a trusted benefits broker leads to a long-term partnership. They become an extension of your team, providing ongoing support and solutions.

In a world where talent is a competitive advantage, Employee Benefits play a pivotal role. Companies that recognize the importance of a good Employee Benefits Broker position themselves for success. It’s an investment that yields returns in the form of a happier, healthier, and more engaged workforce.

Effective Strategies for Communicating Employee Benefit Plans to Your Team

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As you and your team enter 2024, Employee Benefits may no longer be top of mind. However, this is the perfect time to make sure your employees are made aware of the ins and outs of their benefits plans.

Here are some of our top strategies to help you communicate your employee benefit plans effectively:

1. Don’t Use a One-Size-Fits-All Approach

Rather than using a one-size-fits-all approach, tailor your communication to cater to individual employee needs. Consider segmenting your workforce based on demographics, job roles, or life stages to deliver relevant information. Use language that resonates with each group and highlight how the benefits address their unique needs and concerns.

2. Clear and Accessible Information

Ensure that all benefit plan details are presented in a clear, concise, and easily accessible manner. Avoid using complex jargon or ambiguous terms that may confuse employees. Create a dedicated space for benefits info that is always accessible, and provide step-by-step guides and FAQs to help employees navigate the information effortlessly.

3. Utilize Different Communication Channels

Not every employee prefers the same communication channel. Utilize a mix of mediums such as emails, newsletters, intranet announcements, and virtual meetings to reach a broader audience. Consider using visual aids like infographics or short videos to make complex information more engaging and understandable.

4. Initiate Regular Communication and Updates

Effective communication is an ongoing process. Don’t limit benefit plan communication to just the onboarding stage or during open enrollment. Regularly remind employees about the available benefits, share success stories, and inform them about any changes or updates to the plans. Timely communication prevents misunderstandings and increases participation.

5. Hold Interactive Q&A Sessions

Host live Q&A sessions or virtual town halls where employees can directly interact with HR representatives or benefits providers. Encourage employees to ask questions and address common concerns. This fosters transparency and trust, as well as a sense of ownership in benefit decisions.

6. Get Leadership Involved

Leadership involvement is crucial in demonstrating the importance of employee benefits. Encourage managers to discuss benefits during one-on-one sessions with their team members. When employees witness their leaders valuing and understanding the benefits, they are more likely to embrace them themselves.

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Providing plans is great, but you must be effectively communicating employee benefit plans to ensure that your employees fully understand and appreciate the value of these offerings. By tailoring messages, utilizing multiple channels, and fostering open dialogue, you can create a culture of appreciation and support, ultimately leading to a more engaged and motivated workforce.

Please reach out to us if you have any questions.