Category Archives: featured

When’s the Best Time to Choose an Employee Benefits Broker?

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Open enrollment is now over and we hope you’ve chosen a benefits package that works well for your team. However, if you found the process of choosing the right benefits tedious, you’re not alone. With so many options in the market, you might be looking for an Employee Benefits Broker to guide you through and help you make smarter decisions. You might be thinking “I’ll just wait until the next open enrollment to choose a great Employee Benefits Broker”. Here are a few reasons why we’d advise against that: 

Don’t wait until the last minute and scramble ahead of Open Enrollment.

Before you know it, Open Enrollment is just around the corner. Waiting until the last minute can really cost you because you may not have time to carefully compare and contrast plans. Or worse, you opt to renew what you already have without taking a hard look at your other options. Choosing a broker to partner with well ahead of enrollment cuts down on your stress and allows you to build a benefits package that works best for your team. Plus, you’ll rest easy knowing they’ve found you the lowest cost plan in the market. 

You want to save money and choose the best possible plan for your team.

If you don’t have a Benefits Broker, you may completely miss out on cost-saving opportunities, new plan updates, or simple ways to make your benefits package more appealing to your employees. Having an ongoing advisory relationship with your broker means they can give you a better evaluation of your current plan and help you eliminate plans that aren’t as effective.

Every broker gets paid the same 5%.

Now that you’ve decided on working with a great broker, be aware that not every broker is created equal BUT all brokers cost you the same amount. You should shop for a broker just like you shop for anything else—when you buy a TV, you shop around for the best quality at the best value. Ask yourself: Am I getting the best value for my money when it comes to my Employee Benefits Broker? The best and worst health brokers get paid exactly the same percentage so make sure you’re getting one who gives you the best value: high advisory support and data driven tools to help you with your business. 

You’re not just choosing a Broker. You’re choosing an advisor. 

In looking for the right Employee Benefits Broker, remember you’re not just choosing someone to manage your benefits, you’re choosing a long term advisor. When you work with CorpStrat, you get a number of value added services—we essentially become an extension of your HR team. We also have a bevy of tools that can help you choose the right plan, save money, communicate and deliver the plans to your employees, and remain compliant. A good Broker has your back, you don’t just hear from us when it’s time for enrollment, we’ll reach out to you with answers before you even think to ask the question. You’ll never have to call the carrier, we’ll solve any claim issues and billing issues. We’re always looking for how to better manage these plans and better serve you. 

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Looking for an Employee Benefits Broker? We can help with that. Schedule a FREE 30 minute consultation with us today. 

8 Things You May Have Missed In Your Benefits Plan

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Open enrollment is over, are you confident in your benefit planning for the year? At CorpStrat, we’re not just experts in Human Capital Management, we’re actually health insurance brokers first. Many employers or individuals shop for health care plans on their own, which is fine but can quickly become overwhelming. What we want to do is understand your exact situation so we can help you choose a benefit plan that aligns with your medical and financial needs. 

As health insurance brokers, we’ll aid you in the selection process from start to finish. On top of that, you won’t only hear from us during Enrollment Season, we’re here to advise you all year round. We can also help you find coverage and hidden benefits that will keep you and your team healthy and happy. As brokers, we’re able to freely shop plans in the market, we’re not tied to any one insurer, meaning you can rest assured you have the right coverage for your team at the most affordable price. 

Here are a few things you may have missed when benefits planning for 2021:

1. Talking to an actual human

After page 7 of browsing healthcare plan options, you may feel overwhelmed and nowhere closer to choosing the right plan for your team. This is where we as health insurance brokers can really step in and take that stress off your plate. You’ll have quick access to support, personalized recommendations, and our specialized health insurance knowledge.

2. LifeBridge

LifeBridge is an affordable, basic term life insurance policy with guaranteed acceptance. To learn more about LIfeBridge plans, please email us at marketing@www.corpstrat.com.

3. Paperless enrollment

If you haven’t gone paperless yet, 2021 is the time to make that change. Using an online enrollment system streamlines your processes, ensures nothing falls through the cracks, and makes it easier for your employees to make an informed choice. 

4. Flexible Spending Account (FSA)

 

FSAs are a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan. With an FSA, as long as you have relatively predictable medical expenses each year, you can expect to save around 20-25% in taxes on every dollar you put in.

 

5. Extra Plan Benefits

There are often extras that carriers provide that your team may not be be taking advantage of. We can help make sure you’re not missing anything.

6. ERISA Plan Document Updates

There are various reasons why keeping your ERISA Plan Documents updated is so important. Check out our full blog post on why.

7. Open Enrollment Support

We want you to have a health insurance broker during Open Enrollment that can answer any questions you can have, help you choose the right plan, and make sure the plan you land on is executed properly. From being available by phone or email at all times to providing you side-by-side comparisons so you can evaluate different plan options, we make choosing a plan painless and easy.

8. Employee Assistance Program (EAP)

EAP is a voluntary, work-based program that provides benefits for people with real problems and no one to turn to. If an employee is undergoing personal or work-related problems that might impact their job performance, mental health, or emotional well-being, an EAP can offer confidential assessments, short-term counseling, and more.  

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To learn more about these things you may have missed in your benefits plan and how CorpStrat can help, schedule a call with us today. 

7 Mistakes You Might Be Making With Your Employee Handbook

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Are there errors in your Employee Handbook that you’re not aware of? An Employee Handbook is the baseline document that an employer gives to their employee to represent the company. Laws, policies, and compliance are constantly changing so if your employee handbook isn’t updated each year, you could get yourself into some hot water. For example, if you had to fire an employee because they took too many days off but their labor lawyer looks at the company’s Employee Handbook and the attendance policy isn’t updated, you might be served with a costly law suit.

Here are the top seven common mistakes we find in Employee Handbooks.

1. You’re Using a Cookie-Cutter Handbook Template

Your employee handbook should reflect your company—its culture and its values. It’s fine to reference templates but you shouldn’t just copy and paste an Employee Handbook that you found online and expect it to do everything it needs to.

2. You’re Not Including All Company Policies in the Handbook

Often employers will send memos via email or post bulletins in the break room regarding policy changes or new workplace rules, however these one-off notifications don’t always make it to the Employee Handbook. This can both be confusing for employees and could prove to be a liability for employers because an employee can easily claim they weren’t made aware of policy changes.

3. You Don’t Have Effective Anti-Harassment Policies

Having a clear anti-harassment policy and protocol is more important than ever. All employees should undergo sexual harassment training so they’re aware of what counts as harassment and what to do when it occurs. When there is an incident, employees should be able to refer to their employee handbook to find how to report the incident of harassment, including the specific person they should report the incident to.

4. You’re Enforcing Overly Restrictive Social Media Policies

Within the last decade, Social Media has transformed the way we communicate, share information, and keep in touch. When it comes to the workplace, Social Media can quickly become an HR nightmare so it’s important to craft a clear Social Media Policy. However, laying down an overly strict Social Media Policy could backfire and violate employee’s rights under Section 7 of the National Labor Relations Act. Striking the right balance is key by ensuring your policy includes dynamic language, brand and identity guidelines, and regulatory awareness.

5. You’re Not Making It User-Friendly

If your handbook is loaded with legal jargon and endless detail, you run the risk of employees not actually reading or understanding it. Make sure you’re keeping your handbook concise and readable so your company policies are easily absorbed and adhered to.

6. You’re Applying Policies Inconsistently

The longer an Employee Handbook gets, the great the possibility of contradictory or redundant language. This can lead to inconsistent enforcement which can have a negative effect on company morale, especially when two employees are handled differently for the same offense. This can devalue the importance of your employee handbook, leaving employees confused about where to turn to for reliable information. It’s important to get an Employee Handbook Audit every so often to troubleshoot your policies and look for ambiguous language.

7. You’re Not Running the Handbook by an Employment Attorney

Laws and regulations might change on a dime, so have your employment legal counsel review the handbook annually (at minimum) to keep it up-to-date. Make sure to notify employees regarding updates and have them sign and acknowledge that they received the updated copy of the handbook so you have a paper trail.

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Need an Employee Handbook Audit? We can help you with that. Reach out to us at marketing@www.corpstrat.com to schedule a consultation.

Why Every Employer Needs an ERISA Wrap Document

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Heading into audit season, a simple and cost effective solution to ensure your documents are prepared correctly is having an ERISA Wrap Document. Including a wrap document will mean if there’s anything missing in your insurance policy or coverage certificate, this one document will supplement the information necessary to comply with ERISA. It’s a bit like playing defense, it’s nothing flashy but when you need it, you’re so glad you’re covered. Plus, at less than $500 a year, it’s the easiest way to save yourself a ton of headaches.

What is ERISA?

  • Employee Retirement income Security Act (ERISA) is intended to protect employees who are counting on retirement benefits or pensions promised by their employer.
  • ERISA sets guidelines and rules for how employee retirements funds must be managed, it puts strict guidelines in place for when and how employees can earn a non-forfeitable interest in promised pension benefits.
  • Every employer who maintains a health and retirement plan is subject to ERISA and must have a separate written plan document.

What is an ERISA Wrap Document?

  • It’s a relatively simple written document that “wraps” around the insurance policy, coverage certificate, or plan booklet.
  • It describes the participants’ rights, benefits, and obligations within their plans as well as the plan’s terms and conditions.
  • By using a wrap document, an employer can satisfy the ERISA Summary Plan Description (SPD) requirement by using this one document for all the health and welfare benefits offered.

What doesn’t count as an ERISA Wrap Document:

  • Summary Plan Descriptions (SPD)
  • Certificate of Coverage
  • Summary of Benefits
  • Copy of the Master Contract

Why Do I Need An ERISA Wrap Document?

  • Using a wrap document is an easy, cost-effective way for employers to show auditors that they’re in compliance with ERISA and other laws affecting the employee benefits they offer.
  • The penalties for not having one are very steep.
  • Without one, the company is left vulnerable to costly lawsuits.

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If you don’t have an ERISA Wrap Document or your company’s ERISA Wrap Document is outdated, schedule a call with us now. We can help.

5 Things You Need To Get Your HR Policy Ready for 2021!

Happy 2021, from our CorpStrat family to yours! As we dive into the new year full force, it’s incredible to reflect on how much our world has changed. It goes without saying that COVID-19 has transformed our lives and our workplaces by extension. That’s why this year, more than any other, it’s so important to make sure that you’re set up for HR success in 2021. We’re here to help you with that.

Most people only think about HR when there’s a major compliance issue, but this is the worst time to find out your HR policy isn’t properly updated. Don’t let this be you. Here are our top 5 things you should do right now to make sure your HR policy is set up for 2021:

1. Make Sure Your Team Gets Sexual Harassment Training

Recently California enacted a series of laws that strengthened the state’s protections against workplace harassment. California used to require employers with 50+ employees to complete required training every other year, it’s now 5+ employees and the deadline to complete the training was January 1st 2021. If you haven’t completed this training, let’s talk. At CorpStrat, we offer affordable Sexual Harassment Training for every company size, from 3-300+.

2. Update Your Employee Handbooks

Has your handbook been updated or reviewed recently? If not, it may not accurately reflect your company’s policies, leaving room for confusion and major compliance issues. Take the worry out of it, sign up for a free consultation.

3. Learn About Policy Changes Made Due to COVID-19

COVID-19 has changed so many things we may have taken for granted. Are you familiar with the new laws and have your company policies changed in accordance with these laws? If you’re hesitating to answer, schedule a call with us, we can absolutely help you.

4. Get An HR Audit

How can you set up your company policy if you’re not clear on what your exposures are. If you haven’t had an HR audit done in the last year, we’d advise you to get one as soon as possible to avoid red flags.

5. Rethink Your Strategic Initiatives

Are you and your employees up to date on performance reviews, job descriptions, etc.? Talk to one of our HR experts to make sure you’re on track and doing all you can.

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At CorpStrat, our HR experts will guide you through setting up your HR policy for 2021. If you’re interested, let’s talk! Call us at (818) 377- 7260 or email us at marketing@www.corpstrat.com

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