Category Archives: featured

The Crucial Role of Long-Term Care Insurance and Disability Insurance in Your Financial Plan

In today’s ever-evolving job market, employers are beginning to recognize the value of offering long-term care insurance benefits to their employees. It’s not just about enticing and retaining top talent; it’s also about helping employees plan for their financial future with confidence. However, the concepts of long-term care insurance and disability insurance can sometimes be muddled, creating confusion in the minds of many.

Both of these benefits play indispensable roles in an individual’s comprehensive financial strategy. Long-term care insurance and disability insurance share some commonalities:

Group Coverage Accessibility: These benefits might be accessible to employees with limited or no health underwriting if offered through their workplace.
Health Underwriting for Individual Coverage: When opting for more comprehensive benefits as individual policies, both long-term care and disability insurance typically require health underwriting.
Integral Components of Financial Planning: Both these insurance types are integral components of a well-rounded financial plan, and their importance cannot be overstated.

Long-Term Care Insurance Helps Preserve Peace of Mind

Long-term care insurance stands as a safeguard against the financial strain incurred by those requiring assistance with daily activities due to chronic illness, disability, or aging. This type of insurance covers the costs associated with the care required, allowing policyholders to protect their assets and income. But why should someone invest in long-term care insurance?

Choice and Control: It provides individuals with the autonomy to choose the type, quality, and location of care – be it at home, in a facility, or within a community.
Relieving Loved Ones: It alleviates the burden on family members or friends who might otherwise need to provide caregiving, a task that can be emotionally draining for both parties.
Financial Security: Long-term care insurance helps avoid impoverishment or reliance on public programs like Medicaid, which often come with limited coverage and strict eligibility criteria.
Tax Benefits: Some policies offer tax incentives, providing additional motivation to invest in long-term care coverage.
Strategic Planning: It helps in strategic financial planning to ensure adequate resources and support are in place to meet long-term care needs.

Disability Insurance Helps Safeguard Your Livelihood

On the other hand, disability insurance steps in to protect individuals against a loss of income if they are unable to work due to a disability. This disability could result from an illness or injury that hampers the ability to perform essential work functions. Disability insurance typically replaces a portion of the policyholder’s base salary, usually ranging from 40% to 70%, up to a specific limit.

Why should one consider disability insurance?

Financial Protection: It offers financial security and peace of mind for those who depend on their income to support themselves and their families.
High Risk of Disability: The risk of a prolonged disability is more significant than most people realize. According to the Social Security Administration, over one in four 20-year-olds will experience a disability lasting 90 days or more before reaching 67.
Consequences of a Loss of Income: Without disability insurance, a loss of income due to a disability can have far-reaching consequences, including difficulty paying bills, saving for retirement, or maintaining a standard of living.

Both disability insurance and long-term care insurance are indispensable components of a comprehensive financial plan. While disability insurance ensures a continuation of income in the event of a covered condition that prevents work, long-term care insurance covers the costs of services like nursing home care, assisted living, or home health care – expenses typically not covered by health insurance or disability insurance.

For employers, offering both types of insurance can be a game-changer. It demonstrates a commitment to helping their teams prepare for various scenarios that could potentially lead to significant financial challenges down the road. By providing these vital insurance options, employers not only protect their workforce but also foster a more secure and productive work environment.

To explore how these insurance options can strengthen your financial planning or to discuss other strategies for a more financially secure future, don’t hesitate to reach out. Let’s start the conversation today. Your financial peace of mind is our priority.

5 Ways CorpStrat Outshines Other Benefits Brokers

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As the Fall season approaches, we’re excited to present you with five compelling reasons to continue partnering with CorpStrat for your Fall benefits. Your benefits plan is a crucial aspect of your company’s well-being, and our dedication to excellence ensures that you receive the best service possible.

1. Expertise that Shines: Unveiling the Brilliance of CorpStrat’s Cutting-Edge Brokerage

Our reputation within the industry is a testament to our expertise. Recognized as a top-tier broker by reputable carriers such as Anthem and Blue Shield, we possess the insights needed to optimize your benefits offerings. Let’s discuss strategies that can lead to substantial savings, like the Anthem plan, potentially reducing costs by 20% or more annually.

2. A Human-Centered Approach: CorpStrat, Where Your Team’s Well-Being is Paramount

At CorpStrat, you’ll never be met with automated responses. Our commitment to personalized interactions ensures that you receive tailored solutions that align with your specific requirements. Navigating the complexities of healthcare and insurance is seamless with our engaged and attentive team.

3. Streamlined Digital Enrollment: A Paperless and Convenient Future

Transitioning to digital enrollment eliminates administrative hurdles. Our Ease platform offers a user-friendly experience, making enrollment hassle-free and environmentally responsible. Bid farewell to paper-based processes and embrace streamlined digital solutions.

4. Unleashing Creativity: Innovative Benefits to Elevate Your Team

Our commitment to your success means thinking outside the box. Imagine the potential of providing your key team members with guaranteed acceptance Life Insurance, all without the hassle of underwriting or setting up a private company foundation. Our creative ideas and strategic planning aim to elevate your benefits program to new heights.

5. Compliance Excellence: Staying Ahead of Regulations

Navigating complex compliance requirements is a challenge we’re well-prepared for. We keep you updated with cutting-edge compliance solutions, including ERISA, COBRA, and various pre-tax programs, ensuring your peace of mind.

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Your continued trust is vital to us. With a client retention rate exceeding 95%, our track record speaks for itself. We’re here to ensure your benefits experience is second to none.

Let’s continue our journey together. Should you have any questions or wish to discuss your Fall benefits strategy, please don’t hesitate to reach out.

Introducing VIVITY: Revolutionizing Healthcare for SoCal Small Groups

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Are you ready for a game-changing healthcare experience that puts affordable, high-quality care within reach? Look no further than VIVITY, the groundbreaking health insurance product brought to you by Anthem Blue Cross. We are thrilled to unveil this innovative solution that offers premium savings of up to 22% compared to Anthem’s FULL HMO plans on average. With VIVITY, your journey to exceptional care begins now!

What is VIVITY?

VIVITY brings together the expertise of Anthem along with seven world-class healthcare systems, forging a unique partnership with one mission in mind: delivering outstanding healthcare. Say goodbye to compromise and hello to a seamless and engaging member experience. VIVITY is designed to provide affordable, top-notch care with concierge coordinated service, making healthcare accessible and convenient for Southern California Small Groups. And guess what? This means significant savings for your company!

Why choose VIVITY?

Let us tell you about the exciting benefits that await:

1. Affordable Savings

VIVITY takes the lead when it comes to cost advantage. You can expect savings of up to 22% compared to Anthem’s FULL HMO plans on average. Plus, your employees can enjoy high-quality healthcare without breaking the bank. It’s a win-win for everyone!

2. Exceptional Care

VIVITY is not your ordinary health insurance plan. It’s a joint venture with seven renowned healthcare systems that are globally recognized for their exceptional care. With this powerful partnership, you can rest assured knowing that you’ll receive the highest standard of medical services and treatments, all under one comprehensive plan.

3. Regional Focus

VIVITY is tailor-made to cater to the needs of Southern California Small Groups. They understand the unique challenges and requirements of this region, and have strategically focused their efforts to provide you with the best possible care at an affordable price. Prepare to witness significant savings for your business!

What sets VIVITY apart?

This is not just another run-of-the-mill insurance plan. VIVITY represents a true breakthrough in pricing, offering one of the first significant premium reductions in many years. It’s time to take advantage of this game-changing opportunity and put your healthcare savings into high gear.

VIVITY is all about creating a seamless and engaging member experience, ensuring that you receive affordable, high-quality care with concierge coordinated service. It is designed to make healthcare accessible and convenient for Southern California Small Groups, because we believe that exceptional care should be available to everyone, regardless of their budget.

To showcase the strength and expertise behind VIVITY, we proudly introduce our seven award-winning partners:

Cedars Sinai
Huntington Hospital
Providence
Memorial Care
PIH Health
Torrance Memorial
UCLA Health

These renowned healthcare systems have joined forces to deliver an unparalleled healthcare experience that sets a new standard in the industry. They’re breaking barriers and transforming the way you think about health insurance.

Ready to learn more about how VIVITY can significantly reduce your healthcare insurance premiums? Don’t hesitate to reach out to us at marketing@corpstrat.com or call us at 818-377-7260. We’re here to answer any questions and guide you through the exciting possibilities that await with VIVITY.

Should you Hire or Outsource HR?

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A question we often get is, “Should I hire a full-time HR person or outsource my HR?” It’s a really important question and we wanted to address it on the blog today. In general, HR is a critical part of any business operation. So much gets wrapped up in the HR seat, it’s often responsible for: maintaining morale, culture, hiring, firing, delivering employee handbooks, ensuring compliance, and more.

However, many firms decide not to have a full-time, dedicated HR person. Instead they’ll opt to delegate the task among several employees, all who may know a little bit about HR laws and guidelines, but may not know enough of the nuances to keep a company in compliance and help it reach its full potential.

So is there are “right way to do it”? Not necessarily, but there is a “right” solution that best fits your organization. We think there are three primary ways a business can set up their HR department; none of them are “right” or “wrong”, it’s just about finding the option that best fits the employer.

1. Hire a full-time HR person.

This is pretty self-explanatory, you can hire an in-house HR person that focuses solely on managing and executing HR. We think having an in-house HR person may be best for growing companies that have 55-70 plus employees. These organizations are large enough that they really do require the support of a full-time HR person or HR team.

2. Outsourced HR.

If you hop on Google and look for an outsourced HR solution, you’ll find hundreds of them. Very few of them are really good but there’s an unending supply of them. These outsourced HR companies will help you with all the baseline HR tasks: handbooks, compliance, access to form libraries and policies. They can even help with employee agreements like hiring or separation agreements. Often they’ll provide ongoing support through a call center or email.

The main drawback is as a user is you’re left on your own to navigate their system and, because these tech HR companies are so massive, it can be difficult to get someone on the phone to answer your questions directly.

3. Full-service, outsourced HR.

Full-service, outsourced HR provides the same benefits as the outsourced HR department, but you get much more value because you would have a proxy HR department but not on your payroll.

These type of firms, can step in, get to know your team, and help with culture, morale, interviewing, hiring, terminations, conflict resolution, etc. And a lot of times they’ll even work directly with the employees and help drive your HR initiatives. We think this is how you get the best of both worlds.

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There’s really no right or wrong way to do this. Every company is going to set up their HR department differently, based on the size of their company and their objectives. Sometimes it’s about finding the best combination of the two, depending on the needs of the company.

At CorpStrat, we offer full-service, outsourced HR. If you have questions about how to best set up your HR department, let us know. We’re here to help. marketing@corpstrat.com

5 Things You Didn’t Know About Your FSA

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One of the biggest financial challenges people in the US are facing is whether or not they’re able to afford healthcare. People are already struggling to pay for the insurance premiums but on top of that, they’re afraid deductibles, prescriptions, and co-insurance might push them into the red. It’s no wonder that they’re struggling. Healthcare costs have risen faster than inflation.

In 2023, having some money set aside to cover these out-of-pocket costs is critical for most employees. A Flexible Spending Account at its core is a tool that allows an individual to set aside money to pay these out of pocket expenses with pre-tax dollars allocated for the year. For 2023, the FSA limit has increased to $3,050 for an individual and $5,000 for a family. This is money that employees can set aside to pay for out of pocket health care costs and they won’t be taxed on it.

Here are five things to be aware of when considering putting money into an FSA:

1. Over-the-counter medicine.

So the CARES Act, which was passed a year ago, expanded the FSA limits and it allowed you to use your FSA to buy things like flu cold, cough medicine, antacids, heartburn medication and all sorts of skin creams and sleep aids. Most FSAs have smart cards like a debit card. So if you go to Rite Aid and you buy toilet paper and cough medicine, it’s going to know which one can be deducted from your FSA and pay for it on that card.

2. Long-term care expenses.

Did you know that you can use your FSA funds to pay premiums for long term care and even Medicare premiums up to certain limits? Contact us at marketing@corpstrat.com if you’d like to learn more.

3. Use it or lose it.

Traditionally, FSA plans ran from January to December 31st. You only had that calendar year to use the funds you elected for the plan. Now plans have evolved and often allow you to roll-over unused funds. Every plan is a little bit different so be sure you know the rules that your employer has set up. Typically, employees are given two and a half months after the plan year to use any excess funds. But some employers will even let you roll over and use it all the way through the next year.

4. Double dipping.

Is it allowed and what are the rules? Double dipping refers to people that have HSAs and FSAs. You cannot have a full HSA and full FSA because you could extract the funds out of both accounts to pay for one expense, which would be double dipping. There is a tool available called a limited FSA for employees who also have an HSA and this allows them to get the benefits of both without double dipping.

5. Ignorance can be costly.

Take the time to truly understand how valuable an FSA can be. If you have access to one and you’re not using it, you’re literally wasting your own money. Every person has expenses that are not covered by health insurance every year. So if you have access to an FSA, we think it’s a no brainer to take advantage of it.

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If you have any questions, feel free to reach out. We’re here to help. Email us at marketing@corpstrat.com.