Benefit Plans

Silicon Valley Attempts To Disrupt Healthcare

April 9, 2018 by CorpStrat News Leave a Comment

Will Apple, Google, and Amazon be successful in disrupting the healthcare industry?

Some of the biggest and most famous brands in America are making big bets on health care. The blue chips of Silicon Valley — Amazon, Apple, Google, Uber, and JP Morgan— have announced in the past several weeks they’re interested in disrupting an industry that has challenged us with rising costs and inefficiencies for decades.

None of these companies appear to be competing directly with each other, (at least not yet). Some are focusing, for now, on helping their own workers with better health care administration and improving their employees’ health and establishing their own clinics. Others are testing the waters to collaborate with existing health insurance companies. Another is diving headlong into its new venture, ready to go toe-to-toe with the current top dogs in their field.

But taken all together, these ventures span much of the health care food chain, from insurance to distribution. They all share the goal of lowering costs, whether by more administrative efficiency, by encouraging better health, or by simply underselling the existing market. Yet, disrupting American health care won’t be simple, but they have a head start.

Ensure That Your California Business Is Compliant

April 4, 2018 by CorpStrat News Leave a Comment

Proposed HR Compliance Laws

California law makers are currently reviewing several proposed laws that effect employers of all sizes (and not necessarily in a good way.) The following laws are likely to become effective within the next 12 months.

Paid Sick Leave Expansion (AB 2841) – This bill would expand the current paid sick leave law on the books per county to 10 days (80 hours) of paid sick leave.

Employment Protection for Medical Marijuana Users (AB 2069) – This bill would amend the Fair Employment and Housing Act to make it an unlawful employment practice for an employer to take adverse action against an applicant or employee. All because of a positive drug test for marijuana (by a medical marijuana cold holder) or because of one’s status as a medical marijuana card holder.

[An employer may still discipline an employee for being under the influence while working or being on the employer’s property. Key change relates to the area of employee accommodations. Exceptions would be made from employers who would lose a license or monetary benefit under federal law.]

California Based Company Finds Outsourced HR Support Invaluable With CorpStrat HR

March 21, 2018 by CorpStrat News Leave a Comment

Kermisch & Paletz LLP is an established litigation and family law firm with over 30 years combined expertise in the areas of family law, civil litigation, immigration, mediation, and appeals. Their unique team approach to law, even in practice areas that are traditionally left to sole practitioners allows them to deliver the best results for their clients. They never lose sight of putting their clients’ needs first and to position them in the best way possible for a successful outcome. Holding similar values, the team at CorpStrat, who are dedicated to delivering Kermisch & Paletz’s HR and risk management compliance needs.

Managing Growing Pains

Like many California-based businesses, Kermisch & Paletz LLP, was feeling the growing pains of a successful start-up business. Knowing that having a solid HR infrastructure and key staff to address employee and compliance issues would allow them time to focus on their business. In 2017, they made it a priority to seek outside HR support.

“The laws are changing in my own field, and when it comes to employment law its even more complicated,” said Jorge Velasco, Senior Partner at Kermisch and Paletz. CorpStrat HR is our go-to for all our HR needs.”

HR and risk management compliance were just the beginning. With CorpStrat HR, Kermisch and Paletz found a complete HR solution including payroll, employee benefits, HRIS system and much more.

“CorpStrat HR is the best value in town,” said Mary Lu, Partner. The service level far exceeds what we were getting before.”

Employee Relations

CorpStrat HR has become the key resource for all our HR related issues at Kermisch and Paletz. Whether its coaching an employee, guiding management on key issues, addressing an employee’s concern, or addressing new changes in the field of HR.

HR Compliance

CorpStrat HR provided relief to a sensitive HR matter they were not familiar with. The depth of experience in complex matters involving different personalities and view-points was a definite advantage.

Personalized Service

“We really enjoy working with our dedicated representative, Victoria. She is knowledgeable, proactive, responsive and the employees like her too.” A key differentiator with CorpStrat HR is you will find them working with the client side-by-side. The HR representatives truly become part of the company’s culture.

CorpStrat HR Value Proposition

Jorge and Mary now have peace of mind knowing they can reach out and have the guidance and expertise that CorpStrat HR offers. With CorpStrat HR you don’t have to spend time worrying about the nuances of HR, insurance, or payroll. Those are things you can outsource, and instead focus on what you love to do. For Kermisch and Paletz, it’s practicing law.

The Uncertainty of Googling HR Issues

March 19, 2018 by CorpStrat News Leave a Comment

Why Googling HR Issues Is A Bad Idea:

In a recent conversation with a client, we spoke of employees having access to the internet. We both agreed that this can be a blessing or a curse depending on the day of the week in the HR world. Prior to working with CorpStart HR, this client said their company handled information on employment laws and other topics one of two ways:

Googling it themselves, or
Calling an attorney.

Calling their attorney was often a good experience. As a trusted advisor with extensive knowledge of their business, they knew they could trust the information being provided. At times this became cost prohibitive so they would Google the issue. This resulted in a mixed bag of opinions with a sprinkle of the law depending on the subject.

Success and Preparation Go Hand In Hand

March 16, 2018 by CorpStrat News Leave a Comment

What is the greatest exposure for most business owners? Failing to plan.

Lots of business owners wake up at 2:00 am, worried and fearful, unable to go back to sleep, because they are consumed with the challenges facing their business and their families: What happens if I get sick? What happens if I can’t meet overhead? If my largest client goes out of business? If something, happens to my partner, wife, child or a parent? How will I retire? Who will succeed my business? If my lead-sales person leaves? Do I have a backup plan? The list goes on and on, right??

It takes a lifetime to build a business and it takes a moment for it to fall apart. According to Success Harbor and the U.S. Census Bureau, 400,000 new businesses are started every year in the USA, but 470,000 are dying and around half of all businesses no longer exist after five years. Only one-third make it past their tenth anniversary

All it takes is an unexpected death, an unforeseen illness, or a key personnel departure. Business owners must understand the possibilities, prepare for the risks, and plan for their continuity and succession. Protecting the business means protecting the families that depend on your business. The financial stability is interconnected. We understand this because we live it ourselves.

Are You Prepared?

We don’t have to look far to see the challenges that business owners face. Entrepreneurs face these dilemmas each day and we see family members get sick, become dependents, consume assets and increase the pressure. Success and preparation go hand in hand, and things move quickly in the world these days.

As insurance brokers and advisors, we regularly council with professionals – asking the challenging questions, and provoking dialogues into uncomfortable spaces between wants, needs and priorities. We are the catalyst for business succession, key man retention, insurance planning, and retirement focus. We prompt referrals to our network of professionals and engage your advisors to help you identify and achieve your goals.

Something keeping you up at night, staring at the ceiling? Likely, it’s in our zone of comfort. Comment below or call and let’s have a conversation about the things and people you care most about.

How To Evaluate The Right Benefits Broker: 6 Important Questions To Ask Yourself

March 7, 2018 by CorpStrat News 1 Comment

Choosing the right broker can be a daunting task. While all benefits brokers have access to the same carriers and rates, there are value-added services that a skilled benefits broker will also provide; usually at little, or no additional cost. It’s important to take the time to find the right benefits broker for your company’s needs.

To get the most out of your broker partnership, ask yourself these 6 important questions:

1.) Are you up-to-date on the latest health care reform regulations, receive guidance and the latest developments?

Compliance concerns continue to increase for businesses. Between ERISA and payroll taxes, maintaining compliance is becoming more difficult and frustrating for companies. Here, a benefits broker can become the compliance officer for its clients.

2.) Do you have support during your open enrollment that includes educational materials, meetings, and other communications?

There is a lot that can go wrong during open enrollment periods and things can get hectic, especially in the coming years as health care reform and political turmoil spiral. Benefit brokers are there to help guide you through the process to make as seamless as possible.

3.) Who do you call when you’re faced with a complex question from a former employee about COBRA coverage?

Sure, you can try calling the U.S. Labor Department or the Internal Revenue Service office, but the most effective way to handle their questions, would be to consider calling upon insurance brokers. These skilled and certified professionals will eliminate the painful task of navigating COBRA coverage for existing and former employees.

4.) Do you know how other companies of your size and demographics are providing benefits to their employees so that you can remain competitive?

In many cases, employers must offer health care in order to remain competitive with other businesses for the most talented employees and avoid fines imposed by health care reform. The Patient Protection and Affordable Care Act requires employers with 50 or more full-time employees to offer adequate health coverage or be subject to assessment if their employees receive premium tax credits to purchase their own insurance.

5.) Are you aware of voluntary and workplace benefits that you can offer without adding significant cost on your end?

Be strategic about cost saving voluntary benefits. Voluntary benefits have long been a relatively simple and inexpensive way to expand the benefits a company can offer employees. With out-of-pocket medical costs growing into the tens of thousands of dollars, voluntary benefits can extend this type of financial protection to health care.

6.) How do you educate employees about how to make the most out of their benefits and do you have an online platform to access?

Education, especially when it comes to ones’ health is especially important. By explaining and guiding your employees on the different benefit plans offered, it can help them appreciate having access to coverage in the first place. But to really help employees feel comfortable with their benefit plans, we strongly suggest providing ongoing and consistent education throughout the year.

The above is only a sliver of the value-added services your benefits broker should offer. If your current broker isn’t providing all the above, feel free to reach out to us. We’re a full-service brokerage firm offering insurance, technology, and compliance solutions for all facets of your business

Ask us how you can spend less time on the broadening workload of benefits enrollment, payroll, & compliance and more time on growing your business. Contact us today, or learn more about CorpStrat HR and CorpStrat Payroll.