Much of the workforce is still tapping away on those home laptops. Kids are trying to learn calculus or sight words or American Revolution facts right alongside their parents. The threat of exposure to the pandemic looms like a mystery cloud of despair. In this time of uncertainty, close quarters and overall life disruption, what’s a company to do?

It’s time to call in the Employer Assistance Program.

Employers, an EAP can be one of your closest allies right now. Here’s how to make yours a visible tool to your employee population – a tool that they actually use for good.

• First, remind your workers that the EAP actually exists. It’s quite possible they’ve never used it before. It’s designed to help employees with stressors both large and small, and it’s confidential. Remind employees that the company will not be able to access personal information through it. This is confidential assistance.
• Share general examples with employees regarding how the EAP can help. For example, consider the following scenario: An employee was wondering whether or not he was drinking too much. He was feeling especially anxious about his ability to perform his work at a high level while at home. Seeking expert advice on the matter, he reached out through the EAP and was able to secure a therapy appointment.
• Another scenario might look like this: For the past few weeks, nothing seems to make this employee happy. He’s worrying all the time, and it’s difficult for him to complete his work because his heart is just not in the task. As a matter of fact, nothing is really making him smile anymore.

Individuals with situations that mimic the examples above would be referred to a therapist who would address their issues specifically. Note: Most EAPs are not going to take an individual through long-term counseling. But for the scores of people feeling ‘not quite themselves’ in this time of Coronavirus, an EAP can provide exactly what they need in order to put themselves on a sturdier road toward mental health.

For more information regarding EAP help in the time of COVID-19, take a look at the International Employee Assistance Professionals Association resources specifically aimed at EAPs: https://bit.ly/2yKAqdG.

For answers regarding your specific EAP and further advice regarding how to communicate the benefits of it to your organization, call your W3 advisor. And remember this one silver lining throughout this time of uncertainty: Thanks to the EAP, people can continue to access the help they need.

Looking for a crystal-clear answer dictating whether or not you should purchase disability insurance? Here it is (drumroll please). If you work 30+ hours weekly and depend on your paycheck, you need a policy. Read below as we answer additional questions to explain why thousands of people each year are thankful they opted for the coverage.

What is disability insurance, exactly? Injured in a car accident? Diagnosed with cancer? Disability insurance provides income replacement benefits that help pay bills so that you can direct your energy toward what’s really important – recovery. Individuals who suffer a disability but don’t have a disability insurance policy will likely have to use their savings/investments to continue to afford monthly expenses. This puts a huge amount of stress on the individual as well as their family.

How do I know if I’m qualified to receive disability insurance? Policy limits are determined based on your current income, and you must be actively at work for a minimum of 30 hours each week to qualify.

Do I really need disability insurance if my occupation is not hazardous? Absolutely. More people are sidelined each year due to illness than to accidents. Claims statistics show that 80% of claims benefits have been paid due to an illness. Disability insurance doesn’t just protect your livelihood if you’re injured while on the job (be careful pouring that hot coffee, by the way). It protects you outside of work.

How do I know how much to purchase? Some employers provide their workforce with disability insurance. However, even if your employer provides a policy, the limits may not be adequate to cover expenses. Be aware of what is already offered to you before you call a disability insurance advisor to ask about insuring for gaps of coverage. Filling the gaps of coverage from your group policy with a supplemental individual disability policy can make a huge difference.

How affordable is disability insurance? Online tools such as the one found atprincipal.com/calculatemyneed give you a general view of how much coverage is necessary and the corresponding costs involved. Policies are often flexible, and there are selections for nearly any budget. It’s imperative that you speak with an advisor who can access different policies and options for you.

The bottom line is this: We have to expect the unexpected. There are too many stories about random diagnoses and accidents for us to ignore them; the news reports such tragedies every day. Most individuals insure their home, car, and boat (and even their cell phones) but then forget to insure the proverbial ‘golden egg’ – their paycheck.  

Contact disability insurance advisor Abbey Bowersox, CLU at 727-522-7777 ext. 150 and start a discussion that ends with coverage. Should illness or injury occur, your income will be protected – and hopefully the healing can then begin.

Do your employees understand their benefits? Are they using them properly?

Many Americans spend more time researching cell phone carriers than they do learning the details of a health plan. Educate your employees about healthcare benefits, and you’ll have a workplace staffed by informed healthcare consumers who stand to reduce claims costs and absenteeism rates.

Here’s where to begin.

Make employees aware of the important services available. Most people know that the annual exam with a primary care physician is a covered event. Other preventive services (these are age and gender specific – check your carrier’s website) are also covered. These include

colonoscopy, mammogram, pap smear, diabetes screening, tobacco cessation counseling, depression screening and immunizations like the flu shot.

After ensuring your workforce understands these initial coverages, share additional information. Answer the following questions to hone in on the topics that need to be addressed.

• Do your employees know the importance of staying in network to avoid possible balance billing?
• For minor illness questions, is telehealth assistance available?
• Do employees understand the difference in cost between urgent care and ER visits?
• Are they aware of the tools available through carriers to obtain the estimated costs of procedures or services in order to utilize the best facility at the best pricing?
• Are employees prescribed maintenance medicines using pharmacy mail options to save money and time?
• Are individuals aware of the meaning of the health savings account and how to properly use it?

Empowering employees with the knowledge to utilize their medical, dental, and vision insurance can lessen their stress when a medical event arises. Be creative with your marketing to grab their attention. For example, sharing employee testimonials about a successful telehealth visit will probably make more of an impact than just a flyer. Monthly or quarterly “tips” can reinforce the importance of healthcare consumerism as well.

An informed patient/employee can save time and money by utilizing benefits properly. For more information regarding how you can educate and support your employees to become more informed healthcare consumers, feel free to contact me at tblocker@w3ins.com.

Inspire Employee Stability,
Productivity Through Financial Education

Many workplaces are adding financial wellness education to their list of classic wellness offerings like biometric screenings and fitness/weight loss programs. For many, the catalyst for this focus is the recent government shutdown, which brought a disturbing reality to the forefront. At best, many Americans have a shaky hold on financial stability. According to the Federal Reserve, nearly half lack an extra $400 in emergency savings.

Imagine asking each of your employees to give their pocketbook a physical. What would the outcomes reveal? Is your workplace full of Adonis-level investors with stacked emergency funds and 501K maxes, or would the exercise expose overspending and a lack of savings? The detrimental outcomes associated with unstable finances are well-documented. Financially stressed employees can see dips in productivity and increased health risks. That’s not good for anyone.

Thankfully, employers can do plenty to educate their employees regarding sound financial practices, and some are making a huge difference by tailor-making their program. Pitt Ohio is one such example. The provider of transportation and logistics surveyed their employees to reveal where any ‘financial literacy holes’ existed. The company then created a custom plan to educate workers and to meet their specific needs. Financial counseling was made available. Weekly payroll deductions to a savings account began.

What should an employee financial wellness program look like for your workplace? It depends what your employees are most receptive to. Some programs are completely online; others incorporate seminars and teleconferences. A third-party vendor is suggested, as employees may not feel comfortable revealing the state of their financial health to an employer. Expect education regarding such subjects as debt, mortgages, insurance, wills and trusts, budgeting, financing a home and more.

Just as with a wellness program focused on individual physical health, participation is key to success. Therefore, be open with employees that their privacy is protected. Encourage them to become more financially literate, and facilitate this by making the program easy to navigate. Remember: the return on investment for participating in such a program can be lifechanging. Removing financial uncertainty from an individual’s To-Do list can have a positive lifelong effect.

Physical health is important, yes, but so is peace of mind. Accordingly, so is peace of pocketbook. Consider financial wellness a pivotal part of your business wellness program.

Are you looking to begin or expand your organization’s financial wellness offerings? Contact Trish Blocker at tblocker@w3ins.com for tips and advice.
Source: https://www.forbes.com/sites/jennifertescher/2019/01/18/many-just-a-paycheck-away-from-financial-ruin-employers-and-fintech-can-help/#1dbc96c53e4e

Summer is the popular time for vacations. Your employees will be making their plans and packing their suitcases with all the essentials, but they are probably forgetting something that could make or break their trip: information for their telemedicine provider.

Time to Sign Your Employees Up for Telemedicine Services

This is a great time to remind your employees to bring digital access to a doctor with them. Promoting telehealth to your employees now can reduce unnecessary Emergency Room visit claims while they are away. Employee engagement in these types of programs is a win-win for all parties involved. [Read more…]

Since 2013, many small businesses have been protected from the full effects of the Affordable Care Act. They have been allowed to maintain health plans that existed prior to the passage of the law, known as transitional or “grandmothered” plans, which favor the youngest and healthiest employee groups.

The time allowed to maintain these policies has been extended for what seems to be the last time. Earlier this year, Health and Human Services (HHS) stated that transitional policies must end by Dec. 31, 2017.  Under the extended transitional policy, grandmothered plans will not be considered to be out of compliance with the ACA’s market reforms. Florida adopted this extension allowing Floridians to take advantage of the lower premiums throughout 2017.

Additionally, HHS has stated that they will work with issuers to implement the extended transition policy, including options that begin on Jan. 1, 2017.

According to HHS, this approach will facilitate smooth transitions from transitional coverage to ACA-compliant coverage, which requires a calendar year policy in the individual market. However, with double digit rate increases in both the individual market and post-ACA small group plans, employers have many more considerations as they contemplate what this transition will do to their bottom line.

Considering that post-ACA small group risk pools tend to include older and less healthy populations, rates are expected to increase if an employer with a grandmothered plan simply accepts an ACA compliant small group renewal. Instead, should begin laying the ground-work to ensure their population remains healthy. This allows the employer to take advantage of other ACA compliant programs that will continue to shield them from the full rate effects of healthcare reform including:

• Alternative Funding of Premiums
• Purchasing Health Insurance through a PEO
• Receiving Premium Discounts by Implementing a Wellness Plan

Each of these programs requires lead time for building a post-ACA strategy that fits your company’s goals and to educate employees for a smooth transition. Use of these programs often yield lower premiums and creates a more sustainable benefits program.