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Not sure if your employees need life insurance?

For many people, life insurance is an afterthought, and often employees don’t realize the importance of getting a proper plan. On the other hand, those who do apply for it usually have to face tons of paperwork and the risk of paying exorbitant amounts of money. This issue can be due to the nature and complexity of insurances in general; misinformation from those who sell it, and ultimately it’s not a topic that people would rather talk about and discuss with their family members. The truth is, life insurance is one of the pillars of personal finance! That’s why employer-sponsored group plans can be an especially attractive benefit for prospective employees.

With the proper guidance from the right insurance company, such as Lewis & Palmer, we make it possible to simplify the decision-making process and choose the right insurance plan for employees, employers, and their families. Here are three reasons why this is important:

1. Makes Your Employees (and their families) Feel Safe
Offering life insurance plans to your employees is a way to let them know that you care and if something happens to them, their family can be financially supported and protected. Many employees might feel intimidated by the thought of something happening to them, and for that reason, it’s important to offer a proper training. Teaching employees about the importance of life insurance will help to increase loyalty to the company as they better appreciate this benefit.

2. Keeps Your Employees Happy & Satisfied
Instructing employees on the importance of obtaining life insurance through your group plan can help increase awareness, boost loyalty, and support hiring and retention initiatives. If you offer proper insurance plans, the chances are that they will remain working for you in a grateful way because they would have a good backup plan which the can rely on. As a matter of fact, many employees when looking for a job make sure that the company offers insurance plans; if you don’t offer them, potential employees are more likely to move on and find another job offer.

3. Improves Employees’ Productivity
An ideal health status can impact an employee’s financial situation and increase productivity at work. According to the MetLife study, employees in bad health are more likely to report financial concerns. Once your employees feel safe and satisfied with the insurance plans you offer them; their productivity will increase because they will put their best effort to keep a job that gives them exactly what they need. One of the secrets of being a great employer and business owner is to keep your employees happy and safe as well as maintaining healthy relationships within the workplace.

As a conclusion, with the proper life insurance plan (among other group benefits) employees, will improve their financial and physical standing, wich will strengthen their relationship with their employers and this will result in greater retention, loyalty and increased productivity. In turn, having a committed and productive workforce will also help businesses reach their goals and achieve long-term success.

Does your organization offer life insurance as an employee benefit? Let Lewis & Palmer be part of your decision-making process! We can help you determine the best way to offer coverage that fits your budget and meets your employees’ needs.

The Great Importance of Life Insurance Plans for Employees

For many people, life insurance is an afterthought, and often employees don’t realize the importance of getting a proper plan. On the other hand, those who do apply for it usually have to face tons of paperwork and the risk of paying exorbitant amounts of money. This issue can be due to the life insurance’s complexity, misinformation from those who sell it or probably because it’s not a topic that people would rather talk about and discuss with their family members. The truth is, life insurance is one of the pillars of personal finance! That’s why employer-sponsored group plans can be an especially attractive benefit for prospective employees.

With the proper guidance from the right insurance company, such as Lewis & Palmer, it is possible to simplify the decision-making process and choose the right insurance plan for employees, employers, and their families.

Here we are some reasons why it is important to offer life insurance plans to employees:

1. It makes Your Employees Feel Safe

Offering life insurance plans to your employees is a way to let them know that you care and if something happens to them, their family can be financially supported and protected. Many employees might feel intimidated to the thought of something happening to them, and for that reason, it’s important to offer a proper training. Teaching employees about the importance of life insurance will help to increase loyalty to the company as they better appreciate this benefit.

2. It keeps Your Employees Happy & Satisfied

Instructing employees on the importance of obtaining life insurance through your group plan can help increase awareness, boost loyalty, and support hiring and retention initiatives. If you offer proper insurance plans to your employees, the chances are that they will remain working for you in a grateful way because they would have a good backup plan which the can rely on. As a matter of fact, many employees when looking for a job make sure that the company offers insurance plans; if you don’t offer them, potential employees are more likely to move on and find another job offer.

3. It improves Employees’ Productivity

An ideal health status can impact an employee’s financial situation and increase productivity at work. According to the MetLife study, employees in bad health are more likely to report financial concerns. Once your employees feel safe and satisfied with the insurance plans you offer them; their productivity will increase because they will put their best effort to keep a job that gives them exactly what they need. One of the secrets of being a great employer and business owner is to keep your employees happy and safe as well as maintaining healthy relationships within the workplace.

As a conclusion, with the proper life insurance plan (among other group benefits) employees, will improve their financial and physical situation, wich will strengthen their relationship with their employers, and this will result in greater retention, loyalty and increased productivity. In turn, having a committed and productive workforce will also help businesses reach their goals and achieve long-term success.

Does your organization offer life insurance as an employee benefit? Let Lewis & Palmer be part of your decision-making process! We can help you determine the best way to offer coverage that fits your budget and meets your employees’ needs.

The Importance of Offering Group Benefits to Your Employees

As a business owner, it is important for you to offer your employees the protection they deserve and make your company a place where people want to work. Group Benefit plans are particularly helpful because it allows employees to track, identify and treat any issues on the spot.

The reality is simple; your workers will not be able to give you their best performance unless you make sure to provide them with the right coverage and guidance. Luckily, you are not alone. Companies like Lewis & Palmer are here to help you offer your hard working employees the assistance they need. With the proper plan, every employee can maintain a good health and stay away from conditions in the long term that may limit their work performance.

It is not easy to get the best value without the right coverage, and this is why it can be imperative to hire a group benefits company to intercede. After all, nowadays, employees do desire and expect higher benefit levels. If you are a business owner or if you are in management, it is important to have a clear understanding of the benefits that are valued the most by employees. Here is a list of group benefits that are available for you to provide to hard-working employees.

•    Group life insurance and AD&D
Group Life Insurance can provide financial assistance when an employee faces an unexpected event and needs relief. The proper insurance can make sure that the employees family members are financially protected in case of a tragic event. This kind of insurance is also in a position to provide coverage against serious accidents, which cause the loss of body parts including limbs.

•    Group long term and short term disability
The employees are always concerned about the loss of income in case of a disability. They don’t even wish to think about it. However, accidents can happen anytime, anywhere, and employees might have to face such unfortunate incidents in life. They are unavoidable, but group long term and short term disability have the ability to provide an excellent financial assistance to them in such situations. Therefore, a working person must be provided with some sort of disability insurance.

•    Group medical insurance
It is the responsibility of the employers to take care of their hard working employees. Therefore, it is crucial to provide them with a reliable group medical insurance. When employees fall ill, they will have to spend a considerable amount of money out of their pockets to go for treatments. Group medical insurance can keep them away from that hassle. This would provide an ideal environment for them to focus on their responsibilities instead of anything else.

•    Group dental care
If you want your employees to maintain proper oral health, you should encourage them to visit the office of the dentist on a regular basis. However, dental visits can cost a significant amount of money for the employees. That’s where group dental care insurance can help them with by taking care of the financial expenses that they will have to bear at the office of the dentist.

•    Employee assistance plans
Lastly, you need to consider about providing group employee assistance plans. This would provide them an excellent support when they encounter frustrating situations in life such as divorce, the death of a loved one and parenting. In such instances, your employees would require additional finances to get through the difficult stage in life. The employee assistance plan is in a position to cater that financial requirement and help the employees to stay away from frustration.

Overall, productivity is crucial for your business, and giving your employees the proper guidance to approach any struggles can be incredibly beneficial for your regarding productivity and growth in the long term.

For more information about Group Benefits Plans available, contact Lewis & Palmer and set an appointment for a free consultation to find out more.

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Changes to the Minimum Wage Rate for 2017

The arrival of the new year signifies more than New Year’s resolutions. Those who work low-wage jobs have much reason to celebrate in 2017. Many states are boosting their minimum wage to compensate hard-working Americans. In total, 29 states plus the District of Columbia are hiking their minimum wage rates beyond the $7.25 required by the federal government.

Changes to the Minimum Wage

Changes to state minimum wage laws in 2017 will lift many hard-working Americans out of poverty. In fact, 22 of the 45 states with minimum wage laws on the books will hike their minimum wage in the new year. The overarching trend is toward increased compensation for workers who have been struggling to make ends meet. All-in-all, slightly less than 50 percent of states with minimum wage laws on the books will increase their minimum wage in 2017. This represents a considerable leap from the 33 percent of such states that hiked minimum wage pay rates last year.

A Look at Some Specific Changes

Florida’s minimum wage workers earned $8.05 per hour in 2016. This pay rate will climb just a bit in 2017 to $8.10 per hour. Employees who are eligible for tips will now receive a mandatory minimum wage of $5.08. Those who work low-wage jobs in California will enjoy a minimum wage hike to $10.50 per hour as long as they labor for an employer with at least 26 employees. Minimum-wage workers in the District of Columbia will be compensated with a minimum of $11.50 per hour until July 1, when compensation climbs to $12.50. Workers in Massachusetts and Washington will receive a minimum of $11 per hour beginning January 1.

FLSA, the Minimum Wage and Tip Credits

Organizations subjected to the Fair Labor Standards Act (FLSA) are required to compensate employees with at least $7.25 per hour. This level of compensation is mandatory regardless of whether the state’s laws permit a lower pay rate. Several states are altering the maximum tip credits an organization can count toward employee hourly compensation. If the rules of the FLSA apply to an organization, it can apply a maximum tip credit of $5.12 per hour. Those doing business in states with tip credit maximums that exceed the federal tip credit’s maximum can apply a higher tip credit as long as the difference between the state credit and tip credit is at least $2.13.

For more information about complete payroll, human resources and benefits administration, call the professionals at Lewis and Palmer Benefits. We have Professional resources that can help you manage your employees and business.

Are you ready for Afforable Care Act Health Insurance Open Enrollment?

Enrolling for health insurance through the Affordable Care Act (Obama Care) provides a number of benefits, particularly for low and middle-income families, as well as businesses. Doing so during the annual enrollment period is a sure-fire way to save money. It represents an opportunity to reconsider your healthcare coverage. As the 2017 enrollment season nears, it is the ideal time to begin planning.

Open Enrollment begins on November 1, 2016. Since last year’s enrollment period some changes have been applied that you need to know about.

Affordable Care Act Changes for 2017

As the regulatory framework for the Affordable Care Act continues to change, it brings a number key benefits to policyholders. As can be expected, 2016 ushered in its fair share of updates.

Some the changes include the following:

  • Health insurance tax waiver for 2017 – this leads to a significant reduction in premiums and overall costs (up to 3 percent).
  • Affordable Care Act reinsurance program discontinued for 2017 – the program conducted assessments on payers and distributed proceeds to insurance providers with non-group enrollees.
  • Changes to the SEP rules – aimed at addressing concerns by insurers when it comes to adverse selection from SEP enrollees.

How To Enroll In Obamacare

Enrolling in Obamacare is as easy as clicking your mouse. When you go online to enroll you will want to gather your family’s tax information, as well as your own. You will also need to provide relevant information about each of your family members that is obtaining health insurance. If you or anyone in your family already has health insurance you must provide pertinent information about it.

Why You Need Obamacare

Obtaining insurance through the marketplace will allow you to get proper healthcare for yourself and your family. It will give you peace of mind in knowing that your loved ones are taken care of.

 

Carefully reviewing your options during the open enrollment period will undoubtedly help you make a well-informed decision. Whether you take prescription medication or are planning to have a baby, it is vital to consider enrolling through an approved health insurance marketplace. Missing out on an open enrollment period can translate to tax penalties on your tax return for 2016.

 

Open enrollment to purchase health insurance is approaching

The Affordable Care Act (ACA), commonly referred to as “Obamacare”, will open its enrollment period for coverage in 2017 from November 1, 2016 through January 31, 2017. The previous open enrollment period ended on January 31, 2016.

Those who have not obtained healthcare insurance coverage by the end of the upcoming enrollment period will not be allowed to enroll in an Obamacare health insurance plan unless qualified for the Special Enrollment Period. Only a handful of specific life events qualify one for enrollment in this extra period. The bottom line is that the uninsured should be making plans to obtain healthcare insurance right now.

Why You Need Healthcare Insurance in 2017

Those who fail to obtain healthcare insurance coverage either through an Obamacare exchange or a private health insurer will face a stiff tax penalty. Though these penalties do not apply to those who make so little money that they qualify for Medicaid, the fines have already put a serious dent in the budgets of countless Americans. Obamacare penalties have rapidly increased over the past few years. In 2016, uninsured individuals paid a fee of $695 per adult. Those age 18 and under were socked with a fee of $347.50. The fees maxed out at a total of $2,085 per family. This penalty will increase in 2017 and beyond.

The Lewis & Palmer Health Insurance Marketplace is Here to Help

If you are uninsured, do not assume that an Obamacare exchange will provide you with the cheapest and best healthcare coverage. It makes absolutely no sense to proceed uninsured and give the federal government even more of your hard-earned money in the form of a fine. Everyone needs and deserves healthcare coverage.

Lewis & Palmer’s approved health insurance marketplace offers extensive healthcare coverage that will provide you with an invaluable peace of mind. We offer individual health insurance as well as healthcare coverage for entire families. Our plans provide coverage that allows you to tap into an array of benefits, providers and deductibles. No matter what your budget looks like, there is an excellent chance you will find an affordable and suitable healthcare insurance plan through the Lewis & Palmer marketplace.

Do not go uninsured any longer. We invite all interested parties to browse through our health insurance plans. Be proactive and secure health insurance coverage today so you won’t have to worry about an accident, illness or health problem ruining your finances.

 

LP Benefits has Payroll Solutions to help you focus on what you do best

Every successful business owner knows that they need to focus on their own core competencies and those of their teams rather than ancillary business activities. Especially when just starting out, they really do not have the time, energy nor inclination to be distracted with things administrative functions such as payroll. Still, everyone must get paid.

At Lewis & Palmer Benefits, we understand this dilemma. In fact, our team has built a business around the administration of payroll and other HR functions for other companies. It is our core competency – we focus on nothing else. Here is how we can help you:

Payroll administration – At LP Benefits, we can coordinate your employee payroll. We are experienced with dealing with the tax implications of payroll on a municipal, state and Federal level. We can competently handle all administrative and reporting activities for your company and guarantee complete and timely compliance.

Benefits oversight – Similarly, the team at LP Benefits can oversee the administration of your employee and management benefits packages. We will ensure that the proper payroll deductions are made and can also act as a liaison between your employees, your company and the benefits provider. It is just one more way we can make your life easier in the running of your company.

Financial solutions – Not all compensation is based on salary. The experts at LP Benefits understand this fact and are prepared to help you and your executives manage such things as succession planning and retirement packages. We can explain everything from the initial calculations through the tax advantages to the final settlements.

There are many other factors that fall under the aegis of payroll administration. Ensure that your company is taking advantage of everyone. For further information on the benefits of proper payroll solutions for your company, please contact the experienced team at Lewis & Palmer Benefits. We can be found online at LPBenefits.com or reached directly at 954-308-7204.