For health and wellness tips including protecting yourself from foodborne illness, HBP guideline changes and more. Live-Well-Work-Well-September-2018
Live Well, Work Well
Read More
Is Level Funding Right for you?
If you desire the freedom of a self-funded insurance plan but need a little more certainty for your budgeting concerns, level funding might be an option for you.
Level funding is an option that can accompany a self-funded plan, aiding employers in their health coverage budgeting efforts. With level funding, employers pay a set amount each month to a carrier. This amount typically includes the cost of administrative and other fees and the maximum amount of expected claims based on underwriting projections, as well as embedded stop-loss insurance.
Pros:
- No community premiums
You only pay the claims and admin costs
you incur. - No lost money
You’ll get any leftover money back if low
claims lead to a fund surplus. - Better utilization reporting
You can better pinpoint potential areas
where employees could use more
education to make wiser health care
decisions.
Cons:
- Administrative fees
You pay more than just the cost of
claims. - Out-of-pocket claims costs
You’ll be responsible for paying
claims, so consider the worst-case
scenario of a high volume of claims. - Contractual impact
You’ll need an experienced expert to
guide you through this plan type, as
different businesses have different
needs.
Want to learn more?
We’re here to help you make the best decision for your company and its strategic goals. Contact Colburn Group for more information about coverage options. Call us at: 877-477-9650
Hurricane Preparedness
The Atlantic hurricane season is from June 1 – November 30 and the Pacific hurricane season runs from May 15 – November 30. Check out these links for hurricane preparedness information:
https://www.nhc.noaa.gov/prepare/ready.php
Top 10 Ways Parents Can Help Teens Become Safe Drivers
Click here for some tips from Chubb to help your teens get off to the right start:
Employee or Independent Contractor?
Hiring an independent contractor offers employers many advantages. Unlike for traditional employees, employers do not pay taxes on independent contractors’ wages, and are not expected to provide benefits. Employers often save 30 to 40 percent on labor costs by using independent contractors. In addition, as independent contractors are generally hired for a specific period or project, employers have no obligation to rehire them after each contract period or project is complete.