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Five Tips to Keep Your Most Precious Cargo Safe on a Summer Road Trip

Posted on June 8, 2011 by in Benefit Statements, Benefits Education, Employee Communications, From our Newsletter

As the warmer summer months arrive, many families blow the dust off their suitcases and hit the road for a much-needed vacation. Of course, you should go through the normal checklist for your vehicle, such as checking your oil levels and air in your tires. But, for those traveling with babies and children, there may be some additional precautions to take before heading out on vacation.

Most parents are accustomed to the usual disturbances and distractions caused by children crying, spilling snacks, and fighting with their siblings in the backseat. Such incidents may be unavoidable, especially during lengthy road trips that test a child’s ability to sit still. However, there are a few tips to help you keep your focus on the road and ensure your family safely arrives at the destination. Add the following to your pre-takeoff checklist:

1. Check all child seats in the vehicle.

Even if you feel certain that your child’s safety or booster seat has been properly installed, double check it. You might have unknowingly made a mistake during the installation or after quickly moving it from one vehicle to another. According to the National Safety Belt Coalition, incorrectly installed car seats and misuse are responsible for the serious injuries and deaths of children in car accidents everyday. You may even consider taking your vehicle to an expert that can show you the correct way to use and install a booster or child safety seat. You can find a listing of certified child passenger safety technicians in your area at the National Highway Traffic Safety Administration’s (NHTSA) website.

2. Invest in a child safety mirror.

Such mirrors have become popular with parents that find themselves frequently traveling with their children. Most of these special mirrors are inexpensive. They are also easy to install; you just attach it to your rear view mirror. Now, you can occasionally see what your children are doing in the backseat without actually turning around and taking your eyes off the road. Your children will be less likely to get into mischief when they see that your mirror is essentially like having eyes in the back of your head.

For smaller children and infants in rear-facing car seats, you can use an infant mirror that attaches to the back seat’s headrest or rear window. It will be positioned so that you can see the baby when you look into your rear view mirror. Plus, your baby may be less fussy along the trip if he’s preoccupied with the entertainment of his/her own reflection.

3. Get some road trip entertainment for the kids.

Any parent knows that a bored child is typically much more likely to act up and get into trouble. This is a distraction that can be alleviated by packing your kids some new, fun activities to keep them entertained and out of trouble. Think about what your child may enjoy – books, games, puzzles, coloring books, a travel diary, movies, video games, and so forth. If your vehicle doesn’t have a DVD player, you may consider purchasing a portable one.

4. Give the kids frequent breaks.

Whether it be at a restaurant, rest stop, park, or even a local attraction, try to stop every two or three hours for a break. Pit stops may extend your overall travel time, but letting your kids burn off some energy and stretch their legs will be well worth it during long road trips.

5. Reassess your insurance needs and coverage.

About two weeks before your travel date, assess your auto insurance policy to make sure it’s congruent with your needs and offers sufficient financial protection. Most parents, especially new ones, don’t think about reviewing their auto insurance plan before they head out on vacation with a child in the backseat. However, raising a child is a huge financial responsibility that could prompt an increase to property damage or liability coverage.

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Don’t Let Unfounded Fear and Lack of Understanding Hold Employees Back From Participating in HRAs

Posted on June 8, 2011 by in Benefits Education, Employee Communications, From our Newsletter, Healthcare Refrom

When employers were faced with rising health care costs, the obvious initial choice was to attempt getting the costs under control. However, as costs have continued to rise and actions like plan redesigns and cost shifting haven’t yielded the desired results, many employers have since shifted their focus to how they could better engage their employees to actively manage their own health.

Some experts believe that health risk appraisals, or HRAs, are one of the best first steps employers can take to engage their employees in their own health management. An HRA is a simple tool that gathers information about various aspects of an employee’s health, such as weight and body mass index, lifestyle choices, exercise habits, and personal and familial medical histories. The information is generally gathered from an online questionnaire that’s provided by either the company’s insurer or wellness program provider. The HRA is often accompanied by blood pressure, diabetes, and cholesterol screenings. After the HRA information is gathered, it will provide feedback to the employee on their health status, suggestions on how to make improvements, and any appropriate follow-up medical care and interventions. For example, the HRA may specifically recommend an employee enter a disease management program or see a nutritionist.

Even though HRAs are a very logical method to get employees more involved in their own health management, many employees choose not to participate. Sometimes this participation reluctance stems from employees being unsure how the information they provide will be used and what their employer’s motives are in offering the HRA to them. For example, an employee might be concerned that the information they’d share on the HRA wouldn’t be kept confidential. Employees are also commonly concerned that their answers could result in them paying higher insurance premiums. Of course, such fears aren’t the reality of HRAs.

To address employee fears, employers need to ensure that their employees fully understand that the HRA information they provide will be protected under their HIPAA privacy rights; the HRA information will be for their own use and benefit, not for their insurer or employer; and that their health information will be protected from disclosure.

In addition to addressing employee privacy concerns, employers need to effectively communicate what the employee will get from participating in the HRA. To do this, HRA communications to employees should include the following key points:

* Knowledge is one of the best tools you can arm yourself with to stay healthy, and you will gather important information about your health by completing an HRA.

* What you gather from participating in an HRA can give you an early warning about any health issues you’re in the early stages of or are prone to developing. Knowing this can help you get the disease management, preventive care, or screenings you need.

* By staying healthier, you can usually lower your health care costs over the long run. Generally, treating a health issue at the early stages will both cost less and afford you more treatment options.

Offering incentives for their participation can provide employees with some additional encouragement to complete an HRA. In fact, a recent Watson Wyatt Worldwide and the National Business Group on Health survey found that over half of those participating offered their employees some sort of financial incentive if they completed an HRA. Only 12% of the respondents didn’t offer any incentive. The survey also found that incentives in the form of deductible or premium credits were most effective, as 67% of the respondents offering deductible credits and 73% of those offering premium credits reported that more than half of their employees participated in an HRA.

An HRA is a practical first step to take in engaging employees on their health management, and it can even serve as an entrance for other wellness programs. Do keep in mind that the employee and employer alike benefit when the employee maintains better health and lowers their health care expenses.

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Do Your Employees Appreciate Their Benefits and Make the Connection to Their Total Compensation?

Posted on May 4, 2011 by in Benefit Statements, Benefits Education, Employee Communications, From our Newsletter, Open Enrollment

Do Your Employees Appreciate Their Benefits and Make the Correlation to Their Total Compensation?

It’s just a fact that employers, especially those in highly competitive industries, must have a striking benefits package to remain competitive in attracting and retaining the best employees. You probably spend a great deal of time and money providing your employees with an attractive benefits package, but do they actually appreciate what you’ve invested? Do they even have the slightest idea of how much it costs you to provide them with it?

Sadly, most employers will find that their employees have no idea what they invest in providing good benefits. In fact, a number of surveys have shown that most employees vastly underestimate how much their employer contributes toward their benefits. These surveys also typically find that employees tend to have a negative attitude about the benefits their employer offers. Most employees tend to focus more on elements like cost-sharing methods and uncomfortably rising premiums.

The good news is that most employees don’t have this attitude because they’re ungrateful, but rather because they really just don’t realize how much it costs you to provide them with their benefits. Considering you want and need a return on such a major investment, you are left with figuring out how to better educate your employees on your side of the story. Total compensation statements are one way you can show and tell the compensation story and help employees better appreciate their benefits.

Give Employees a Total Compensation Statement

If you asked your employees to write down their total compensation, they’d probably write down their gross income. Even though what you pay toward an employee’s benefits makes up a substantial portion of what you’re paying to keep them, an employee rarely considers what you’re paying toward their benefits as compensation.

You can illustrate the value of total compensation by breaking it down into various parts charts and graphs like the ones myBenefitStatements uses when they create a total compensation statement.  When considering benefit total compensation statements, be sure to include any other compensation perks, such as employer-paid license fees, tuition reimbursement, on-site childcare, and so forth.

Include Cost as Part of Your Benefits Education

Most employers, whether it is during orientation for new employees or during annual enrollment periods, will provide at least one setting for employees to learn about their benefits. Employers shouldn’t miss out on the opportunity to also emphasize the value of the benefits being offered and to remind employees that benefits are part of their total compensation. myBenefitStatements is now partnering with a number of employer groups to provide total compensation statements during annual review time to show the total cost of benefits; what you, the employer, pays; and then the portion that the employee pays as well as pay increases and incentives paid throughout the year.

It will be impossible for you to capitalize on your investment in benefits if your employees don’t appreciate what you’ve invested. Remember, total compensation or benefit statements can go a long way to improve how your employees view their benefits.

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New Guidelines from the IRS on W-2 Reporting of Health Care Costs

Posted on May 4, 2011 by in Benefits Education, From our Newsletter, Healthcare Refrom, PPACA

New Guidelines from the IRS on W-2 Reporting of Health Care Costs

On March 29, 2011, the IRS issued Notice 2011-28 to employers regarding the information reporting requirements on each employee’s annual Form W-2 of health insurance coverage. This new reporting to employees is for informational purposes only. It is to inform employees of the cost of their health care coverage. Furthermore, the IRS has stressed that employer-provided health care coverage continues to be excludable from an employee’s income, and is therefore not taxable.

The PPACA (Patient Protection and Affordable Care Act), which was enacted in March of 2010, ensures that employers must report the cost of health care coverage on the Form W-2.

Helpful to Small Employers

With the new guidelines, the IRS provided additional relief for small businesses (filing less than 250 W-2 forms) by making the requirement voluntary for them at least in tax year 2012. The optional treatment for smaller employers will remain in effect until further IRS guidelines are issued.

Opportunity for Benefits Communications

Employers can utilize health care reform as a chance to better communicate with employees regarding their health and wellness benefits. The new requirements will help employees gain a better understanding of the cost, and value, of their coverage. Many employees are going to be surprised at the cost of their health care benefits, and employers can use this opportunity to open a discussion about health care cost containment. They can also emphasize the investment the company makes in each employee in the form of benefits.

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Financial Education Programs: A Multifaceted Benefit For Both Employees and Employers

Posted on April 4, 2011 by in Benefits Education, Employee Communications, From our Newsletter

Due to the uncertainty surrounding the solvency of Social Security and the decreasing number of workers being covered by traditional pension plans, the need for effective retirement financial planning has never been more important to employers and employees alike.

Most financial experts agree that the effectiveness of a financial plan is greatly influenced by how financially literate a person is or isn’t. Being financially literate means that a person has the understanding, knowledge, and skills necessary to make informed and effective decisions on their financial matters. Employers can help improve the financial literacy of their employees by offering financial education programs in the workplace.

A financial education program can cover a wide range of topics, such as general information about current economic conditions, general financial market information, the basics of investing, and in-depth information on the company’s retirement plan. This educational information can be offered using various formats, such as interactive online programs or email correspondence; in-service or enrollment meetings; newsletters, worksheets, or paycheck stuffing; and seminars. Just by looking at a few of the potential financial education areas and presentation options, it’s fairly obvious that an employer can spend a lot or a little on a financial education program. While the degree of cost will depend on the extent of the program, any program will have some cost associated with it. Of course, it’s only natural that employers want to know what they and their employees are getting in return.

What research has been done on the subject trends toward there being higher voluntary retirement planning, such as a 401 (k) plan, participation and higher contribution rates among employees when their employer provides access to financial education.

One recent study by TIAA-CREF researchers focused on attendees of TIAA-CREF financial education seminars. Those in attendance were surveyed prior to attendance, immediately following attendance, and again three months later. Overall, the study suggested that people are likely to re-evaluate their lifetime consumption, work, savings, and retirement goals following the completion of a financial education program. The study’s results also suggested that having a better understanding of the savings process and income needs for retirement can help encourage people to increase their rate of saving to achieve realistic retirement goals.

Immediately following the seminars, 91% said they expected to make some change to their retirement planning, with 20% expecting to make increases to their goals for retirement income and 7% expecting to raise their planned retirement age. The anticipated contribution increase was 15% on average. Of those surveyed without a current supplemental retirement plan, 41% said they planned to open one. Twenty-nine percent said they would either increase IRA contributions or open one.

The three month follow-up survey revealed that expected intentions don’t always come to fruition, as some of those surveyed had failed to make their expected changes. Of those that expected to open a new retirement account, only 25% actually did it. Some said that financial constraints had prevented them from following through, but a third said they just didn’t take the necessary steps to complete their expected changes.

In order to prevent the lapse between intention and action, the study suggested employers make it easier for workers to complete their goals by having the necessary paperwork available at seminars, time-friendly reminders on how to increase contributions, and so forth.

Financial education, or rather a lack there of, is an issue that extends beyond just money, as the resulting problems are likely stress inducers. Countless studies have suggested that financial stress and mismanagement is correlated to frequent absenteeism, excess use of health care resources, an increased number accidents, a decrease in employee morale, and negative effects on worker commitment.

In closing, since financially secure employees tend to be less stressed, more productive, and better prepared for their financial future, the positive results of a financial education program clearly extend much further than just boosting plan participation.

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