Don’t Let the Tooth Fairy Take Back Cash From Your Employees

March 06, 2012

Dental implants are becoming a common solution to missing teeth and an alternative to bridge and crown work.   However, according to WebMD.com, many dental insurance plans do not cover implants.  My husband, Dave, learned this the hard way when our dentist convinced him to replace a worn-out bridge with 2 dental implants.   Dave has employer-provided dental coverage through a nationally known insurance carrier so our dentist submitted a pre-certification form before he began the work on the dental implants.  The insurance carrier denied the coverage but DID provide the lower negotiated rate for the procedure on the rejection letter.  Our dentist wanted to charge $3,600 but the discounted PPO rate was actually only $2,800. Continue reading “Don’t Let the Tooth Fairy Take Back Cash From Your Employees”

Making Your Benefits Communications Oscar-Worthy

February 28, 2012

The Oscar awards were on TV this past Sunday but since there were no actors I was rooting for, my husband decided we were going to rent a movie so he picked Tower Heist, which after watching it I can say is definitely not worthy of an Oscar.  So what does Tower Heist have to do with benefits communication? Continue reading “Making Your Benefits Communications Oscar-Worthy”

Educating Older Workers on the ABCs of RMDs

February 21, 2012

With the yearly chore of tax filing upon us, all those year-end retirement account statements can become quite confusing for your group of employees who have chosen to remain in the workforce into their seventies.  Which accounts can they still contribute to?  Which accounts do they need to take a withdrawal from?  Continue reading “Educating Older Workers on the ABCs of RMDs”

Valentine’s Alert: Educate Your Workforce on Providing for Their Loved Ones

February 07, 2012

According to a recent study by LIMRA, over 30% of U.S. households have no life insurance coverage, and this includes close to 11 million households that have a child under age 18 who SHOULD have coverage as part of their financial plan.  “Well, that’s not my employees”, you may be thinking since your company benefits probably include employer-sponsored life insurance.  On average, most companies provide a company paid benefit of 1 x the annual salary of their employees.   But with 1 x  their salary, that leaves many workers severely under-insured,  since the common rule of thumb is that you need at least 6 to 10 times your annual income if you have loved ones at home that rely on your income.  Continue reading “Valentine’s Alert: Educate Your Workforce on Providing for Their Loved Ones”

Re-Evaluating Your HSA for Your Workforce

January 24, 2012

Last week’s mail started the avalanche of end of year statements and one of the first to arrive was my HSA statement.  I am lucky to be in pretty good health so I don’t mind having a high-deductible health plan. As a result, I also get to watch my HSA continue to build up year after year so this is one statement I usually look forward to opening. Continue reading “Re-Evaluating Your HSA for Your Workforce”

Helping Employees Cope with Medical Bills

January 10, 2012

Flying home last week from the wintry northwest, I heard lots of sneezing and sniffles from my fellow travelers.  Although we’ve been lucky to have such a mild winter so far, cold January weather usually brings with it the onslaught of cold and flu season.  In a typical year, 5 to 20% of the population in the U.S. will get the flu, according to www.flufacts.com , and some of your employees may end up with flu complications that may require a trip to the doctor or even hospitalization. Continue reading “Helping Employees Cope with Medical Bills”

Important Changes to be Aware of in the New Year

January 04, 2012

As a financial planner at Financial Finesse, one of my responsibilities is to make sure our content library is up to date when things change.  Now that I’ve had a chance to review all of the changes that will take place in 2012, I thought it would be helpful to list what I consider some of the more relevant ones, and what you should do to take advantage of them. Continue reading “Important Changes to be Aware of in the New Year”

A Workplace Twist on Balance Transfer Day

December 20, 2011

In case you missed it, two Sunday’s ago was designated as Balance Transfer Day, based on a Facebook-led protest against big banks that encouraged consumers to switch their high interest credit cards for cards with lower rates or 0% teaser rates.  The December 11th protest was meant  to “beat the banks at their own game and demand the same 0% interest rate that they receive from the federal government,” the protest’s organizers said.  Hopefully, this put the spotlight on the high cost of finance charges that some consumers are facing with their credit card debt.  So where can you shine your own spotlight? Continue reading “A Workplace Twist on Balance Transfer Day”

The Impact of Financial Stress on Job Productivity

December 06, 2011

Stress is a part of life and isn’t necessarily a good or bad thing.  Personally, I prefer less stress.  But, in small doses stress can help us perform better under pressure and provide the necessary motivation to perform important tasks at home and at work.  As a busy financial planner with countless deadlines, assignments, travel requirements, and client service related demands, my work-life balance is always a challenge.  Thankfully, I thoroughly enjoy the opportunity to help others improve their relationship with money and admit that I do indeed enjoy the sometimes chaotic life of multitasking.  Continue reading “The Impact of Financial Stress on Job Productivity”

Surveying Employees: What’s Gained from the “Inner-view”

November 29, 2011

Whether you’re trying to get feedback on a new employee benefit, employee morale, or about company management, employee surveys are typically the best way to gather voluntary data and opinions from your workforce.  The problem is how to get the employees to actually participate so you can get their inner-view.  According to PPI, a workplace assessment company, employees ask themselves this question before participating:  “Is this survey safe to answer, and is it worth my time?”  Some feel that their anonymity will be compromised, others fear retaliation from management for their comments, and many simply think the process is an exercise in futility, with HR gathering the information, but doing nothing with it. Continue reading “Surveying Employees: What’s Gained from the “Inner-view””

Do Employees Need (or Even Want) Help with Asset Allocation Decisions?

November 22, 2011

When it comes to investment planning, sometimes it pays to get a little help (or at least a second opinion).  But what are the best options for providing guidance to employees and how does online advice fit into the mix?  Retirement plan participants have a variety of options available when seeking help regarding their investment selections.  Professionally managed accounts, target-date mutual funds, online advice, and the use of financial advisors outside the retirement plan are some of the most common sources of investment guidance employees typically utilize.  While these tools are proven to be effective, there is still a need to increase usage rates in order to improve the confidence employees feel relating to the way their investments are allocated. Continue reading “Do Employees Need (or Even Want) Help with Asset Allocation Decisions?”

Wellness Programs Actually Do Protect Both Health AND Wealth

November 15, 2011

Last Sunday started out as a typical fall weekend morning.  My husband, Dave, had gotten up early in the morning, donned his camouflage pants and mud boots, and was getting ready to go out beyond our backyard to scope out a good hunting spot for the upcoming deer season.  We live in a very rural area of southern Pennsylvania, with lots of woods, wildlife, and even a few Amish neighborhood farms.  Many of us in the community don’t even lock our doors, not thinking crime would find us here.  As Dave was getting ready to head outside, I happened to look out the front window and saw two tall, skinny teenage guys walking down our long driveway.  I said to Dave, “Oh uh, I think someone else has found your secret hunting spot!” so he went out the back door to see who they were. Continue reading “Wellness Programs Actually Do Protect Both Health AND Wealth”

Thumbs Up to the Rules of Thumb

November 08, 2011

When ordering take-out last night for my family, I used a rule of thumb that when you order Chinese food, you should ask for one entree less than the number of people in the group to avoid unwanted leftovers.  Between the four of us, we split Chicken and Broccoli, Hunan Beef, and Sesame Chicken.  Even with only 3 entrees, we each got a second helping and our dessert of fortune cookies, and there were NO leftovers.

So how can employees consider rules of thumb during open enrollment season?  Continue reading “Thumbs Up to the Rules of Thumb”

What It Takes to Have a Winning Benefits Communications Plan for Your Employees

October 25, 2011

Congratulations to the most recent PSCA Signature Award Winners for 2011!  The Profit Sharing/401(k) Council of America (PSCA) announced the winners of their Signature Awards at a special presentation at its 64th Annual National Conference at The Mirage in Las Vegas last month, to honor excellence in plan communication and education.  This year, the Signature Award judges recognized 48 winners in 18 categories, based on how companies design, manage, and provide defined contribution communication and investment education to plan participants.  Signature Award judges carefully review how effective the campaign was at achieving its goals and I’m proud to say that 3 employers that I have worked closely with over the past few years, were recognized as 2011 Signature Award Winners. Continue reading “What It Takes to Have a Winning Benefits Communications Plan for Your Employees”

Taking Stock of Options and Awards

October 11, 2011

I recently spoke to a freshly minted MBA graduate who was so thrilled to have had landed her first job in this tough job market, but her icing on the cake was a sign-on bonus equal to ½ of her first year’s salary.  The catch to the bonus was that it was given to her in the form of a restricted stock award, so she had called me to find out the details.  She was very confused, because in addition to the stock award for the bonus, she is also eligible for a restricted stock matching program AND stock grants. Continue reading “Taking Stock of Options and Awards”

Nuisance Calls at Work

October 04, 2011

For the umpteenth time this year, I got a call last night from someone who is trying to track down my ex father-in-law.  The call came in on my business fax line (does anyone else even have a designated fax line anymore?) at 8:30 pm, and since my office is conveniently located 10 ft. away from my living room, I answered the call. Continue reading “Nuisance Calls at Work”

Open Enrollment: A Tale of a Lost Opportunity

September 27, 2011

It’s open enrollment season, and many employees are making the key decisions that will impact both their health coverage and tax situation for 2012.  Commonly, employees are seeing higher deductibles and co-pays, but are still not maximizing their ability to, not only cover this exposure, but to also shelter some of their income from taxes by utilizing an FSA or HSA. Continue reading “Open Enrollment: A Tale of a Lost Opportunity”

Roll Call: 24th Annual Benefits Forum and Expo 9/25 to 9/27

September 20, 2011

Employee Benefit News’ Benefits Forum and Expo is the largest event in the nation solely dedicated to employee benefits, so are you planning on attending?  If so, you’ll be among many senior benefits professionals who will be traveling to Dallas, TX next week.  I won’t be there myself, but make sure to look for the Financial Wellness at Work track on the conference agenda, which kicks off the day on Sunday, September 25th. Continue reading “Roll Call: 24th Annual Benefits Forum and Expo 9/25 to 9/27”