Enjoy Labor Day and Put Your Benefits to Work for You

September 01, 2014

Labor Day weekend is always an enjoyable time in our family’s household as we usually try to get in a trip to the beach, have a cookout, and welcome in the college football season (which is a pretty big deal in our part of the world). Hopefully you and your friends and family have been able to work some fun into the schedule over the long weekend. (If you had to actually clock in at work today, be sure to find some time for rest and relaxation soon to make up for working on the federal holiday.) Continue reading “Enjoy Labor Day and Put Your Benefits to Work for You”

What’s Your PDQ?

July 01, 2014

What is the risk to losing your most valuable resource – your ability to earn an income?  That’s what the Personal Disability Quotient (PDQ) calculates based on your own chance of becoming sick or injured for an extended period of time and missing work (and your paycheck).  The PDQ calculator, sponsored by the Council for Disability Awareness (CDA), only took me a minute to complete and mine came up with a PDQ of 18%.  That means I have an 18% chance of becoming sick or injured and not being able to work for at least 3 months.  What was really scary to me is if I did become disabled for more than 3 months, there is a 43% chance that I’d be out of work for over 5 years, with the estimated average of 86 months for a long-term disability for someone like me.    Continue reading “What’s Your PDQ?”

When the Wedding Bells Stop Ringing

June 18, 2014

For centuries, June has been the most popular month for weddings.  The idea of two people vowing to share the rest of their lives together always puts a smile on my face, but are these two souls that have now been joined as one fully prepared for what lies ahead?  I should think that a person that says “I do” does so with no thought of some day thinking “I don’t,” but the reality is that many of these newlyweds won’t be together in 20 years. Continue reading “When the Wedding Bells Stop Ringing”

Lessons from a Final Farewell

February 12, 2013

This past weekend, I said a sad final farewell to a friend.  Just a few months shy of his 50th birthday, he passed away after a long battle with Machado-Joseph’s Disease. The symptoms remind me of Lou Gehrig’s Disease, only in slow motion, with a very slow progression of muscle control.  Continue reading “Lessons from a Final Farewell”

With the Election Over, Now Really Ask Yourself If You Are Better Off Than You Were Four Years Ago

November 26, 2012

Are you better off than you were four years ago?  Now that the election is over, it is not a question loaded with political implications so you can actually take some time to think about your answer. It is actually a very important question and here is another one, where are you headed four years from now?  Most people, unless they work in politics, don’t anchor their life on four year increments but you could — it may actually be very useful financially to do so. Continue reading “With the Election Over, Now Really Ask Yourself If You Are Better Off Than You Were Four Years Ago”

A Sad Farewell

September 11, 2012

In 1980, the concept of the 401(k) as we know it was born at the Johnson Cos., a benefits consulting firm located not too far from my home in Pennsylvania. Sadly, the founder of the firm, Edwin T. Johnson, passed away last month at home after a long battle with cancer.  Mr. Johnson had been helping his clients with pensions, retirement plans, and health insurance since he started his company back in 1963.  Continue reading “A Sad Farewell”

The Intersection of Health and Wealth Planning

August 21, 2012

An interesting topic I heard repeatedly at this month’s ISCEBS Symposium in San Francisco had to do with the concern of future health care costs becoming a critical variable in the retirement income equation.  Several of the major plan providers held sessions that focused on the next generation of retirement planning tools that will be needed to recognize and personalize health-related issues.  By now, most of us have heard the estimate of close to a quarter million dollars that a 65 year old married couple may face in out-of-pocket health costs throughout the rest of their lives.  But since that’s an average, some will need much more. Some will need much less.   This will depend on the health and medical needs of the retired couple, so that is why Putnam Investments has recently introduced a new retirement calculator that incorporates 7 data points from a health risk assessment into the income needs formula to estimate future projected healthcare expenses.  Continue reading “The Intersection of Health and Wealth Planning”

Financial Lessons from Olympic Volleyball Gold Medalist Kerri Walsh Jennings

August 06, 2012

“We can do better” was the phrase I heard in an athlete’s interview. Surprisingly, the words came out of the mouth of three time Olympic volleyball player and two time gold medalist, Kerri Walsh Jennings.   Kerri and her partner, Misty May-Treanor, have never even lost one set in two Olympics games – Athens in 2004 and Bejing in 2008 – and they are working toward their third in London.  So when I heard the phrase from Kerri, I wondered, how can you do better than never losing a match?  How can you do better than gold? How can you do better than being the best in the world? Continue reading “Financial Lessons from Olympic Volleyball Gold Medalist Kerri Walsh Jennings”

Are You Ready for Open Enrollment?

July 31, 2012

The temperature isn’t the only thing rising this summer – our group health insurance is going up over 14%.  So, as part of my role on our benefits committee, I reviewed several different health carriers to see if there were any more affordable options.  Luckily for us, there was one.  However, this will now involve having all the employees fill out enrollment applications within the next few weeks to make the September 1  deadline to replace our existing plan.  While we are going through the hassle of  changing health plans, we also decided to switch to an HSA custodian that offers more competitive investment options.  With these changes coming up pretty quickly, it made me wonder if there was a secret to a successful open enrollment – instead of the yearly rush to communicate any changes to our small group of employees.  Continue reading “Are You Ready for Open Enrollment?”

What Are the Hot Topics at This Year’s ISCEBS Symposium?

July 24, 2012

The 31st Annual Employee Benefits Symposium, hosted by the International Society of Certified Employee Benefit Specialists (ISCEBS), will be taking place in 2 weeks in San Francisco.  For 2 ½ days, you can immerse yourself in technical and strategic sessions cutting across the major issues and challenges you are facing—and you’ll be in good company. The Symposium has a reputation of bringing together some of the brightest minds in the benefits and compensation industry and providing abundant opportunities to rub shoulders with a wide variety of HR professionals.  Continue reading “What Are the Hot Topics at This Year’s ISCEBS Symposium?”

Could Your Employees be Facing a Hazard From Mother Nature?

July 10, 2012

Last week’s east coast storms came as a shocking surprise to many of us living near the Chesapeake Bay.  High winds toppled trees like dominoes, lightning zapped out the power, and a tidal surge flooded the marinas.  Mother Nature was not in a good mood last week, and your employees may have been on the receiving end of her wrath.  Whether it was a tree hitting Bob’s roof, lightning causing an electrical surge that fried Kenny’s electronics, or churning water causing damage to Sue’s cabin cruiser, you might not even be aware of the extent of the damages that your workforce may be facing and the financial hardship these repairs could cause. Continue reading “Could Your Employees be Facing a Hazard From Mother Nature?”

Pet Parents Need Insurance Too!

April 17, 2012

Does your company’s voluntary benefits menu include pet insurance?  Believe it or not, 4% of employers in 2011 did indeed offer pet insurance, according to SHRM’s 2011 Employee Benefits Study. Employees who have pets may welcome this benefit, since the ASPCA estimates that “pet parents” spend over $13 billion in veterinary care to keep their pets happy and healthy. Continue reading “Pet Parents Need Insurance Too!”

Stay-At-Home Parents: Watch Out For These Two Things

April 16, 2012

With the twitter-sphere going crazy last week with the question as to whether a stay-at-home mom works or not, my thoughts naturally gravitated to the financial planning aspects of the situation. Stay-at-home parents may have it made when it comes to spending quality time with the children and not having to panic when the kids are sick since they are at home.  However, there are some unique challenges for the family that made the decision to have one parent choose the career of “parenthood.”  Continue reading “Stay-At-Home Parents: Watch Out For These Two Things”

How to Evaluate Your Life Insurance During Open Enrollment

April 04, 2012

Once a year, this strange phenomenon occurs called “open enrollment.”   For most people,  “open enrollment” is time for the fine art of pretending that if you ignore something it will go away and it always works out that way. However, what most people don’t realize is that in this case, ignorance is certainly not bliss and they are overlooking a very important part of their overall planning that can have a dramatic impact on their future and the future of their family. Continue reading “How to Evaluate Your Life Insurance During Open Enrollment”

No Fooling – Prepare to Celebrate National Employee Benefits Day on the First Workday of April

March 20, 2012

I’m so glad that April 1st  will be falling on a Sunday this year since that means only my family at home can try to trick me with April Fool’s jokes. What I can look forward to is that the first workday of April, Monday the 2nd, is National Employee Benefits Day.  This event is a celebration recognized each year by the International Foundation of Employee Benefit Plans (IFEBP) to recognize trustees, administrators, corporate benefits practitioners and professional advisors for their hard work and dedication in providing quality employee benefits and this year, its focus is on the International Foundation’s two newest initiatives: retirement security and value-based health care. The IFEBP has actually been celebrating National Employee Benefits day since 2004 and offers a website which has numerous resources for helping employers learn more about this year’s theme of retirement security and value-based health care, including government resources, recent news and survey updates and information that can be shared with employees. The site also has suggestions on how to celebrate and offers Benefits Day premium items, including a National Employee Benefits Day mug and T-shirts. Continue reading “No Fooling – Prepare to Celebrate National Employee Benefits Day on the First Workday of April”

The Safety Net of a Group LTC Plan

March 13, 2012

Last week, Prudential, the 2nd largest life insurance company in the U.S., announced they were getting out of the individual long term care insurance market.  Prudential isn’t the first to exit the marketplace since both Guardian Life Insurance and MetLife also recently abandoned sales of LTC insurance.  Although Prudential will no longer be selling any new policies to individuals, they will honor existing contracts and will now be focusing entirely on the group LTC market.  With the marketplace for individual policies shrinking, now may be a good time to add group LTC insurance to your benefits menu. Continue reading “The Safety Net of a Group LTC Plan”

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”