Thanks for the idea Manoush

Are employers re thinking how and why they have employees? I meet regularly with employers who contemplate offering health insurance to their employees. I wonder sometimes about how a lot of them view those employees. Some pay their workers minimum wages and the thought of having to pay an extra $150-$350 a month in insurance scares them while others see it as a cost of doing business. So what is the true value of employees? Are they a cost? A burden? or an asset?
When you run a business, customers and clients are always in need. You can't just shut your doors one day and expect them to be happy with you. I know I absolutely hate it when the product or service I need is out of my reach because someone is no there. The problem is we are human and we can't always be there. We have more to life than being the robot producer. We have families, emotions, needs to refuel and to rest.
So how do we look at employees a an asset that can be something more than just an able body to complete a task and allow them to still be human? How can we have confidence they will be there and allow them the opportunity to expand their reach and leadership when they have a life to live?
I was listening to the podcast Note to Self and this week they concluded their 4 part series on following working mothers trying to make a difference in the lives of working mothers.
http://www.wnyc.org/story/work-life-balance-need-done-partnership/
They mentioned something that made me think. How can a company provide flexibility to employees to take the needed time to be flexible and still meet its own demands? Are there things a company can do to develop safety nets for its employees so they can have the flexibility to be human? Gender roles are on their way out with regards to work and the constraints of having a family are ever increasing, especially with over 50% of our population single and single parents having to raise the next generation.
Some of my suggestions are below.
First, set up a bank of time for personal time off. Allow employees to take a moment to breathe without worry of losing pay. You still have to keep your lights on and still need people there to help out clients, so a systemized program that allows flexibility is key.
Second, invest in short term disability for your employees. It's not that expensive of insurance and it saves you money on taxes. If your employees get sick, hurt, or even have a baby (for girls only), then they will still receive a paycheck for a few weeks to a few months if need be without costing you any additional money above what you pay in premiums.
Third, have a backup plan and spread out roles in the company when someone is gone. Most companies can probably run on a lot fewer employees than what they have, but the more you have the easier the work can be. When someone is out for an extended time it shouldn't be a burden to the company that causes panic. Understand that even though we can do just as much with less doesn't mean you don't need the help. Think of moving big heavy boxes. If you are strong enough, you can probably move boxes all on your own. You might be able to do it for a short period of time, but eventually it wears on you and you get tired. If someone comes and lends a hand, it gets much easier and you start to accomplish a lot more.
Fourth, don't stress about the small costs. If you struggle to pay people what they are worth, then maybe you are not helping anyone out and hurting both your business and that employee. Change your mindset and hopefully increase your value to your clients so you can truly give people their worth.

renewal season

The next few weeks we will be getting the long anticipated 4th quarter small group rates. Great news for most employers is there are decreases this year in rates!
It amazes me that insurance carriers are so willing to decrease small group rates yet drastically increase individual health rates. The small group rates were designed to be no different than individual plans, except the employers owned the policies and could add/remove employees according to hire dates and terminations.
This is just a good sign that those who purchase individual health insurance are typically the sickest part of our population.
Makes me wonder what this data will do and how the government and health insurers will react. Or will everyone just ignore it?

Year of the small group in Nevada

Why would a small group want to offer health insurance to its employees anyways? There is no mandate to offer coverage and employees can go to the marketplace and get subsidies.
Well, not every employee can get subsidies, especially if you pay them a decent wage. A lot of small businesses have owners who are already paying the full price of their insurance and many of their employees are doing the same. The problem is the business cannot write off any individual insurance policy premiums and they are subject to employees getting their own benefits that are tied to the individual enrollment periods.
The other important news is that individual health insurance rates are going to be seeing as much as 30% rate increases! Those employers who currently have a Gold or Platinum plan on their own are going to be getting a big shocker when they see their renewal in a few months and wonder what happened to their awesome Cadillac plan.
Good news is small group plans are not changing. rates are actually going down and the Gold and Platinum plans are widely available. To top it off groups get even more choices when it comes to plan choice.
If you have a small business with at least 2 employees, it might be a good time to start looking at group health benefits again. If not for your employees, but for yourself.

Reality Vs Perception

Have you ever though to yourself, "That person has it all, money, power, sex" or anything like that? You wonder how they got to be so successful. Some these people tell you how you too can be successful just like them. Notice though how they are also charging you money to learn how to be successful just like them? That's because they are really no different than you are.
We are all human and we tend to make similar choices. The difference each of us has is opportunities. None of us are bon with the same parents or situations and we each have different friends and crowds we hang out with. This in turn generates different opportunities throughout our lifetime. Even the successful had to start out somewhere. They weren't an instant success. You will also be amazed to find out that the reason they are charging you money is because in order to perpetuate their success they need your money to stay successful in order to preach to people how to become successful.
I have found that people who make modest lives and in their own right are successful are more than happy to share with others at no cost. They give freely of their time and resources. This doesn't always mean they give everything away, but they are willing to enrich not only their lives, but others' lives as well.
Maybe I am just a dreamer, but I think a world where we give more are we the most successful and happy. The more we give the more we also receive form others.

Love Healthcare reform

When you are purchasing health insurance, you are paying for everyone else's medical expenses. I get asked constantly why insurance is so expensive. Worst of all, why did it go up after 2014? That's because we are paying for more services than ever before, such as pediatric dental, preventative services, and many more. Don't be afraid of a high deductible plan. You can save money and be less likely to see big rate increases.

Flying solo on benefits

My head is in the clouds today and it made me think about my first solo flight in an airplane. I think this has a great analogy of how most of my clients feel when they leave their employer with all of the great benefits or they leave their home country and they are now responsible to take care of their own benefits.
When learning how to fly you spend a good portion of your time in ground school learning the basic maneuvers and rules you need to follow and then you get a few hours in the air with your instructor showing you the ropes. Once the instructor feels you have mastered the basic skills, he lets you go up and take the controls by yourself. It can be extremely scary with just a few hours of experience. The amazing thing about the experience is how much you remember the teachings from your instructor as well as the radio to signal to other traffic. It all ties together and you make it safely.
Unlike flying an airplane, people aren't really taught much with regards to what to do with their own benefits. All most people know is they need health insurance. The government tells everyone to go to a website, but the instructions are shotty at best and the overwhelming amount of choices can leave one's head spinning. That's where your benefits broker comes in to be a help as you get off the ground running. They have been there before and know how to instruct you and get you the right plan. They won't be the ones using the insurance, but they are there to help coach you on how to use it, even well after the sale.
Did you even ask about other benefits? One of the most common forgotten items is retirement. I honestly don't think most people want to work until the day they die and I am sure they don't want to solely be living off of social security. The way around this is to start saving early. every little bit counts. There are hundreds if not thousands of books out there about becoming rich by just saving $25-$100 a month. Have a 401k form an old company? Roll it over to a program that you can continue participating in (watch out for fees though.) Have a financial advisor you work with? Great! Make sure your benefits person knows this, because retirement plans do affect some of the health ins benefits with regards to financial assistance and make sure your advisor and benefits broker are truly working in your best interest and not just trying to sell you the hottest new product. They will typically ask more questions of you and actually get to know your situation.
besides retirement, you can also extend all of this to even more benefits. Imagine a world o possibilities. Disability insurance (for when you crash the plane and can't work), life insurance (for when you crash the plan and don't come back, your family needs the financial support), vision and dental insurance.
So the point of my whole blog is to get you connected with your benefits flight instructor (ahem, *me*) and get prepared to soar to new heights in your business.
Nevada benefits 9505 Hillwood Dr Ste #100 Las Vegas, NV 89134 (702)258-1995

Fiduciary schmiduciary rule

I think every newsletter or article I get about the financial industry is all about the new Fiduciary rule that advisors will be affected by. Frankly, it is just another way for the government to impose new tactics in protecting long time agents and agencies make even more money and be protected from competition. They want agents to be more liable for the advice they give and make sure they aren't just selling unnecessary investments. The concept is great! Who doesn't want to be sold a crappy investment and if they are sold one they want to make sure the seller is held to the right standard. This just makes advisors charge higher fees in order to offset their insurance costs and pushes more advisors out of the market.
The past few years have seen an increase in Robo-advisors who use technology to help people invest their money. These advisors operate on extremely low fees and allow consumers some much needed flexibility. Under the new rule, these advisors might be put into question and their low fees might be a thing of the past.
A good advisor shouldn't have to worry about these changes. If they truly do act in the best interest of their clients, are competent, and do a good job, they will continue to offer value to their clients and be able to make money. The trouble most advisors have though is getting clients. With more and more competition to the low cost alternatives, it just makes it even more difficult to gain that clientèle and be that long term advisor that people are willing to pay the higher fees to.