As a small business owner, you know that offering benefits is one of the keys to finding and keeping the best employees. On the other hand, offering a fully-funded health insurance plan may be out of your financial grasp. A self-insured plan can be the answer you are looking for. Self-insured plans allow businesses to offer health insurance while keeping prices low. Here’s how.
How Does It Work?
The employer evaluates the fixed and variable costs of a health plan over the next year. Fixed costs include the cost of administering the plan; variable costs are the expected costs of claims each month. The employer will set aside funds from the business as well as the paycheck withholding from employees in order to pay claims as they arise.
How Does It Save Money?
This means that your company and your employees aren’t stuck paying premiums for services they never use. Besides lower costs, as the employer, you can save money, and save money for your employees, by using a wellness program and paying for telemedicine services.
While funds are still in holding for claims the business can invest and grow them. You’ll also avoid state health insurance premium taxes.
Self-funding provides an effective solution for small businesses that want to provide health coverage on a tight budget.
Flood damage is a real concern in coastal areas, which is why it’s important to be aware that homeowner’s insurance does not cover flood damage. For peace of mind, there are coastal flood insurance plans that cover damages outside the realm of standard homeowner’s insurance. By understanding the scope of what flood insurance can cover, it’s easy to see that the cost of insurance can pale in comparison to the loss and struggle caused by coastal flooding.
What Is Covered By Flood Insurance?
It is commonly known that coastal flood insurance will cover a homeowner’s belongings and damages caused to the carpeting or the structure of the home itself. However, there are some protected items that many people don’t consider:
- Central heating and air systems
- Water heaters
- Portable air conditioners and microwaves
- Washers and dryers
What Is Not Covered By Flood Insurance?
There are several things, such as basements or other areas under the home’s first floor, that may only be partially covered by flood insurance. Certain other items may not fall under the coverage at all and should be insured separately. Some of these exclusions may include:
- Precious metals
- Personal property stored in the basement
Taking a tally of which items are covered will help in deciding to seek coastal flood insurance. The potential repair costs of all structures and appliances which fall under the insurance umbrella can be daunting in high flood risk areas.
Andrew Carnegie offered some advice for those who wanted to follow in his footsteps: “Put all your eggs in one basket and then keep an eye on that basket.”
Keeping an eye on those eggs, often known as asset protection, may no longer be as simple as it once was. It’s no less of a problem for those who have amassed a significant amount of riches and are riskier without personal insurance for a wealthy person.
Deposit and Securities Insurance
Simple measures such as deposit insurance on bank accounts and the equivalent for brokerage accounts are examples of asset protection at its most basic level.
The FDIC, for example, insures funds in member banks up to $250,000 per depositor, per bank, and per “ownership type.” For example, you may have $250,000 in a personal account, a joint account, an IRA, and a trust account, all at the same bank, and be insured for the whole $1 million. There are various other types of ownership besides those four, and there are plenty of banks.
A pricey lawsuit is maybe a greater risk to your own wealth than the likelihood of a bank or brokerage failure. This is when other types of insurance come into play, such as:
- Liability Insurance
- Umbrella Coverage
- Professional Liability
- Business Liability
- Directors and Officers Insurance
Having personal insurance for a wealthy person is an important step in protecting your assets and legacy.
If you find yourself in need of a TPA, you might not be sure what to expect. But don’t worry – TPAs are skilled insurance claims administrators who work hard to ensure the best results for both insurer and insured. Read further to see just how beneficial a TPA can be for your insurance claim.
As third-party administrators, these TPA claims management professionals have no bias toward either party, so they can perform all necessary analyses and provide a fair assessment of each individual case. Both parties are given equal consideration and every case is treated with care, which results in overall greater satisfaction on both sides once a claim has been approved. TPAs are essentially the impartial judges in any sort of insurance case.
Without TPAs, insurance claims could go back and forth indefinitely between the insurer and insured. After all, it is often difficult for two parties to reach an agreement, especially in financial terms. The presence of a neutral party with full authority over the claim itself allows everyone to feel more comfortable – and to have their claims processed promptly. TPAs are instrumental in speeding up the claims process and getting claims processed quickly while still maintaining great attention to detail and accuracy.
Whether you are the insurer or the insured, you will be in good hands with a TPA.
When you run a business that operates on or near a body of water, you must take additional steps in order to find insurance coverage that appropriately suits the needs of your company. You must also think about policy options that are specific to your industry. This is the case when it comes to workers’ compensation coverage. Since a standard policy will not cover the needs of maritime employees, you must consider the United States Longshore & Harbor Act.
Protect Your Employees
The main point to understand about USL&H insurance is that it is meant to fill the gap created for workers who become injured or ill while working on or near bodies of water. This type of coverage is required by law, meaning failing to take it out can result in major fines and legal consequences for your business. In some cases, the business owner faces a prison sentence of up to a year. Workers who fall under the umbrella of requiring USL&H coverage include:
- Dock builders
- Marine contractors
- Ship repairers
Find the Best Fit
Taking out the right insurance policy is key to the long-term success of your maritime business. In order to stay covered, take time to review the basics of USL&H protections. The more you understand about the risks of your industry, the easier it is to find coverage that can provide you with peace of mind.
Supporting clients in intermediate nursing care is a holistic process. It involves implementing solutions that increase employee and patient satisfaction and decrease risk. Procedures for assessing fall risk should be comprehensive. Here are key screening factors for managers to take into account.
If any falls have happened recently, there’s a good chance the patient will fall again.
Falls are most common after the age of 75. Also, there’s a higher probability of admission into a long-term facility after falls in this age group.
Certain types of medications (including antihistamines, sedatives, and psychotropic drugs) can cause drowsiness and dizziness, increasing fall risk.
Frequent bathroom trips are a risk factor, along with urgency and/or use of ostomy bags and catheters.
Gait issues, the need for assistive devices, and sight impairments all have an impact on the likelihood of a fall.
Mood, level of agitation, and level of impulsivity are contributing factors. Also, residents who have dementia are much more likely to be at increased risk.
Poles, tubes, and other equipment can significantly impact the chance a patient will trip and fall.
Accurately assessing risk creates a safer, calmer environment for residents and staff. Encourage your clients to consider these factors carefully when admitting residents.