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Month: November 2022

Pay Transparency

Monday, 28 November 2022 by RISQ Consulting
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.

Pay transparency is when an employer openly communicates pay-related information through established practices to current or prospective employees. Employers can provide this information through various channels, such as online job sites, job postings or during an interview. As a result of changing labor markets, more and more employees are demanding pay transparency. Further, some jurisdictions are now requiring employers to share pay information, meaning that this trend is impacting more and more employers.

This article discusses rules surrounding pay transparency across the country and workers’ growing demand for it. This article also explains employer advantages and strategies to implement pay transparency practices in an organization.

Pay Transparency Across the Nation

As demands for pay transparency increase, some states have passed legislation requiring organizations to be transparent. In recent years, California, Colorado, Connecticut, Maryland, Nevada, Rhode Island and Washington have all passed pay transparency laws. Some cities, including New York City, Jersey City and Cincinnati, have also passed such laws.

Employers should be aware that pay transparency laws vary depending on the jurisdiction. Some jurisdictions only require employers to provide pay ranges if the candidate requests it, while others require employers to disclose it upfront, as evidenced by the recent California law requiring employers with 15 or more employees to include pay scale information in all job postings, including job postings on third-party sites, starting Jan. 1, 2023.

Employee Demand for Pay Transparency

The tight labor market has led employees to make new demands, such as remote working arrangements, enhanced benefits and more—among them is pay transparency. Pay-related websites, such as Glassdoor, have helped normalize pay transparency as an integral part of an individual’s employment search and facilitate employee-driven conversations about pay. Employees value transparency because it holds employers accountable for providing similar wages for similar roles, builds trust and helps employees easily see if they are being compensated fairly.

Visier’s 2022 Pay Transparency Pulse Report found the most important factor potential employees consider when deciding whether to apply for a job is their estimated compensation. Further, 11% of candidates will not apply or interview for a role without knowing the salary band, and 50% have completely abandoned an application or interview process because the pay did not meet their expectations once the employer revealed it. Salary information is important to job applicants because they want fair pay—competitive with the marketplace and in line with what they contributed—and to avoid applying and interviewing for jobs they ultimately won’t accept due to insufficient pay. Applicants also see pay transparency as a way to develop trust with their potential employer at the outset of the employment relationship.

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The RISQ RECAP:

November 21st – November 25th, 2022

Monday, 28 November 2022 by RISQ Consulting

Each week, you’ll find specially curated news articles to keep you up to date on the ever-evolving world of insurance and risk management. The articles are divided out between items relevant to Property & Casualty, Employee Benefits/Human Resources, and Compliance. We’ve included brief summaries of each item as well as a link to the original articles.

 

 


PROPERTY & CASUALTY

 

What is business travel insurance and why is it important?

“Most companies rely on business travels to expand their global presence, which often entails going to distant and isolated locations. But the pandemic has forever reshaped the way people travel, forcing them to consider additional factors, including airline requirements, coronavirus regulations in transit and destination countries, and arrangements for their safe return.”  Full Article 

– Business Insurance America


EMPLOYEE BENEFITS, HUMAN RESOURCES, & COMPLIANCE

 

IRS Revises October 2022 Additional Election Change Guidance to Remove Non-Calendar-Year Plan Requirement

“Under the revised guidance, cafeteria plans — regardless of plan year — can be amended to allow prospective midyear election changes from family coverage to employee-only coverage (or family coverage including one or more already-covered related individuals) under a group health plan that is not a health FSA and provides minimum essential coverage if certain conditions are satisfied.”  Full Article

– Thomson Reuters/ EBIA

Has Your Company Decided to Self-Fund its Medical Plan? Don’t Forget Privacy, Security and Reporting Requirements

“In addition to drafting a new plan document and summary plan description, negotiating contracts with a claims administrator and other vendors, and purchasing stop-loss coverage to insure against the risk of catastrophic claims, employers must address privacy and security obligations under [HIPAA] and reporting requirements under the ACA.”  Full Article

– Dickinson Wright

2023 Premium Tax Credit Quick Reference Chart

“[1] Locate line where estimated 2023 household income & household size intersect. [2] First column shows household percentage of Federal Poverty Line. [3] Second column shows percent of household income required as contribution towards purchase of second lowest cost Silver coverage in Marketplace. [4] ‘CSR AV’ column shows resulting Actuarial Value after Cost Sharing Reductions applied. [5] ‘Monthly contribution’ = contribution percent x household income, divided by 12.”  Full Article

– Kaufman & Canoles , P.C.

Final Rules Issues on Private Plans Under Colorado’s Paid Family and Medical Leave Insurance Act

“FAMLI creates a state-administered insurance program that will pay employees for qualifying types of leave starting January 1, 2024, much like unemployment insurance. Employers and their employees are exempt from paying premiums if the employer provides a private plan for paid family and medical leave approved by the Division. The final rules provide employers a blueprint on how to obtain approval for such plans, whether the plan is self-insured by the employer or obtained through an insurer approved by the state.”  Full Article

– Husch Blackwell

December 27th is Deadline for Mandatory Rx Data Collection Reporting

“The employer remains liable for noncompliance, even if it has an enforceable agreement with its vendor to ensure compliance, unless the plan is fully-insured and the agreement is with the insurer. There is no way for an employer to confirm on the HIOS module that a vendor uploaded the file(s) it agreed to upload. The employer should obtain written assurance from the plan’s vendor(s) and rely on contractual provisions for recourse if a vendor fails to fulfill its RxDC reporting service as agreed.”  Full Article

– Jackson Lewis P.C.

Federal District Court Certifies Transgender Discrimination Class Action Against Third-Party Administrator Under the ACA

“The US District Court for the Western District of Washington certified a class of individuals who were denied gender-affirming care by a third-party administrator, Blue Cross Blue Shield of Illinois (BCBSIL). The class members have been, are, or will be [1] participants in an ERISA self-funded health plan, which is both administered by BCBSIL and contains a categorical exclusion for gender-affirming care and [2] denied preauthorization or coverage for excluded gender-affirming care because of BCBSIL’s administration of the exclusion.”  Full Article

– ArentFox Schiff LLP

 


STATE & INTERNATIONAL COMPLIANCE

In addition to the RISQ Review, RISQ Consulting also provides a resource that features changes and updates to State and International Compliance measures. We’ve included brief summaries of each item below, and also provided links to the original articles if you’d like to read further.

 

CALIFORNIA

California Court of Appeal Reverses Summary Judgment in Time-Rounding Case Involving Electronic Timekeeping System

“In Camp v. Home Depot, a Sixth Appellate District panel recently found against an employer that—although its electronic system recorded employee work-time to the minute—rounded daily totals to the nearest quarter-hour for determining wages.”  Full Article

– Davis Wright Tremaine LLP

OHIO

Rolling the dice with independent contractors – employee misclassification can prove to be a risky and expensive game of roulette when an injury occurs!

“Let’s face it –employees are expensive. Labor costs are one of the biggest costs of doing business and go beyond just wages. They also include benefits, payroll, and associated taxes.”  Full Article

– Graydon, Head & Ritchey LLP

MISSOURI

Missouri’s new marijuana law: What employers need to know

“The uncertified results for the November 8, 2022 election indicates Missouri voters have passed Amendment 3, legalizing marijuana for personal use (effective December 8, 2022). Assuming the unofficial results will be certified, what does this mean for Missouri employers?”  Full Article

– Thompson Coburn LLP

DISTRICT OF COLOMBIA

D.C. Voters Approve Eliminating the Tip Credit System

“On Nov. 8, 2022, Washington, D.C., voters overwhelmingly approved “initiative 82,” which, once certified and implemented, will eliminate the tip-credit system in D.C. With this new law, D.C. joins the ranks of seven states with no tip credit: Alaska, California, Minnesota, Montana, Nevada, Oregon and Washington state.”  Full Article

– McGuire Woods LLP

COLORADO

Colorado’s Required Notice for Separating Employees—New Form Released

“In May 2022, Colorado passed a new law requiring employers to provide a notice to all separating employees alerting them that unemployment compensation benefits may be available.”  Full Article

– Brownstein Hyatt Farber Schreck LLP

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Thanksgiving FAILS – A Day You’ll Be Most Thankful For Insurance!

Monday, 28 November 2022 by RISQ Consulting
By Jennifer Outcelt, Creative Content Architect

We like to think of Thanksgiving as a wholesome day with family and friends enjoying each other’s company and extolling the many blessings we have had throughout the year. But in reality, it is often a day of great stress. Aren’t you thankful for having to clean your entire home, cook a ginormous meal that needs to all be done at the same time, do a ton of dishes, and make happy conversation with all your family (even though great Aunt Gladys is a bit of a wrench)? All while trying not to let on that you are one “So, when are you having more kids?” question away from a complete breakdown. Yeah, there may be a ton to be thankful for at Thanksgiving, but some things… not so much.

But if you are trying to out-do your brother-in-law’s brined and herbed turkey spectacular from last year by trying your hand at that whole fried turkey thing (how hard could it be?), then there’s one thing that you will definitely be thankful for; Insurance. Apparently, “firefighters responded to 1,630 home cooking fires on Thanksgiving in 2018 (the latest data available)—250% above the year’s daily average of 470.” That’s a ton of not-so-well-done birds!

Check out these interesting stats about holiday cooking fires and the home owner’s insurance that could save your rump!

https://www.forbes.com/advisor/homeowners-insurance/thanksgiving-fires/ 

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Avoid Winter Slip-ups

Tuesday, 22 November 2022 by RISQ Consulting
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.

Winter months present additional hazards that are typically not factors for employees during warmer weather – specifically, slip and fall concerns. With snow and ice-covered conditions, you run the risk of taking major falls, which can lead to serious injuries.

Prevention

Education is essential in preventing winter weather-related injuries. Consider the following recommendations to prevent slip and fall injuries during the winter months:

  • Wear the proper footwear that provides traction on snow and ice. Footwear should be made of anti-slip material; avoid plastic and leather-soled shoes or boots.
  • Exercise caution when entering and exiting vehicles, and use the vehicle for balance and support.
  • Try to walk only in designated areas that are safe for foot traffic. If you notice that a walkway is covered in ice, walk on the grass next to the sidewalk, which will have more traction.
  • Avoid inclines that are typically difficult to walk up or down as they may be more treacherous in winter conditions.
  • Take small steps to maintain your center of balance, walk slowly and never run. When possible, walk with your hands free to maintain your balance. And despite the cold temperatures, avoid putting your hands in your pockets. This will help you better maintain your balance and allow you to break a fall should you slip.
  • Use handrails, walls or anything stationary to assist in steadying your feet.
  • Look ahead to the path in front of you to avoid hazards.
  • Test a potentially slippery area before stepping on it by tapping your foot on the surface first.
  • Remove debris, water and ice from all working walkways.
  • Steer clear of roof edges, floor openings and other drop-offs to avoid slipping hazards.
  • Sand or salt surfaces covered by ice or snow to provide traction.
  • Dry your shoes or boots on floor mats when entering a building.
  • Report trip and fall hazards immediately to your supervisor.
  • Seek shelter immediately in the event of severe weather conditions.

If You Begin to Slip…

  • Twist your body and roll backward to avoid falling forward and injuring your face.
  • Try to relax your body when you start to feel your legs give way.

If you are carrying a load, throw it off to the side so it does not land on you when you fall. This will also free your arms to help break your fall.

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The RISQ RECAP:

November 14th – November 18th, 2022

Wednesday, 16 November 2022 by RISQ Consulting

Each week, you’ll find specially curated news articles to keep you up to date on the ever-evolving world of insurance and risk management. The articles are divided out between items relevant to Property & Casualty, Employee Benefits/Human Resources, and Compliance. We’ve included brief summaries of each item as well as a link to the original articles.

 

 


PROPERTY & CASUALTY

 

Counting the Rising Cost of Climate Change With Top Most Costly Natural Disasters

“Climate change has raised the cost of natural disasters, as rising sea levels and drought increase the frequency and severity of flooding and wildfires, insurers and risk modeling experts say. The list of the 10 most expensive events of the last decade provided to Reuters by risk modeling firm RMS all took place over the past five years.”  Full Article 

– Insurance Journal


EMPLOYEE BENEFITS, HUMAN RESOURCES, & COMPLIANCE

 

More Pay Reporting and Disclosure Obligations on the Horizon for Employers

“The pay equity landscape continues to be a priority for the federal government, states, and local jurisdictions. The recent push toward pay transparency has led to new and complex challenges for employers.”  Full Article

– Jones Day

Lessons from a Staffing Misappropriation and Non-Compete Trial

“Cases don’t try very often. Doubly so in trade secret/non-compete litigation. So many of these disputes get resolved at the injunctive relief phase of the proceeding that, when one goes the distance, it is almost always worth peeking under the hood.”  Full Article

– Seyfarth Shaw LLP

Policing Politics In The Workplace – Keeping The Peace On Election Day And Beyond

“With early voting and vote by mail, methods of voting have become easier and more flexible and convenient than ever before—but policing politics in the workplace can be trickier than interpreting a hanging Chad! Here’s what employers can do to ensure that a color war of red and blue does not ensue, after navigating through the patchwork of “time off” to vote and other voting leave laws.”  Full Article

– Akerman LLP

How Will the Supreme Court’s Review of Two Affirmative Action Cases Affect Employers?

“On October 31, 2022, the Supreme Court of the United States (SCOTUS) heard oral arguments for two controversial affirmative action cases against Harvard University and the University of North Carolina (UNC). While the legal framework for affirmative action programs and diversity, equity, & inclusion (DEI) initiatives differ across academic and employment contexts, these high-profile decisions are bound to have implications for private employers and federal contractors.”  Full Article

– Littler Mendelson LLP

Inconsistent Explanations Dooms Employer’s Defense Against Race Discrimination Claim

“In reversing a federal trial court’s decision in favor of the employer on an employee’s reverse race discrimination claim, the U.S. Court of Appeals for the Seventh Circuit noted that the employer “told two incompatible stories about both how and why” it made the promotion decision at issue.”  Full Article

– Shawe Rosenthal LLP

NLRB General Counsel Proposes Crackdown on Employers Who Monitor Employees

“The National Labor Relations Board may soon be coming for employers who electronically monitor their employees. On October 31, the NLRB’s General Counsel Jennifer Abruzzo, who is the chief prosecutor for the Board, gave notice that she was intent on aggressively interpreting the National Labor Relations Act to deal with what she believes are employers’ use of intrusive or abusive electronic monitoring and algorithms that might interfere with employees’ Section 7 rights.”  Full Article

– Constangy, Brooks, Smith & Prophete LLP

 


STATE & INTERNATIONAL COMPLIANCE

In addition to the RISQ Review, RISQ Consulting also provides a resource that features changes and updates to State and International Compliance measures. We’ve included brief summaries of each item below, and also provided links to the original articles if you’d like to read further.

 

CALIFORNIA

California Court of Appeal Reverses Summary Judgment in Time-Rounding Case Involving Electronic Timekeeping System

“In Camp v. Home Depot, a Sixth Appellate District panel recently found against an employer that—although its electronic system recorded employee work-time to the minute—rounded daily totals to the nearest quarter-hour for determining wages.”  Full Article

– Davis Wright Tremaine LLP

OHIO

Rolling the dice with independent contractors – employee misclassification can prove to be a risky and expensive game of roulette when an injury occurs!

“Let’s face it –employees are expensive. Labor costs are one of the biggest costs of doing business and go beyond just wages. They also include benefits, payroll, and associated taxes.”  Full Article

– Graydon, Head & Ritchey LLP

MISSOURI

Missouri’s new marijuana law: What employers need to know

“The uncertified results for the November 8, 2022 election indicates Missouri voters have passed Amendment 3, legalizing marijuana for personal use (effective December 8, 2022). Assuming the unofficial results will be certified, what does this mean for Missouri employers?”  Full Article

– Thompson Coburn LLP

DISTRICT OF COLOMBIA

D.C. Voters Approve Eliminating the Tip Credit System

“On Nov. 8, 2022, Washington, D.C., voters overwhelmingly approved “initiative 82,” which, once certified and implemented, will eliminate the tip-credit system in D.C. With this new law, D.C. joins the ranks of seven states with no tip credit: Alaska, California, Minnesota, Montana, Nevada, Oregon and Washington state.”  Full Article

– McGuire Woods LLP

COLORADO

Colorado’s Required Notice for Separating Employees—New Form Released

“In May 2022, Colorado passed a new law requiring employers to provide a notice to all separating employees alerting them that unemployment compensation benefits may be available.”  Full Article

– Brownstein Hyatt Farber Schreck LLP

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Understanding RSV

Wednesday, 16 November 2022 by RISQ Consulting
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.

According to the Centers for Disease Control and Prevention (CDC), respiratory syncytial virus (RSV) is a common respiratory virus that usually causes mild, cold-like symptoms. For many, RSV is recoverable within a week, but RSV can be serious for some. Infants and older adults are at the highest risk for RSV complications.

Currently, RSV is on the rise and spreading at higher levels in the 2022 fall and winter seasons. The following CDC information can help you learn how RSV spreads, how to prevent the virus and when to seek care.

What Are the Symptoms of RSV?

Those infected with RSV typically show symptoms within four to six days after exposure to the virus. Symptoms can include:

  • Runny nose
  • Decreased appetite
  • Coughing
  • Sneezing
  • Fever
  • Wheezing

Symptoms vary depending on the stage of RSV, meaning that symptoms don’t typically appear all at once. The only symptoms that may be displayed in young infants are irritability, decreased activity and breathing difficulties. Most children will experience an RSV infection by the time they are 2 years old.

While most symptoms are mild, some can be serious and lead to major health complications. RSV infections can cause bronchiolitis, an inflammation of the small airways in the lung, and pneumonia, an infection of the lungs. RSV is the most common cause of bronchiolitis and pneumonia in children younger than age 1. Older adults—especially those age 65 and older or with weakened immune systems—and infants younger than 6 months may need to be hospitalized if they are having trouble breathing or experiencing dehydration.

How Does RSV Spread?

RSV spreads quickly and is highly contagious. It can spread through droplets when someone coughs or sneezes. Additionally, RSV can live on surfaces such as counters, door knobs, hands and clothing.

People infected with RSV are usually contagious for three to eight days and may become contagious a day or two before they show signs of illness. As such, the virus can spread quickly through schools and daycare centers.

How Do I Prevent RSV?

To best prevent the spread of RSV, especially if cold-like symptoms are present, follow these CDC guidelines:

  • Cover your coughs and sneezes with a tissue or your upper shirt sleeve—not your hands.
  • Wash your hands often with soap and water for at least 20 seconds.
  • Avoid close contact, such as kissing, shaking hands, and sharing cups and eating utensils with others.
  • Clean frequently touched surfaces such as doorknobs and mobile devices.

If you have an infant, ask their pediatrician if they could be considered high-risk. If you have high-risk children, abide by the following CDC guidelines:

  • Avoid close contact with sick people.
  • Wash the child’s hands often with soap and water for at least 20 seconds.
  • Avoid touching the child’s face with unwashed hands.
  • Try to limit the time the child spends in childcare centers or other contagious settings during periods of high RSV activity. This may help prevent infection and the spread of the virus during the RSV season.

How Do I Care for RSV at Home?

Mild cases of RSV can be cared for at home with the following strategies:

  • Make your child as comfortable as possible.
  • Allow time for recovery.
  • Provide plenty of fluids. Infants may not feel like drinking, so offer them fluids in small amounts often.
  • Treat a fever with acetaminophen or ibuprofen.

Be sure to contact your child’s primary care provider before giving your child nonprescription cold medicines or caring for RSV at home.

When Do I Seek Professional Care for RSV?

Most cases of RSV are mild and don’t require medical treatment. This, unfortunately, isn’t the case for every RSV diagnosis, especially with babies and young infants. If your child is experiencing breathing problems, not drinking enough fluids, or experiencing worsening symptoms, it’s important to seek medical attention immediately.

The care needed for RSV is unique to each case. If you’re unsure if your child needs to seek professional care, it’s best to reach out to a physician for guidance.

Conclusion

RSV can be serious for infants who catch it, so it’s critical to recognize the signs of RSV. Be sure to wash your hands frequently and disinfect surfaces often this season to help prevent the spread.

For more information on RSV and if your child is high-risk, reach out to your primary physician.

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6 Common Mistakes to Avoid When Choosing a Health Plan

Monday, 14 November 2022 by RISQ Consulting
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.

Health insurance may be one of the most critical annual purchases since it impacts your physical, mental and financial wellness. Unfortunately, selecting a health insurance plan can feel overwhelming. With so many options, it can also be easy to make a mistake when selecting coverage.

This article explores six common missteps related to selecting a health insurance plan. Once armed with this information, it’ll be easier to avoid these mistakes and choose the best plan coverage for your situation.

  1. Rushing Through Enrollment Options

Many people rush when buying their health insurance or only rely on recommendations from friends, family and co-workers. Others may simply reenroll with last year’s choices. But health insurance provides personal coverage, so it’s important to research and find what will work best for your health needs and budget.

When it comes time to enroll in a plan, compare different policies and understand their coverages and associated costs (e.g., premiums). One of the best ways to ensure the policy is right for your health needs is to consider your medical requirements and spending in the next year. Don’t forget to confirm in-network coverage to ensure your preferred doctor, clinic and pharmacy are connected in the new plan. Then, you can find the most suitable plan and coverage in an effort to simplify your health care and make it more affordable.

  1. Overlooking Policy Documents

Another common mistake is skipping through or not thoroughly reading the policy’s terms and conditions. However, carefully reading a policy is the best way to know what to expect from the health plan and what the plan expects of you.

As such, read the fine print on each plan you consider before enrollment. Reviewing the policy’s inclusions and exclusions will help you make an informed decision and potentially avoid surprise bills later on.

  1. Misunderstanding Costs

A cost-sharing charge is an amount you must pay for a medical item or service covered by the health insurance plan. Plans typically have a deductible, copays and coinsurance. Here’s what those terms mean:

  • The deductible is the amount you pay out of pocket before your health insurance starts to cover costs.
  • A copay is a flat fee you pay upfront for doctor visits, prescriptions and other health care services.
  • Coinsurance is the percentage you pay for covered health services after you’ve met your deductible.

When shopping for a plan, keep in mind that the deductible is tied to the premium. As such, a low deductible plan may seem attractive, but understand that it generally comes with a higher premium—and vice versa. Consider keeping your deductible to no more than 5% of your gross annual income. When shopping for a plan, look closely to see when you’ll have a copay and how much it will cost for various services.

  1. Concealing Your Medical History

It may be tempting to avoid sharing your medical history if you’re worried about being rejected or receiving higher premiums. However, it could hurt you in the long run when insurance claims are denied for existing conditions or undisclosed medical information.

  1. Ignoring Add-ons

Health insurance add-ons are often included separately and require an additional premium, which means many people don’t look at them. A standard health insurance plan may not cover certain situations, so reviewing all available options is essential. An insurance add-on could help bolster your overall health insurance coverage by offering extra protection.

Review the add-on covers offered with your health insurance policy and see if any would be helpful for you, your family or plans in the next year. For example, some common add-ons include critical illness insurance, maternity and newborn baby insurance, hospital daily expenses and emergency ambulance services.

  1. Selecting Insufficient Coverage

People may hold back on purchasing certain coverage to pay a lower premium. While that may seem advantageous in the short term, you’ll be on the hook for out-of-pocket costs when facing a medical emergency. This mistake may be accompanied by physical, mental and financial health consequences.

When selecting a plan, check that the policy provides adequate coverage for your medical needs and other essentials. The right health insurance can take care of yourself and ensure financial security.

Summary

Health insurance is an essential investment for you and your family. By avoiding common mistakes while buying health insurance, you’ll be better informed to enroll in a plan and other coverages.

As health care costs continue to rise, it’s more important than ever to carefully review available policies, consider your options and health needs, and, ultimately, select the best plan to protect your health and finances.

If you have more questions about health plans, contact your manager or HR.

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The RISQ RECAP:

November 7th – November 11th, 2022

Thursday, 10 November 2022 by RISQ Consulting

Each week, you’ll find specially curated news articles to keep you up to date on the ever-evolving world of insurance and risk management. The articles are divided out between items relevant to Property & Casualty, Employee Benefits/Human Resources, and Compliance. We’ve included brief summaries of each item as well as a link to the original articles.

 

 


PROPERTY & CASUALTY

 

Update: FEMA Flood Maps are Misleading, Blocking Insurance Uptake, Report Shows

“Researchers at North Carolina State University have added their voices to the growing number of people who say that federal flood maps are inadequate and misleading, causing thousands of homeowners to avoid needed flood insurance. “In fact, only about 4% of homeowners nationwide have flood insurance — a problem that can be largely attributed to the flood maps created by the Federal Emergency Management Agency,” reads the report, based on research by Georgina Sanchez, a research associate at NC State’s Center for Geospatial Analytics.”  Full Article 

– Insurance Journal


EMPLOYEE BENEFITS, HUMAN RESOURCES, & COMPLIANCE

 

McDonald’s Settles Class Action Lawsuit Over Improper COBRA Notices

“Class members consist of 9,000 former employees, all of whom received the deficient COBRA notices between December 15, 2017, and February 9, 2021, and did not opt to receive continued COBRA coverage. These individuals will receive estimated net payments of between $7 and $10.”  Full Article

– Hall Benefits Law

Cash for Colonoscopies: Colorado Tries to Lower Health Costs Through Incentives

“Employers in the state are banding together to negotiate lower prices for health care services. The state government is one of 12 employers that have agreed to join the alliance and will be the first to use the newly negotiated rates and consumer incentives.”  Full Article

– Kaiser Health News

2022 Employer Health Benefit Survey

“In 2022, the average annual premiums for employer-sponsored health insurance are $7,911 for single coverage and $22,463 for family coverage. Thirty-three percent of covered workers at small firms are enrolled in a plan where the employer pays the entire premium for single coverage. This is the case for only 6% of covered workers at large firms.”  Full Article

– Henry J. Kaiser Family Foundation

Out-of-Pocket Health Care Spending: A Second Opinion About Rising Costs

“Between 2013 and 2019, the share of total medical expenditures paid out of pocket by patients increased, from 17.4 percent to 19 percent. Patients are increasingly enrolling in plans with higher deductibles. This is driving up out-of-pocket expenses in the aggregate, even though out-of-pocket expenses in higher-deductible plans have remained flat or have decreased.”  Full Article

– Employee Benefit Research Institute

The California Confidentiality of Medical Information Act: HIPAA’S Stricter Counterpart

“The Confidentiality of Medical Information Act, a California law protecting the confidentiality of individually identifiable medical information obtained by healthcare providers, health insurers, and their contractors, was amended to prohibit the disclosure of medical information related to sensitive services … Specifically, this prohibits the disclosure of medical information to anyone other than the enrollee without the individual’s express written authorization, including the policyholder or parent of a minor patient.”  Full Article

– McDonald Hopkins

IRS Expands Mid-Year Cafeteria Plan Change Opportunities to Address “Family Glitch”

“Starting January 1, 2023, a non-calendar year cafeteria plan may permit an employee to revoke prospectively an election for family coverage so that the employee’s family members can enroll in ACA marketplace coverage if: [1] One or more of the employee’s family members are eligible to enroll in Marketplace coverage during a special enrollment period or during Marketplace annual open enrollment, and [2] The revocation of the employee’s family coverage election corresponds with the intended enrollment of the family member in the Marketplace plan. Employers are not required to adopt these new permitted election changes.”  Full Article

– Proskauer

 


STATE & INTERNATIONAL COMPLIANCE

In addition to the RISQ Review, RISQ Consulting also provides a resource that features changes and updates to State and International Compliance measures. We’ve included brief summaries of each item below, and also provided links to the original articles if you’d like to read further.

 

CALIFORNIA

New California Laws Impacting Employers

“Effective October 1, 2022, an amendment to the District of Columbia’s Human Rights Act (“the Act”) will expand the universe of workers protected under the Act, as well as codify workplace harassment as an unlawful discriminatory practice.”  Full Article

– Cooley

Meal and Rest Break Claims Now Pose High Financial Risks to California Employers

“While perhaps overlooked in favor of other high-profile rulings (we’re looking at you, Viking River Cruises), the California Supreme Court’s decision in Naranjo v. Spectrum Security Services, Inc., No. S258966 (Cal. May. 23, 2022) may turn out to be one of the most significant cases of the year for California employers.”  Full Article

– Greenberg Traurig

MARYLAND

Maryland Expands Employers Reasonable Accommodation Obligations to Applicants with Disabilities

“Since October 1, 2022, Maryland employers are obligated to reasonably accommodate not only the disabilities of employees, but also the disabilities of applicants. with Disabilities Act (ADA).”  Full Article

– Lurch Early & Brewer Chartered

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NYC DCWP Purposes Rules to Implement New Law Governing Automated Employment Decision Tools

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Connecticut Expands Anti-Discrimination Protections

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– Day Pitney

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Identifying and Retaining Key Employees

Thursday, 10 November 2022 by RISQ Consulting
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.

Identifying and retaining key employees is especially important in light of ongoing attraction and retention difficulties many employers have been facing. According to Zywave’s 2022 Attraction and Retention Survey, more than 75% of employers consider attraction and retention to be among their top five business challenges. In response to changing work demands brought on by the COVID-19 pandemic and trends such as the “Great Reshuffle”—a mass movement of workers from their current roles to positions that meet their shifting job expectations and priorities—retaining employees has become increasingly difficult for employers.

In order for organizations to continue to succeed, it is important that they are able to find and retain the best workers. These workers are those who affect performance and drive business for their employers, making them critical assets. This article provides more information on key employees, explains how to identify them and offers ways employers can retain such workers.

Key Employees Explained

Key employees are those whose skills, knowledge and excellent performance can be linked to their organizations’ overall success. There are different attributes that may contribute to workers who are critical to their organizations. Often, these employees have special proprietary knowledge, additional certifications, degrees or licenses that help their organizations function more efficiently.

Key employees may also help establish strong relationships within their organizations and with important external parties (e.g., clients). The primary takeaway is that key employees have a tangible impact on their companies and they are difficult to replace.

Identifying Key Employees

To retain key employees, employers have to know how to identify them. The traits of key employees may differ between organizations, but there are some general indicators of such workers. Specifically, these employees are known to:

  • Exceed expectations—These employees consistently go above and beyond what they are expected to do.
  • Enhance strategies—Such employees proactively search for ways to improve their companies’ strategies and operations without being told to do so.
  • Affect performance—The presence of these employees is often connected to increased performance and their absence can have negative effects on overall results.
  • Impact business relations—Losing such employees may hurt relationships with clients and vendors.
  • Connect teams—These employees foster connections between various teams and help smaller team cultures blend into their companies’ larger cultures.

While there are several identifiers of key employees, these attributes are important ones that can help employers make general determinations regarding which workers are the most irreplaceable within their organizations.

How to Retain Key Employees

Identifying key employees only really helps organizations if they are able to retain them. Here are some ways employers can keep their key employees:

  • Identify such workers. If employers cannot figure out who their key employees are, they are far less likely to be able to retain them.
  • Maintain open communication. Openly communicating with key employees can ensure their needs are being met. If there is a lack of communication, it is more likely these employees will look to other roles and organizations where they feel they can voice their needs.
  • Ensure competitive compensation. Key employees usually go above and beyond the duties set out in their roles. As such, employers should consider compensating them for that extra work. It may be a good idea to reevaluate compensation strategies before top-performing workers decide to leave for other organizations that may pay them more.
  • Provide learning and development opportunities. Employees who overachieve are often eager to learn more and want their organizations to help them do so. Employers should consider offering learning and development opportunities both to satiate employees’ desires to learn, as well as help their workers continue to enhance their skill sets.
  • Update employee benefits. Employers should ask their employees which benefits they get the most use out of and which additional offerings they might like to see. Part of retaining key employees is ensuring they receive benefits and compensation that match their needs, so it is important to determine whether their current benefits offerings help achieve those goals.

As employers strive to keep key employees, it remains crucial to treat all employees fairly, particularly when making employment decisions related to compensation, promotions and learning and development opportunities. Organizations should ensure their performance management practices comply with all applicable employment laws.

Takeaway

Key employees are vital to the success of their organizations, so it is important to figure out who they are and how to keep them. Employers should stay alert to indicators of key employees within their organizations and figure out those workers’ desires so they can implement effective strategies to retain them.

For more information on attraction and retention, contact RISQ Consulting today.

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