An attractive benefits program is vital for your recruiting and retention efforts, but it is also a significant expense. To ensure you are providing a package that is both competitive and economical, you need to know how your offerings compare to others in your industry. Benchmark data can provide valuable insight for evaluating your benefits package, including:

• Where your weaknesses are
• Where your strengths are and how to maintain them
• Which areas you can improve
• Strategies for improvement
• New or different ways to do things

Employer interest in benchmark data has grown over the past decade, as companies look for new ways to manage costs. Analyzing how other companies are structuring their plans and the strategies they are using to cut costs may make your own benefit plan decisions a bit easier.

May is Disability Insurance Awareness Month. Every year, The Council for Disability Awareness joins forces with others in the insurance industry to raise awareness about the importance of income protection.

This year, a new consumer microsite, RealityCheckup.org was launched to help educate working Americans about the need for income protection.

North American Occupational Safety and Health Week is recognized each year during the first full week of May to raise awareness about occupational safety, health and the environment.

Workplace injuries are a significant risk for any business, and they can lead to costly medical bills, lost productivity, and increased insurance premiums.

LMC Insurance & Risk Management has achieved Platinum status in the 2018 Group Benefits Privileged Partner Program for Principal®. Members reach this status by offering outstanding client service leading to new and retained business in group benefits including life, disability, dental, vision, critical illness, and accident insurance.

“Principal Financial Group’s commitment to client service and quality products and services, makes them a valued partner,” stated Rick DeBartolo, LMC Senior Vice President. “Our Platinum Member status allows us to better help our clients meet their employee benefit program goals.”

“We value the dedication and loyalty of LMC, and we’re happy to recognize the firm’s value not only to Principal, but to its clients,” said Sean McCartney, National Vice President of Group Distribution & Account Management for the group benefits division of Principal. “Our Platinum members play a vital role in helping our employer customers develop benefit programs that give their employees a more secure financial future.
​
Platinum members of the Privileged Partner Program receive recognition, support, and special marketing opportunities from Principal.

​CIRAS (Center for Industrial Research and Service) hosted a workshop on March 29 for manufacturers across the state of Iowa. The workshop, sponsored by LMC Insurance & Risk Management, provided manufacturing leaders and their IT experts with the latest cyber news. Attendees gained an improved understanding of the technical, policy, compliance, legal, and other aspects of cyber security. 

Visiting your primary care doctor at least once a year is essential to keeping your health on the right track. In fact, those who take preventive care seriously tend to be healthier and lead more productive lives. Our latest infographic describes three ways you can benefit from scheduling your annual checkup.

On January 5, 2018, the Department of Labor (DOL) announced that, effective April 1, 2018, employee benefit plans must comply with new requirements for disability benefit claims.

In 2016, the DOL released a final rule to strengthen the claims and appeals requirements for plans that provide disability benefits and are subject to the Employee Retirement Income Security Act (ERISA). On November 24, 2017, the DOL delayed the final rule for 90 days—until April 1, 2018—to give stakeholders the opportunity to submit comments on the final rule’s benefits and costs.
​
ERISA plans that include disability benefits must comply with the new procedural protections, effective for claims that are submitted after April 1, 2018. Entities that administer disability benefit claims, including issuers and third-party administrators, will need to revise their claims procedures to comply with the final rule.

Salary, health benefits, and retirement savings plans are still the most important parts of employees’ overall compensation. However, concerns about health care costs not covered by health insurance and anxiety over unexpected expenses have employees looking at the range of voluntary benefits that can provide them with added security to meet these financial uncertainties.

Voluntary benefits are a set of insurance products that can help fill in gaps in coverage. While it’s easy to overlook these gaps, doing so could result in financial hardship.

Health savings accounts (HSAs) are a growing trend in health care. An HSA is a tax-exempt savings account established for the purpose of paying for the qualified medical expenses of an individual and/or his or her spouse and tax dependents. HSAs are designed to provide eligible individuals with the following federal tax benefits:

• HSA contributions are tax-free.
• Interest and other earnings on HSA contributions accumulate tax-free.
• Amounts distributed from an HSA for qualified medical expenses are tax-free as well.

In addition to tax benefits, individuals covered under an HSA are more likely to seek preventive care, choose generic drugs, not misuse the emergency room, and use online tools to research health care providers.

Hospitals face unique challenges that contribute to the risk of injury and illness. From lifting and moving patients, needlesticks, slips, trips, and falls – when an employee gets hurt on the job, hospitals pay the price in many ways, including:

• Workers’ Compensation for lost wages and medical costs;
• temporary staffing, backfilling, and overtime when injured employees miss work;
• turnover costs when an injured employee quits; and
• decreased productivity and morale as employees become physically and emotionally fatigued.