This ties in nicely with my recent post entitled, “Family Healthcare Contributions Edge Closer to Full Month’s Salary”.  A study by United Benefits Advisors found that:

• Nearly 75 percent of employers have or want to have a wellness program with a health risk assessment
• Fewer than 25 percent want taxpayer-funded universal health care
• Nearly 60 percent have or desire to implement a chronic disease management program
• Employers with 200 or more employees were 54% more likely to describe themselves as “leading edge” or “fairly quick” to adopt wellness programs

According to Aon Consulting, employers are shifting their focus to wellness programs to reduce healthcare costs and improve productivity.

A recent survey by Aon revealed that the median annual contribution for family healthcare coverage is $3,120. This is a 15 percent increase from 2007, and 22 percent increase from 2006. Meanwhile, organizations have experienced approximately 10 percent annual healthcare cost increases since 2006.

We have continued to see employers shift to cost control by focusing on improving the health and productivity of their employees. According to the survey, 64 percent of employers now have a benefits strategy that promotes the importance of health and productivity to their employees.

The most common way organizations today are promoting health and productivity is through wellness programs, which are primarily designed to prevent the development of chronic conditions (i.e., diabetes and heart disease).

As an employer, I struggle with how to best help my employees with the rising cost of healthcare. If your organization has a wellness program, I’d like to know how many people really take advantage of this sort of thing. And, if you’re an employer, has this helped control your costs?

According to an article in Kiplinger’s Personal Finance, about one in five adults age 19 to 29 don’t have health insurance. As the reporter, Erin Burt, says, “Sure, you’re a young, strapping specimen of good health. But you’re not invincible.”  Read this article to find out how you can find affordable health care coverage.

I saw this article in Kiplinger’s Personal Finance and thought it was very well written; therefore I wanted to share it with you.  As the reporter, Erin Burt, says, financial planning doesn’t have to be complicated. She provides an easy-to-follow strategy will help you meet your needs today and tomorrow.

I just came across the Insurance Information Institute’s (I.I.I.) My Financial House – Personal Finance Software.

The software program enables you to get a picture of your current circumstances, and allows you to clearly set, and attain goals for where you want to be five or 10 years from today. In addition, the software allows you to enter information about the current estimated value of their property, 401(k) and college savings plans, stock portfolio, and other assets such as life insurance policies.

It can also help you work more effectively with financial advisers, identify gaps or overlaps in their financial circumstances, and guide heirs and beneficiaries when filing a life insurance or other claims. This is good stuff!

According to two recent surveys of hospital executives and physicians, the historically rocky marriage between health plans and their network providers is crumbling.

The executives who responded to one of those surveys gave three of the nation’s five largest health plans more negative scores than positive ones. The average unfavorable rating among plans was 41%.

When asked which health plan was most difficult to negotiate with, 64% of hospital executives cited United, while 2% pointed to Aetna, Inc. United also was ranked as the slowest to process and pay claims. Overall, Aetna fared the best, with only 37% of respondents citing an unfavorable opinion of the company.

If it gets worse, what do you think it’s going to do to health care costs for consumers?

According to MetLife’s Sixth Annual Employee Benefits Trends Study more than half of working Americans (52%) are now obtaining the majority of their financial and retirement products through the workplace – up from 46% a year ago. Growing financial concerns among employees are creating a greater interest in advice and guidance at the workplace – 44% of employees would like access to general financial planning advice at work, up from 30% last year. Nearly half (49%) of all employees also want their employers to provide retirement advice.

Also among the study’s key findings:

Benefits, Loyalty, & Retention – Employers underestimate how important benefits are to employee loyalty; benefits are increasingly important factors in employees’ decisions to remain with their employer.

Growing Focus on Retirement and Aging Workforce issues – Employer focus and spending on retiree benefits is expected to increase; employees have strong interest in retirement benefits.

This video from CNBC talks about using a permanent life insurance policy as an investment. Permanent life insurance policies, such as universal life or whole life, are in fact good investments. However, the problem with them is that they’re so expensive people end up dropping their coverage and are left with two problems – a loss on their investment and the bigger issue: no life insurance coverage. Permanent policies are three times the cost of term policies. If you can afford a permanent one and you are going to stay with it, then it’s a good deal. If not, then it’s a horrible one.

http://www.cnbc.com/id/15840232?video=697206891

I’m reposting a recent article from the Omaha World Herald.  I know that I’ve written about this topic in the past, but it’s always a good thing to hear it more than once and from different perspectives.

Term and permanent life insurance policies offer different paths to the same goal: Making certain your loved ones can meet their financial needs should you die.

“We think you ought to buy life insurance if you need the death benefit,” said Jeff Sharp, a shareholder in the business consulting and wealth management firm SilverStone Group in Omaha. “You don’t buy life insurance primarily as an investment.”

Continue reading “Which Life Insurance Is The Right One To Pick?”

I’m still against premium financing, but I thought I’d share some facts put out through a press release by the BCAJ Southern California Insurance Center.  Their release provides some good insight as to what it is and what premium financing is and what it does.

Please note: I’m still not a believer in premium financing and I warn consumers to enter these sorts of agreements at their own risk…make sure to get all the facts before entering into this sort of agreement. However, I use this blog as a tool to educate you; therefore I will present both sides of the story. Here’s what BCAJ has to say about the subject:

The Facts About Premium Financing of Life Insurance

Premium financing has become a very important topic in the insurance industry. Premium financing of life insurance is a way for high-net-worth individuals, over the age of 55, to obtain the life insurance coverage they need without having to divest high yielding assets.

Life insurance premium financing is a tool, offered from a premium finance company, that an individual with substantial assets uses to cover the upfront costs and premium payments on a life insurance policy. Individuals often choose this course if they require a large amount of life insurance and do not want to pay the out-of-pocket costs. Premium financing makes the most sense when an individual wishes not to liquidate high yielding assets to cover the costs of a life insurance plan.

Most premium financing policies require at least $2.0 million in net worth and $100,000 a year in net income. The person insured under the life insurance policy has the option after 24 months to pay off the loan and maintain the insurance policy or they can retire the policy in a life insurance settlement.