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  • In today’s competitive job market, employers are constantly looking for ways to strengthen their employee retention rates and improve morale. While there are a variety of solutions for low retention and morale, enhancing your benefits offerings with supplemental insurance is a great place to start.

    Supplemental insurance plans, also referred to as voluntary benefits plans, aren’t required by law but do provide valuable benefits that can be used to complement your group health insurance plan. But what exactly are these plans, and how do they benefit both parties?

    What Are Supplemental Insurance Plans?

    Supplemental insurance plans are additional insurance policies that employees can purchase to complement their primary health insurance coverage. These plans are designed to cover health costs that fall outside of normal health insurance coverage, such as copayments, deductibles, and other out-of-pocket costs.

    These plans can include:

    • Life
    • Dental
    • Vision
    • Accident and critical illness
    • Long-term and short-term disability
    • Pet
    • Pre-paid legal
    • Home and auto
    • Telehealth

    If offered, employees can opt in to these plans. For example, not every employee may want or need a pet insurance plan, but an employee with a dog may be very interested in coverage.

    Benefits for Employees

    Offering supplemental insurance plans is a great perk for employees and shows they are cared for and valued.

    • Greater control: With supplemental insurance plans, employees can customize their benefits packages to fit their own needs as well as their spouse’s or children’s needs. They’ll also have greater control over how they utilize their benefits, helping them manage and utilize their plans more effectively and efficiently.
    • Access to specialized care: Plans like dental and vision insurance allow employees to access specialized care without worrying about high out-of-pocket costs. This encourages regular check-ups and preventive care, contributing to overall health and well-being. Supplemental insurance plans are beneficial because employees only pay for the specific care they need, rather than covering costs for services that other employees might require.
    • Flexibility: Employees can choose the insurance that best suits their needs and budget. This flexibility allows them to tailor their insurance coverage to their specific health requirements and financial situation.
    • Broader coverage: Depending on the plan, supplemental insurance can provide employees with broader coverage than a group health plan, ensuring they are protected against unexpected medical expenses that their primary insurance might not cover. This added layer of protection can be crucial in maintaining financial stability and peace of mind.

    Benefits for Employers

    As an employer, providing supplemental insurance for your workforce has several benefits for your business, including improving workplace morale, company loyalty, and your company’s bottom line.

    • Attracting top talent: Offering supplemental insurance as part of a benefits package can make a company more attractive to potential employees. In a competitive job market, comprehensive benefits can be a deciding factor for candidates choosing between job offers.
    • Employee retention: Supplemental plans can be a powerful tool to retain top talent. Providing robust benefits can increase employee satisfaction and loyalty because when employees feel valued and supported, they are more likely to stay with the company long-term.
    • Improved productivity: Healthier employees are more productive. By offering supplemental insurance, employers can help ensure their workforce has access to necessary medical care, reducing absenteeism and improving overall productivity.
    • Savings: While offering supplemental insurance can increase your premiums, it can lead to long-term savings. Healthier employees mean fewer sick days and lower health care costs, which can positively impact the company’s bottom line.

    Group Management Services and Supplemental Insurance

    Supplemental insurance plans are a valuable addition to any benefits package, offering significant advantages for both employees and employers. By providing enhanced coverage, financial security, and access to specialized care, these plans contribute to the overall well-being of employees.

    If you want to offer supplemental insurance for your employees, but aren’t sure where to start, consider partnering with Group Management Services (GMS), a professional employer organization (PEO). With the help of our knowledgeable team, GMS can help you offer great benefits and supplemental insurance packages at an affordable price. We offer a higher collective buying power that can lower your premiums and provide benefits comparable to those of a Fortune 500 company.. We will help you find the right package to offer to your employees and walk you through the entire process. that of a Fortune 500 company. We will help you find the right package to offer to your employees and walk you through the entire process.

    Contact us to learn more about how we can help your business!

  • It’s important to make a name for yourself in business. However, having other people use your small business’ name or sensitive information is less than ideal.

    According to PwC’s 2022 Global Economic Crime and Fraud Survey, 46% of organizations experienced some form of fraud in the last two years. Business identity theft is a serious issue for both small businesses and their employees. Find out how identity theft can impact your business and how you can protect yourself in the future.

    How Does Identity Theft Affect Businesses?

    Identity thieves can target your business in several ways – by attacking your company directly or targeting your employees. While one method is a more direct attack on your business, both forms of theft will end up hurting your business and costing you time and money.

    Examples of business identity theft

    There are multiple ways that fraudsters can use your business’ identity against you. Corporate identity theft scams include:

    • Fake invoices
    • Phishing emails
    • Fake social media accounts
    • Lookalike websites
    • Tax information abuse
    • Trademark ransom

    All of these forms of fraud are used to gain access to something – your back account, personal information, and more. Stolen money and information are just the beginning for the problem. Business identity theft can lead to credit score drops, IRS audit penalties, and a hit to your company’s reputation.

    Examples of employee identity theft

    There are several different ways that identity theft can wreak havoc on your employees’ personal lives.

    • Stolen debit cards, credit cards, or checks
    • Fraudulent change of address
    • Social security number fraud
    • Passport abuse
    • Drivers license misuse
    • Hacked email accounts

    It’s also important that attacks against your employees can impact your business in multiple ways. The most obvious issue is the personal toll that identity theft takes on your workers. According to Allstate, it can take up to 200 hours to resolve identity theft. That’s a lot of time and energy, and your employees may need to take time off to deal with the fallout caused by identity theft.

    There’s also the emotional impact of identity theft. The Identity Theft Resource Center reports that 86.7% of identity theft victims felt stressed, 90% couldn’t sleep properly, and 36.7% suffered from panic attacks. That level of emotional distress will distract your employees and most likely impact work performance, which is why safeguarding them from these issues can directly benefit your business.

    A phone with strong password protection, one way how to protect your business from identity theft.

    How To Prevent Identity Theft At Your Business

    Identify theft can happen to anyone, from a single person to a major corporation. However, that doesn’t mean you can’t take measures to prevent identity theft. Use the following measures to defend your business and employees from future identity theft attacks.

    Add extra security measures

    Protect your business by making it harder for fraudsters to access your information. One of the most common ways for people to steal a business’ or an employee’s identity is to access their private accounts – emails, social media accounts, and more. The following steps can help secure these accounts and shield them from intruders:

    • Use multi-factor authentication to log into accounts
    • Regularly change login information
    • Set password policies to dictate password strength and prevent password duplication across platforms
    • Store sensitive login information with a secure password management system

    Keep any software or computer systems up to date

    Outdated software and other tools can be targets for identity theft attempts. Make sure your business has an updated firewall, anti-virus software, anti-malware software, and pop-up blockers. Any other online tools that you use, such as customer relationship management software, should be as up-to-date as possible. If you have any virtual private networks (VPNs), double check that they were implemented correctly for any individuals accessing information offsite.

    Train employees

    The more prepared your employees are to spot potential identity theft attacks, the better. Conduct cybersecurity training to educate your employees about what to look out for during and outside of work. Teach employees how to spot phishing emails, scam texts, and other attempts.

    You should also highlight standard security protocols and best practices such as your password policies, how to set up multi-factor authentication, and more. Finally, let them know how to report questionable messages and other warning signs so that you and the rest of your business can stay safe.

    Offer identity theft protection benefits

    While you can take measures internally to defend against data breaches, there’s only so much that you can do to prevent identity theft outside of your business. Your employees are still at risk for data security attacks and stolen identities can still have major impacts on your employees’ personal lives and production on the job.

    Offering identity theft protection benefits can help safeguard your employees. These benefits can help protect your employee’s finances, social media accounts, and more during attacks. Identity theft protection also helps employees limit potential damage and quickly resolve the situation.

    What To Do If Your Business Identity Is Stolen

    Despite your best efforts, there are times when your business may be a victim of identity theft. The good news is that there are additional steps you can take if someone has stolen sensitive data and personal information from your business. The IRS recommends taking the following actions if your business information is compromised:

    • Contact the IRS as soon as you believe someone is using your Employer Identification Number.
    • File a police report with the local police department.
    • Review and reconcile any account statements as soon as you receive them.
    • Review all business registration information online and look for suspicious activity in bank accounts, online accounts, and any other pertinent sources.
    • Contact one of the three credit reporting companies – Equifax, Experian, or TransUnion – to place a 90-day fraud alert on your credit reports. Once you contact one company, it must tell the other two to do the same.
    • Request a credit freeze from each of the three reporting companies.
    • Close any accounts that may have been compromised or tampered with during or after the attack.
    • File a complaint with the Federal Trade Commission.
    • Stay on alert for suspicious activity and conduct regular business credit reviews every year.

    Protect Your Business From Identity Theft

    Between on-site safety and online security, it’s vital to make your small business as safe as possible. That’s why GMS helps employers protect themselves and their employees from identity theft.

    Our goal is to make your small business simpler, safer, and stronger. In addition to providing expert payroll, benefits administration, and other HR management services, we provide clients access to GMS Connect. This cutting edge software allows users to securely access all their employee data online. We can also help you offer additional benefits such as identity theft protection to protect your employees and enhance your benefits package.

    Contact GMS today to talk to one of our experts about how GMS can save you time and protect your business through benefits administration and other services.

  • As a small business owner, it’s difficult to find the right balance between a competitive benefits package and your budget. Fortunately, offering voluntary disability insurance is one way to support employees without breaking the bank.

    In 2020, the Bureau of Labor Statistics (BLS) found that short-term disability (STD) was available to only 40% of civilian workers, while long-term disability (LTD) was only available to 35%. While most employees don’t have disability insurance, it does create an opportunity for employers.

    Do you want to stand out from competitors and provide employees with a way to protect their income? Offering short and long-term disability insurance is a more cost-effective way to recruit and retain top talent. Read more about how voluntary disability insurance works and the benefits of providing your employees with this benefit.

    What Is Short-Term And Long-Term Disability Insurance?

    Short-term and long-term disability insurance helps answer the difficult question, “How much do I pay an employee who has suffered from an illness or injury after they’ve exhausted their sick leave?”

    Short-term disability benefits are calculated as a percentage of weekly wages (up to 60% or 2/3 of weekly income) and usually have a maximum benefit of $1,500 to $2,000 weekly. It pays an employee a portion of their salary in situations when they experience a non-job-related illness, injury, or medical issue that stops them from working for a limited time. Long-term disability is similar, but provides financial benefits over longer periods of time.

    What’s The Difference Between Short-Term And Long-Term Disability?

    Short-term and long-term disability follow the same calculation: employees receive up to 60% or 2/3 of their weekly income. The main difference between STD and LTD is the waiting period and how long it lasts. LTD’s waiting period can take anywhere between three to six months, and coverage typically doesn’t last any longer than three years.

    How Much Does Disability Insurance Cost?

    In 2022, the BLS reported that, on average, hourly costs per hour worked for STD was $0.08, while LTD was $0.05. Those hourly costs are a notable decrease from years past, making disability insurance more cost-effective than before. These estimates allow employers to estimate how much offering voluntary disability insurance will cost their business.

    For example, let’s calculate the estimated disability insurance costs for a full-time worker. Someone working 40 hours per week for 52 weeks will work an estimated 2,080 total hours in a year. We can use these hours to determine a potential annual cost for STD, LTD, and a combination of both benefits:

    • STD = 2,080 hours x $0.08 per hour = $166.40 annually
    • LTD = $2,080 hours x $0.05 per hour = $104 annually
    • STD and LTD combined = $270.40 annually

    This is an estimate for one full-time employee, so you’ll need to do the math to calculate costs for your entire eligible workforce. For that equation, you can use a total annual hour estimate for any employees eligible for voluntary disability insurance. The resulting number will give you an idea of how much this benefit would cost your business.

    A woman with an injured arm signing up for voluntary disability insurance.

    Does Offering Voluntary Disability Insurance Benefit Small Businesses?

    While voluntary disability insurance is an additional expense, that extra money is a good investment. There are plenty of ways that offering voluntary disability insurance benefits employers, such as attracting new employees, enhancing current employee loyalty, and helping employees return to work.

    Attract new employees

    STD and LTD fall under “voluntary disability insurance” because only California, Hawaii, New Jersey, New York, and Rhode Island require that employers offer STD and LTD by law. However, MetLife’s annual report on workplace trends found that 51% of employees see disability insurance as a must-have. That desire for disability benefits means that offering STD and LTD can help you attract more talented employees than before.

    Enhance current employee loyalty

    Employees like working for places that support their overall wellbeing. The Council for Disability Awareness (CDA) reported that 62% of employers care that their jobs offer them more financial security through their benefits package. In addition, the CDA reported that 64% of employees would be more loyal to their current employer if they had benefit choices. An extra show of support can help keep your employees happy, which means they’re more likely to stay and be productive.

    Additionally, an Aflac study revealed that 59% of individuals working at small companies are willing to accept slightly lower pay with better benefits. If you’re brainstorming how to keep employees engaged without increasing wages, offering STD and LTD might be an option. Since the average cost per full-time employee is $270.40 a year, it might be more cost-effective to offer employees disability insurance versus increasing wages.

    Help employees return to work

    Poor employee retention hurts your business’ bottom line. If an employee ends up out of work because of a disability, they may leave for a job that offers them insurance in case of a future issue. Replacing lost workers is quite an expense when the Society of Human Resource Management (SHRM) reports that the average cost to hire a new employee is $4,638.

    Certain disability insurance options offer rehabilitative programs to help employees heal sooner. When an employee prematurely returns to work with an unhealed injury, they won’t be as productive or may create additional issues. These programs can help workers heal properly and get back to full strength more quickly.

    GMS Offers Comprehensive Supplemental Benefits

    Supplemental benefits are a strategic tool that help you keep and attract valuable employees. The need for competitive benefits is why GMS partners with small businesses to manage their benefits administration.

    GMS partners with credible health insurance companies to provide you and your team with supplemental benefits that can complement a traditional group health plan. Contact GMS today if you’re looking for PEO experts to help you find the best and most affordable supplemental insurance plans for your employees.

  • As an employer, type 2 diabetes impacts more than just employees who are either at risk or live with the chronic condition. According to the Society for Human Resource Management, type 2 diabetes costs U.S. employers more than $20 billion a year from unplanned time off from work alone. Add in the impact that additional claims have on group health insurance premiums and the effects of diabetes can ramp up your group health costs.

    Healthier employees make for a happier, more productive workforce, which is why more businesses are investing in diabetes management programs. Keep reading to learn how these programs work and why they can mutually benefit both employers and employees.

    What Is A Diabetes Management Program?

    A diabetes management program provides individuals with the information, skills, and resources they need to manage type 2 diabetes, prediabetes, or other related conditions. These programs are designed to assist those dealing with diabetes, blood pressure, and other health issues.

    Diabetes management programs can assist employees in a variety of ways. While some programs are tied to a certain period of time, others provide ongoing assistance to help individuals develop a healthier lifestyle and make meaningful changes in their lives. Each plan can differ, but a comprehensive diabetes management program can include the following elements.

    Health coaching

    Access to these types of programs means that employees have certified diabetes educators that they can turn to for help. Diabetes management coaches are clinically-trained health professionals who offer feedback and encouragement at every step. These coaches are regularly available through an online live chat, giving employees the help they need to prevent and manage their condition.

    Personalized diabetes management education

    In addition to professional assistance, programs also give employees the tools to learn more about diabetes care on their own time. People can go on their computer or a mobile app to access learning tools such as special articles, quizzes, and infographics. They can also use these online communities for healthy food recipes, special workouts, and other resources for ongoing diabetes care.

    Online tracking and monitoring tools

    Diabetes management programs make it easy for employees to set goals and track their own personalized health programs. Users can work with coaches to identify specific targets, whether they want to lose weight, lower blood pressure, or maintain certain blood sugar levels recommended for diabetes prevention. All this information is tracked online, meaning employees can follow their progress on their phones and set up reminders for their custom health care plan.

    Health forecasting and insights

    It’s not always easy to manage your diabetes, especially when navigating sudden dips in glucose levels and other challenges. Modern technology allows diabetes management programs to provide predictive insights for glucose and blood pressure. Employees with diabetes can simply use blood sugar readings to estimate future glucose levels and be proactive about their health.

    An employee pricking his finger to test his blood sugar during his diabetes management program.

    What Are The Benefits Of Offering A Diabetes Management Program?

    While employees can certainly feel the benefits of a diabetes management program, there are plenty of advantages for businesses as well.

    Healthier, more productive employees

    Simply put, healthier employees are more productive employees. According to the Centers for Disease Control, U.S. businesses lose a total of $26.9 billion each year just from reduced workplace productivity caused by diabetes. Taking measures to improve employees’ health can help employees feel better on the job, ultimately improving their focus and productivity.

    Reduced absenteeism

    Health issues can lead to a lot of lost work days. SHRM found that full-time employees with diabetes missed an extra 5.5 work days each year, while part-time workers missed 4.3 extra days on average. Utilizing a diabetes program can help address the health issues that lead to that additional absenteeism.

    Morale

    Offering employees a diabetes management program does more than just help them with their health. It also shows that employers care about their well-being. According to Zippia, 80% of employees say they enjoy their work when their employers take an active role in their wellness. In addition, 85% of those workers say they intend to stay at their jobs.

    Embrace Diabetic Management At Your Business

    Nearly 10% of Americans have type 2 diabetes, and more than a third are at high risk of developing this chronic condition. Odds are, your business is being impacted by the effects of diabetes, whether your employees know they have diabetes or not.

    That’s why GMS helps businesses address their employees’ health through quality benefits such as diabetes management programs. We’ve partnered with One Drop to give employers access to all the tools and professional support needed to help their workers live healthier lives. Contact GMS today to learn more about our diabetes management program and other benefits administration outsourcing services.