Author Archives: CorpStrat News

Why Long-Term Care Insurance is the Employee Benefit You’re Probably Overlooking

LTC Care

As an employer, you’re likely offering a range of benefits to attract and retain top talent: health insurance, retirement plans, and perhaps some voluntary perks.

But there’s one critical benefit that many employers are overlooking: long-term care insurance (LTC). This relatively new offering can be a game-changer, not just for your employees but also for your business.

What is Long-Term Care Insurance?

Long-term care insurance provides financial support for individuals who need assistance with daily living activities due to aging, chronic illness, or disability. It covers care received at home, in assisted living facilities, or nursing homes, which are not typically covered by regular health insurance or Medicare.

Why Should You Offer It?

1. Growing Demand
As life expectancy increases, so does the need for long-term care. Yet, few people are prepared for the significant costs associated with it. Offering LTC insurance addresses a growing concern among employees, especially those with aging parents or their own health considerations.

2. Voluntary or Employer-Sponsored Options
This product is flexible. It can be offered as a voluntary benefit, allowing employees to opt in if they choose. Alternatively, you can sponsor the plan fully or partially for a select class of employees, giving you control over the costs while enhancing your benefits package.

3. Guaranteed Acceptance
One of the most appealing aspects for employees with health concerns is that long-term care insurance may offer guaranteed acceptance. This means that even if an individual has pre-existing health conditions, they can still obtain coverage, which is often not the case with individual policies.

Offering long-term care insurance not only provides financial protection for your employees but also enhances your company’s benefits package, helping you stand out in the competitive job market. By adding LTC to your benefits suite, you’re showing your employees that you care about their long-term well-being—not just their immediate health.

If you’re not offering this benefit yet, now is the time to consider it. Reach out to us at CorpStrat to explore how employer sponsored long-term care insurance can fit into your overall employee benefits strategy.

Effective Strategies for Communicating Employee Benefit Plans to Your Team

business team meeting in corporate office

As we move into 2025, many companies are already in the midst of their renewal periods, making it a crucial time to communicate the full value of employee benefits to your team.

Open enrollment isn’t just a time for employees to select their benefits—it’s an opportunity to reinforce the value of your overall benefits package and make sure employees understand the benefits available to them.

Employee benefits remain a key component of any company’s compensation structure, directly impacting employee satisfaction, retention, and the overall work culture. However, the value of these benefits can only be fully realized when communicated effectively. A strategic communication plan ensures your team knows how to navigate their benefits, use them wisely, and feel supported by their organization.

Here are some top strategies to communicate employee benefits effectively:

1. Tailor Communication to Employee Segments

With companies in the middle of renewals, it’s especially important to avoid the trap of a one-size-fits-all approach. Tailor your messages to address the unique needs of different employee groups. Consider dividing employees based on job roles, demographics, or life stages. This segmentation allows you to deliver targeted information that speaks directly to each group’s specific concerns, ensuring your message is more relevant and impactful.

2. Provide Clear and Easily Accessible Information

Amidst the open enrollment period, employees are making important decisions about their benefits. Ensure they have access to clear, concise, and jargon-free information. Keep all resources in an easily accessible location, like an intranet portal or benefits hub, so employees can revisit the materials as needed. Adding step-by-step guides and FAQs can also help simplify the decision-making process, giving employees confidence in their choices.

3. Use Multiple Communication Channels

Not everyone engages with information in the same way, especially during the busy renewal period. To maximize reach, use a variety of communication channels such as emails, internal newsletters, intranet posts, and virtual meetings. Incorporate visual aids like infographics or short videos to break down complex information in an engaging and digestible format.

4. Maintain Ongoing Communication Beyond Open Enrollment

While open enrollment is a natural focal point, your communication efforts shouldn’t stop there. Keep the conversation going by regularly reminding employees of their benefits throughout the year. Share stories that highlight the real-world impact of using the benefits, and provide updates on any plan changes. Consistent communication will keep your benefits top-of-mind and help employees feel valued year-round.

5. Host Live Q&A Sessions and Webinars

Especially during renewal season, employees will have questions about their benefits. Hosting interactive Q&A sessions or webinars provides employees with a platform to ask questions and get direct answers. This can help reduce confusion and encourage more informed decision-making. It’s also a great way to create an open dialogue, allowing employees to feel more connected to the benefits process.

6. Involve Leadership in the Communication Process

When leadership is visibly involved in the benefits discussion, it reinforces the importance of these programs. Encourage managers and senior leaders to actively participate in conversations about employee benefits during one-on-one meetings or team discussions. This top-down approach signals to employees that the company truly values their well-being.

Providing competitive employee benefit plans is critical, but ensuring effective communication around those benefits is equally essential. As your company navigates this renewal season, focus on clear, consistent, and targeted communication to help your employees make informed decisions and feel supported. This will not only strengthen your organizational culture but also lead to a more engaged and loyal workforce.

If you have any questions or need support during this open enrollment period, please feel free to reach out to us.

More Than Just a Broker: CorpStrat Delivers Value

Older executive business man meeting bank manager consulting client with tablet.

What’s 5% worth? It’s worth A LOT, if you’re an employer who provides benefits to your employees.

As an employer in California, you might be surprised to learn that the insurance broker handling your employee benefits earns 5% of your premiums. This percentage is fixed, non-negotiable, and embedded in the cost of every health insurance product sold to employers in the state.

But have you ever stopped to consider what you’re actually getting for that 5%?

At CorpStrat we believe that 5% should deliver more than just the basics. It should bring real value, support, and expertise that enhances your business operations and takes the hassle out of employee benefits. Here’s how we stack up against the competition.

What We Offer at CorpStrat

Custom-Designed Employee Benefit Communication Tools

We know that clear communication is key to employee satisfaction and understanding their benefits. That’s why we craft tailored communication tools that make it easy for your employees to grasp the full value of their benefits package.

Online Enrollment Portal

Gone are the days of cumbersome paperwork. With our online enrollment portal via EASE or Employee Navigator, open enrollment and benefit administration become seamless processes. Your employees can easily navigate their options, while you maintain control with less administrative burden.

COBRA Administration Services (for companies with 20+ lives)

Navigating COBRA compliance can be tricky, but with CorpStrat, you don’t have to worry. We manage COBRA administration for you, ensuring that your company remains compliant while saving you time and resources.

On-Demand Support from Licensed Technicians

Whether it’s a claims issue or a question about benefit administration, our team of licensed and skilled technicians is just a call away. We provide on-demand support to ensure that your employees get the help they need when they need it.

Benchmark Tools and HR Support

Staying competitive in today’s job market means keeping up with industry standards. We offer benchmarking tools and HR on-demand support, including essential services like sexual harassment training and learning resources. With CorpStrat, you’re never left in the dark about how your benefits stack up.

How Does Your Broker Measure Up?

If your current broker isn’t providing these services, it might be time to reconsider. At CorpStrat, we’re passionate about delivering exceptional value and support without any additional surcharge. Our goal is to make sure that every dollar you spend on employee benefits works as hard as you do.

So, what’s 5% worth? A whole lot when you partner with CorpStrat. Contact us today to see how we can make your benefits package sizzle.

 

How much is my drug copay?

How much is my drug copay

As a consumer or employer navigating the complex world of prescription medications, one of the most frustrating questions we hear is, “How much is my drug copay?”

It seems like it should be a simple answer, but in today’s rapidly changing pharmaceutical and insurance landscape, it’s becoming increasingly complicated. Let us share our experience and what our clients can learn.

Gone are the days when you could confidently walk into your local pharmacy knowing exactly what you’ll pay for a prescription. Now, It’s like a guessing game every time you need to refill a medication.

Why? Because drug prices can vary wildly depending on a multitude of factors:

  • The specific pharmacy you choose
  • The insurance plan’s current formulary and tiers
  • Whether the consumer is using a coupon or discount card
  • The time of year (Deductible)

New Players Shaking Things Up

Recently, we’ve noticed many new names entering the pharmacy landscape, disrupting Pharmacy Benefit Managers and ultimately bringing transparency to a largely untransparent industry:

Mark Cuban Cost Plus Drug Company

Skeptical at first – a celebrity starting a drug company? But what we are seeing is the single greatest disruption in health care from Mark Cuban: They buy medications directly from manufacturers and add a flat 15% markup plus a small pharmacist fee. They are breaking the model of distribution and delivery of drugs in the USA and bringing transparency in pricing that is leading to total dissolution of the middle men. For some of my prescriptions, it’s actually cheaper than my insurance copay!

GoodRx

This app has been a game-changer for many. The ability to compare prices at different pharmacies in your area and even get discount coupons is powerful There will be times paying cash by using GoodRx is cheaper than going through insurance. Who would have thought? Crazy, and counterintuitive but accurate.

Even with these new options, navigating insurance coverage can still feel like solving a Rubik’s cube blindfolded. Your copays can change based on:

  • Whether you’ve met your plan or RX deductible
  • If the drug is considered “preferred” on the plan and what tier it falls into
  • If you need prior authorization
  • Whether you are using a specialty pharmacy or where you purchase

What’s a consumer to do?

Here is how end users and employers can guide their employees about managing drug copays:

  1. Always ask questions: Don’t assume your copay is set in stone. Ask your pharmacist if there are cheaper alternatives or available discounts.
  2. Use technology: Apps like Good-Rx can be incredibly helpful in finding the best prices.
  3. Consider alternative sources: Look into options like Mark Cuban’s company, Amazon Pharmacy, Costco, or online pharmacies, but always verify their legitimacy first.
  4. Talk to your doctor: They might be able to prescribe a cheaper alternative or a generic version.
  5. Understand your insurance: It’s a pain but researching through and understanding your plan’s pharmacy benefits and formulary can save you money in the long run.
  6. Don’t be afraid to shop around: Different pharmacies can have vastly different prices for the same medication. And, your health plan may encourage use of a certain pharmacy

The Bottom Line

So, how much is your drug copay? The honest answer is: it depends. The pharmaceutical landscape is changing rapidly, and consumers need to stay informed and proactive. While it can be frustrating to navigate, these changes also bring opportunities for savings. By asking questions, using available tools, and being willing to explore new options, everyone can take control of their prescription costs.

How Your Company Communicates Your Benefits Matters

How Your Company Communicates Your Benefits Matters

It’s 2024, so by now most companies have some type of technology that they use to communicate and enroll their employee benefits, beyond the insurance company brochures. (IF your company doesn’t have a system and you’re using scans or faxes or .pdf’s, stop reading and call us IMMEDIATELY!)

Considering that costs for employee benefits are a multiple, six-figure expense for most companies and the single most important tool for attracting and retaining employees…. The question is: are you getting the maximum amount of mileage from the communication of your company employee benefits?

Perhaps the single, most important advancement in employee, culture, and engagement is to provide a clear understanding of how their benefits work; not only HOW they work, but specifically to them and their family’s needs. With benefits being one of the least understood and most important assets people have, it’s too late to learn ‘where to go and whom to reach’ when in time of need – people get sick.

Employees need a place (online) to constantly have access to, be able to review and understand what their plans do, how they work, and where the resources are for the problems that are going on in their lives at that moment!

At CorpStrat, our #1 tool for helping companies communicate benefits is a technology called EASE. EASE is a simple, easy-to-use, custom designed tool for each client portal/app that allows for benefit enrollment, benefit communication, premium elections, dependent eligibility, as well as purchasing various voluntary benefits. They get access to their pre-tax accounts, and contacts for who to reach and where when they need it most – not just open enrollment. We simplify the enrollment process for HR administrators so they can be productive, and easily and simply port contributions to payroll and communicate ads, and delete and make changes to carriers.

CorpStrat brings EASE to our clients without charge at expense to our agency, because we believe it is the single and best way to communicate your offerings in the marketplace.

Many companies have an HRIS system (Human Resource Information System), but they don’t always do a great job for benefits, because they’re trying to do perhaps too many things at once. For some HRIS systems, the limitations of the system can ‘short’ the benefit communications. We encourage all of our clients to work closely with us to find the right tools to help their companies succeed, to grow, to attract, and reward the most important assets of every company, their people! This component is only one of the key ingredients that make their company successful.

Reach out to us at CorpStrat to discuss how you communicate and enroll benefits at your company.

Team CorpStrat

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