Category Archives: featured

5 Ways CorpStrat Outshines Other Benefits Brokers

As the Fall season approaches, we’re excited to present you with five compelling reasons to continue partnering with CorpStrat for your Fall benefits. Your benefits plan is a crucial aspect of your company’s well-being, and our dedication to excellence ensures that you receive the best service possible.

1. Expertise that Shines: Unveiling the Brilliance of CorpStrat’s Cutting-Edge Brokerage

Our reputation within the industry is a testament to our expertise. Recognized as a top-tier broker by reputable carriers such as Anthem and Blue Shield, we possess the insights needed to optimize your benefits offerings. Let’s discuss strategies that can lead to substantial savings, like the Anthem plan, potentially reducing costs by 20% or more annually.

2. A Human-Centered Approach: CorpStrat, Where Your Team’s Well-Being is Paramount

At CorpStrat, you’ll never be met with automated responses. Our commitment to personalized interactions ensures that you receive tailored solutions that align with your specific requirements. Navigating the complexities of healthcare and insurance is seamless with our engaged and attentive team.

3. Streamlined Digital Enrollment: A Paperless and Convenient Future

Transitioning to digital enrollment eliminates administrative hurdles. Our Ease platform offers a user-friendly experience, making enrollment hassle-free and environmentally responsible. Bid farewell to paper-based processes and embrace streamlined digital solutions.

4. Unleashing Creativity: Innovative Benefits to Elevate Your Team

Our commitment to your success means thinking outside the box. Imagine the potential of providing your key team members with guaranteed acceptance Life Insurance, all without the hassle of underwriting or setting up a private company foundation. Our creative ideas and strategic planning aim to elevate your benefits program to new heights.

5. Compliance Excellence: Staying Ahead of Regulations

Navigating complex compliance requirements is a challenge we’re well-prepared for. We keep you updated with cutting-edge compliance solutions, including ERISA, COBRA, and various pre-tax programs, ensuring your peace of mind.

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Your continued trust is vital to us. With a client retention rate exceeding 95%, our track record speaks for itself. We’re here to ensure your benefits experience is second to none.

Let’s continue our journey together. Should you have any questions or wish to discuss your Fall benefits strategy, please don’t hesitate to reach out.

Introducing VIVITY: Revolutionizing Healthcare for SoCal Small Groups

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Are you ready for a game-changing healthcare experience that puts affordable, high-quality care within reach? Look no further than VIVITY, the groundbreaking health insurance product brought to you by Anthem Blue Cross. We are thrilled to unveil this innovative solution that offers premium savings of up to 22% compared to Anthem’s FULL HMO plans on average. With VIVITY, your journey to exceptional care begins now!

What is VIVITY?

VIVITY brings together the expertise of Anthem along with seven world-class healthcare systems, forging a unique partnership with one mission in mind: delivering outstanding healthcare. Say goodbye to compromise and hello to a seamless and engaging member experience. VIVITY is designed to provide affordable, top-notch care with concierge coordinated service, making healthcare accessible and convenient for Southern California Small Groups. And guess what? This means significant savings for your company!

Why choose VIVITY?

Let us tell you about the exciting benefits that await:

1. Affordable Savings

VIVITY takes the lead when it comes to cost advantage. You can expect savings of up to 22% compared to Anthem’s FULL HMO plans on average. Plus, your employees can enjoy high-quality healthcare without breaking the bank. It’s a win-win for everyone!

2. Exceptional Care

VIVITY is not your ordinary health insurance plan. It’s a joint venture with seven renowned healthcare systems that are globally recognized for their exceptional care. With this powerful partnership, you can rest assured knowing that you’ll receive the highest standard of medical services and treatments, all under one comprehensive plan.

3. Regional Focus

VIVITY is tailor-made to cater to the needs of Southern California Small Groups. They understand the unique challenges and requirements of this region, and have strategically focused their efforts to provide you with the best possible care at an affordable price. Prepare to witness significant savings for your business!

What sets VIVITY apart?

This is not just another run-of-the-mill insurance plan. VIVITY represents a true breakthrough in pricing, offering one of the first significant premium reductions in many years. It’s time to take advantage of this game-changing opportunity and put your healthcare savings into high gear.

VIVITY is all about creating a seamless and engaging member experience, ensuring that you receive affordable, high-quality care with concierge coordinated service. It is designed to make healthcare accessible and convenient for Southern California Small Groups, because we believe that exceptional care should be available to everyone, regardless of their budget.

To showcase the strength and expertise behind VIVITY, we proudly introduce our seven award-winning partners:

Cedars Sinai
Huntington Hospital
Providence
Memorial Care
PIH Health
Torrance Memorial
UCLA Health

These renowned healthcare systems have joined forces to deliver an unparalleled healthcare experience that sets a new standard in the industry. They’re breaking barriers and transforming the way you think about health insurance.

Ready to learn more about how VIVITY can significantly reduce your healthcare insurance premiums? Don’t hesitate to reach out to us at marketing@corpstrat.com or call us at 818-377-7260. We’re here to answer any questions and guide you through the exciting possibilities that await with VIVITY.

Should you Hire or Outsource HR?

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A question we often get is, “Should I hire a full-time HR person or outsource my HR?” It’s a really important question and we wanted to address it on the blog today. In general, HR is a critical part of any business operation. So much gets wrapped up in the HR seat, it’s often responsible for: maintaining morale, culture, hiring, firing, delivering employee handbooks, ensuring compliance, and more.

However, many firms decide not to have a full-time, dedicated HR person. Instead they’ll opt to delegate the task among several employees, all who may know a little bit about HR laws and guidelines, but may not know enough of the nuances to keep a company in compliance and help it reach its full potential.

So is there are “right way to do it”? Not necessarily, but there is a “right” solution that best fits your organization. We think there are three primary ways a business can set up their HR department; none of them are “right” or “wrong”, it’s just about finding the option that best fits the employer.

1. Hire a full-time HR person.

This is pretty self-explanatory, you can hire an in-house HR person that focuses solely on managing and executing HR. We think having an in-house HR person may be best for growing companies that have 55-70 plus employees. These organizations are large enough that they really do require the support of a full-time HR person or HR team.

2. Outsourced HR.

If you hop on Google and look for an outsourced HR solution, you’ll find hundreds of them. Very few of them are really good but there’s an unending supply of them. These outsourced HR companies will help you with all the baseline HR tasks: handbooks, compliance, access to form libraries and policies. They can even help with employee agreements like hiring or separation agreements. Often they’ll provide ongoing support through a call center or email.

The main drawback is as a user is you’re left on your own to navigate their system and, because these tech HR companies are so massive, it can be difficult to get someone on the phone to answer your questions directly.

3. Full-service, outsourced HR.

Full-service, outsourced HR provides the same benefits as the outsourced HR department, but you get much more value because you would have a proxy HR department but not on your payroll.

These type of firms, can step in, get to know your team, and help with culture, morale, interviewing, hiring, terminations, conflict resolution, etc. And a lot of times they’ll even work directly with the employees and help drive your HR initiatives. We think this is how you get the best of both worlds.

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There’s really no right or wrong way to do this. Every company is going to set up their HR department differently, based on the size of their company and their objectives. Sometimes it’s about finding the best combination of the two, depending on the needs of the company.

At CorpStrat, we offer full-service, outsourced HR. If you have questions about how to best set up your HR department, let us know. We’re here to help. marketing@corpstrat.com

5 Things You Didn’t Know About Your FSA

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One of the biggest financial challenges people in the US are facing is whether or not they’re able to afford healthcare. People are already struggling to pay for the insurance premiums but on top of that, they’re afraid deductibles, prescriptions, and co-insurance might push them into the red. It’s no wonder that they’re struggling. Healthcare costs have risen faster than inflation.

In 2023, having some money set aside to cover these out-of-pocket costs is critical for most employees. A Flexible Spending Account at its core is a tool that allows an individual to set aside money to pay these out of pocket expenses with pre-tax dollars allocated for the year. For 2023, the FSA limit has increased to $3,050 for an individual and $5,000 for a family. This is money that employees can set aside to pay for out of pocket health care costs and they won’t be taxed on it.

Here are five things to be aware of when considering putting money into an FSA:

1. Over-the-counter medicine.

So the CARES Act, which was passed a year ago, expanded the FSA limits and it allowed you to use your FSA to buy things like flu cold, cough medicine, antacids, heartburn medication and all sorts of skin creams and sleep aids. Most FSAs have smart cards like a debit card. So if you go to Rite Aid and you buy toilet paper and cough medicine, it’s going to know which one can be deducted from your FSA and pay for it on that card.

2. Long-term care expenses.

Did you know that you can use your FSA funds to pay premiums for long term care and even Medicare premiums up to certain limits? Contact us at marketing@corpstrat.com if you’d like to learn more.

3. Use it or lose it.

Traditionally, FSA plans ran from January to December 31st. You only had that calendar year to use the funds you elected for the plan. Now plans have evolved and often allow you to roll-over unused funds. Every plan is a little bit different so be sure you know the rules that your employer has set up. Typically, employees are given two and a half months after the plan year to use any excess funds. But some employers will even let you roll over and use it all the way through the next year.

4. Double dipping.

Is it allowed and what are the rules? Double dipping refers to people that have HSAs and FSAs. You cannot have a full HSA and full FSA because you could extract the funds out of both accounts to pay for one expense, which would be double dipping. There is a tool available called a limited FSA for employees who also have an HSA and this allows them to get the benefits of both without double dipping.

5. Ignorance can be costly.

Take the time to truly understand how valuable an FSA can be. If you have access to one and you’re not using it, you’re literally wasting your own money. Every person has expenses that are not covered by health insurance every year. So if you have access to an FSA, we think it’s a no brainer to take advantage of it.

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If you have any questions, feel free to reach out. We’re here to help. Email us at marketing@corpstrat.com.

Recession-Proofing Strategies for Small Businesses and Their HR Teams

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Amid a recession, organizations of all sizes and sectors usually experience decreased sales and profits stemming from changing consumer behaviors. An economic downturn may also limit an organization’s credit capabilities and reduce their overall cash flow as customers take more time to pay for products and services.

While these behaviors can threaten the financial stability of any organization, large businesses are often better positioned to weather a recession because of their substantial revenues, excess reserves and privileged access to a wider range of credit markets. Small businesses, on the other hand, may be particularly vulnerable during an economic downturn, as they generally lack the additional capital necessary to offset extended periods of loss. As a result, when a recession occurs, small businesses are more likely to have to make difficult financial decisions to avoid issues such as insolvency or bankruptcy.

Recessions can’t be prevented or avoided but the strategies that HR teams implement can great impact whether organizations are able to withstand the downturn. Specifically, HR teams can ensure their organizations are sufficiently prepared for a recession by taking steps to limit related ramifications and maintain financial stability. Today we’re going to talk about how a recession impacts small businesses and explores what HR teams can do to adequately prepare their organizations for an economic downturn.

Tips to Prepare for a Recession

To promote financial stability among their organizations during an economic downturn, HR teams should consider the following recession-proofing tips:

1. Revisit compensation and benefits strategies.

Many employers have responded to recent labor challenges by increasing workers’ salaries, providing substantial bonuses and expanding employee benefits and perks. However, with the possibility of a recession on the horizon, HR teams may need to rethink how their organizations will address attraction and retention struggles. This may involve curtailing salary increases and reducing employee benefits. After all, recession-proof organizations tend to develop their budgets with an eye toward the future.

2. Automate internal processes.

The more efficient organizations are, the more resilient they will likely be during a recession. In particular, recession-proof organizations tend to stay one step ahead by optimizing their resources and automating where possible. As such, HR teams can improve organizational productivity by automating processes and implementing new technologies. This may entail automating recruiting, onboarding and payroll operations to bolster efficiency.

3. Try to minimize layoffs.

When organizations’ financial capabilities become uncertain, their immediate plans may be to reduce costs through layoffs. However, layoffs should only be considered a last resort, seeing as they can create additional risks (e.g., legal liabilities, lower morale and employee distrust) and negatively impact business operations by decreasing productivity and proficiency. Instead, HR teams may be able to minimize the need for layoffs within their organizations by implementing voluntary reduction-in-force programs or choosing to slow hiring or pause it entirely.

4. Stay transparent.

The possibility of a recession can bring uncertainty. Employees will likely be concerned about their futures. They may question the long-term viability of their respective organizations. With this in mind, HR teams need to find ways to keep employees informed without fostering their worries. Creating transparent workplace cultures can help organizations limit recession-related ramifications.

5. Prioritize employee engagement.

Employee engagement can be vital leading up to and during a recession. During periods of economic uncertainty, employees are likely to feel stressed. When organizations are forced to lay off employees, the remaining employees tend to shoulder additional responsibilities and greater workloads. As a result, these employees feel overworked and unsure about their futures. According to industry experts, highly engaged employees can help limit recession-related labor challenges among organizations. Engaged employees are more likely to accept negative work changes and remain loyal. HR teams can increase employee engagement by meeting with employees regularly and addressing their concerns early. By increasing employee engagement during difficult times, HR teams can help maintain staff morale and productivity.

6. Manage health care costs.

As healthcare budgets shrink during a recession, searching for cost-effective solutions can allow organizations to maintain affordable benefits for employees. Implementing effective strategies to manage health care expenses can help HR teams keep their organizations’ reduced benefits budgets intact without sacrificing employees’ needs. This can include reevaluating plan designs and offerings, directing staff to cost-effective services, and improving employee health care literacy.

Conclusion

A recession can have serious impacts on small businesses. Fortunately, by properly preparing for an economic downturn, HR teams can help their organizations be better positioned to minimize financial hardships.

Have additional questions? Reach out to us at marketing@corpstrat.com.