TheĀ Deliberate Wealth Blog
Actionable Financial Advice
Employers are struggling to find workers and money won’t solve the problem.
I hear in on the radio, read it in the local papers, see it on social media: work here and we’ll give you a...
Small businesses are seeing dramatic changes in emerging trends around group benefit plans. While some trends are on the rise, such as virtual healthcare and pharmacy-by-mail, many...
If you do not make use of a proper compensation management software solution, you will watch your competition outgrow you.
The terms “compensation” and “management”...
Leave management, it can feel…complicated. The core idea—a defined process that’s consistently used to handle all time-off requests, and to track the time employees are away from...
Employees expect that managers or HR are tracking their time off. There are instances when they book time off yet they’re not certain if they have the time available to them.
An HRIS ...
One of the most overlooked healthcare costs is that of benefits management itself. Paper-based enrolment forms are frustratingly complicated, prone to errors, and a major drain on HR resources. But...
Did you know that the CAP guidelines were enacted by the Joint Forum of Financial Market Regulators in 2004? I’m amazed at the number of businesses I meet that are not really sure about what...
Incurred but not reported claims (IBNR) or Reserves
Reserves are established for high volume benefits such as Health and Dental so that in the event the group terminates coverage, there is a...
Trend factors
Trend factors reflect the increasing cost of products and services covered under the plan. Some contributing factors used to calculate the Health and Dental rates for the upcoming...
There are 7 key factors that influence rate adjustment for employee benefit plans.
- Credibility of claims experience
- Manual (book) rates
- Weighting
- Trend factors
- Incurred but not reported claims...
Weighting
Weighting is a method of combining multiple years of claims experience are to calculate a renewal adjustment for employee benefits. The most recent claims experience is typically given...
Leave management, it can feel…complicated! Here are the top 3 challenges facing businesses today and how to get out in front of them.
Challenge 1: Effectively Tracking Employee Leave
...
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