When hiring employees, human service organizations go through great pains to find the right candidates, sometimes leaving vital positions unfilled for months as they continue their search. Despite Background checks and rigorous interviews, whenever a company hires someone there is some risk.
In a variety of cases throughout the country, nonprofits have been gravely compromised by not only the failings of some employees, but by the failure of their insurers to cover for particular concerns. Very often Buying insurance for nonprofits is more complicated than buying insurance for other kinds of organizations.
Having the right insurance coverage and a well structured risk management program is essential to protect you and your organization. Lamb Financial Group provides cutting edge expertise in risk management for nonprofits and for profit social service and healthcare organizations nationwide.
When exactly are Obamacare laws changing, and how will they affect your nonprofit organization? This is a question that is somewhat hard to answer due to the complex nature of Obamacare laws. However, starting on Oct. 1, all businesses will have another year to comply with these laws. With this extra time, you will have until 2015 to learn more information on the Affordable Care Act, which will affect your employees’ healthcare. You will also have more time to educate your employees and prepare for changes in healthcare costs.
How will this extension affect your nonprofit organization? In 2015, the Affordable Care Act will be placed in affect for companies with 50 or more employees. This mandate has many provisions, which are complex and can be confusing. Most business owners are relieved to receive the additional time to understand what changes need to be made, how these changes affect their employees, and what additional costs to expect. Each employee, whether new or current, will need to be informed on all changes to employee benefits as a result of the Act. Below are examples of items that will need to be discussed with employees:
Enrollment in health savings accounts (HSA) has risen significantly over the past six years. America’s Health Insurance Plans (AHIP), the national trade association of the health insurance industry, released a census that reveals HSA enrollment has more than tripled since January 2007, jumping from 4.5 million enrolled then to totals around 15.5 million as of January 2013.
The census also shows that the most significant gains in enrollment were made between January 2012 and January 2013, which occurred in large market groups. Large group plans increased from 7.9 million to 9.6 million over the course of the year. The Health Savings Alliance says many employers are electing to offer HSAs to their employees “because of the high quality care and affordable coverage they provide.”
Karen Ignagi, president and CEO of AHIP, credits the increase in enrollment to the value that HSAs offer to both employers and individuals. “HSA plans encourage individuals to take an active role in their health care decisions while stretching their health care dollars,” she told Robert Zirkelback of the AHIP.
Other factors attributed to the increase in HSA enrollment include better access to “decision-support tools,” which were accessed by high volumes of HSA enrollees. For example: