Monday, April 30, 2012

HR misses the mark when communicating benefits

The survey, conducted among 275 HR professionals, shows that staff rank their available premium, life insurance and private health insurance as the most valuable benefits. But the data also shows that, apart from pensions, "soft" perks such as gym membership (seen as the least appreciated benefits by 26% of respondents), generating more communication in the field of e-mails and intranet messages, then the health and financial benefits.
Linda Smith, HR director at Unum, said: "We have a clear discrepancy between the benefits are communicated and appreciated by those workers seen - most of the communication around the" soft "benefits that do not have employees the long term and are not seen as being valued by the staff. "
Key findings

    
Almost three quarters (72%) of employers offer defined contribution pensions for all workers.
    
37% have made a significant research benefits in the past two years.
    
Defined benefit pensions are seen in the most valued by employees to be above others.
    
The most common way of communicating benefits to employees through new-Joiner packs.
Charles Cotton, performance and reward adviser at the Chartered Institute of Personnel and Development, believes that a number of HR staff the confidence to communicate effectively on complex financial products miss.
"HR departments used can be criticized for doing a poor job of communicating benefit plans because they do not have a technical knowledge of the products. As a result of changes in pension provision, in particular auto-registration, practitioners up-skilled personnel to feed on pensions.
"But there is one thing to train staff on all financial and health benefits, not just so they appreciate the benefits provided, but to equip them for situations of financial distress."
The investigation showed that most (72%) organizations offer a defined contribution to all employees, followed by life insurance (63%) and employee assistance programs (49%), while private health insurance (17%) and health screening (12% ) are the two most benefits offered to senior management only. Personal accident insurance and dental plans are the least frequently offered.
While 30% of respondents admitted that they never carried Benefits Review, 37% was done in the past two years and 55% planned to at least a basic review undertaken this year.
"Pensions auto-enrollment will be introduced this fall, offers a chance to review the benefits," said Smith. "According to our research, 55% of employers looking to review the benefits of this year, so it's important to get the right mix of benefits that are of value for both business and employees."
The research marks the launch of a new staff Today channel, Benefits Overhaul 2012, in cooperation with Unum, which looked at how organizations thorough review of the benefits they offer employees.



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Thursday, April 26, 2012

Health Insurance Stock Outlook - April 2012 - Zacks Analyst Interviews

ugh the American health insurance industry remains relatively immune to economic problems, is still grappling with fundamental changes and the resulting growth of labor. The industry is facing its share of problems associated with slow economic recovery, uncertainty about the health reform law and an increased regulatory control.
Despite the odds, the industry remains profitable, with the top six players - UnitedHealth Group Inc. (UNH), CIGNA Corp (CI), WellPoint Inc. (WLP), Aetna Inc. (AET), Humana Inc. (HUM), Coventry Health Care Inc. (CVH) - reporting year-over-year earnings growth in FY11.
About the Industry
The American health and medical insurance industry is an integral part of the U.S. economy. According to the Centers for Medicare and Medicaid Services, U.S. health spending accounted for about 18% of the GDP of the country. According to the World Health Organization, health spending per person is higher in the United States than any other country in the world.
Despite the rapidly growing health care spending in recent decades has been characterized by increasing health insurance premiums, limited policy choice and lack of transparency.
In the past 10 years health insurance premiums have risen steadily, faster than the growth of wages and cost of living. Premium surge (as a result of complex links between health insurers, healthcare providers, pharmaceutical manufacturers and medical technology industry) is witnessing both the employer-sponsored insurance and individual insurance.
Total premiums for employer-sponsored insurance has doubled in the period 1999-2009. The individual market also saw a rapid growth in the cost of the premium. As a result, only 5% of a non-elderly Americans ensured. According to the United States Census Bureau, in 2009 there were 50.7 million people in the U.S. (16.7% of the population) who were not insured. The percentage of uninsured non-elderly is a continuous increase since 2000. Insurance companies are also known for refusing to cover the case of pre-existing illnesses, and to charge higher premiums in the individual market.
Increasing consolidation of the insurance sector is also a limited choice for the Americans, who were reeling under the rising cost of healthcare. Since 1996 the industry witnessed acquisitions worth about $ 90 billion, resulting in the dominance of a few players. The period 1990-2000, the industry witnessed about 400 large and small mergers and acquisitions (M & A).
Consolidation and market dominance thus resulted in a decrease in competition. Major insurers dominate the major markets, rarely or never bothered to even the basic information to consumers, such as the performance of the health insurance policy, procedures to claim, the size of the provider network and cancellation procedures.
Moreover, in the absence of any reason to policyholders' costs, insurers went on increasing profits year after year. Recent economic data from HealthReform.gov showed that the profits of the ten largest insurance companies increased 250% between 2000 and 2009 - ten times faster than inflation. While the industry saw a lower enrollment (medical membership) as a result of the last recession, large insurers managed to remain profitable by increasing their premiums.
Looking at the other end of the spectrum, health insurers also benefited from a low occupancy in the midst of a recession. A high deductible and high out-of-pocket costs kept the cash-strapped Americans away from the clinics, leading to lower utilization of health care. A recent analysis by the Kaiser Family Foundation shows that people with insurance for medical checks less frequently chosen, the number fell sharply after the recession technically ended. The year 2011 saw suppressed usage trends with respect to historical levels.



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Wednesday, April 25, 2012

Health Ministry : Soldiers shouldn't buy private medical insurance

The Health Ministry, the Israeli army reprimanded for stimulating career soldiers to private health insurance to buy.
Prof. Ronni Gamzu, the Health Ministry Director-General, sent a scathing letter about relocation of the IDF to Deputy Health Minister Yaakov Litzman. The ministry "proposed to the IDF a year and a half ago to a regulation for soldiers in the regular army on the supplementary health insurance policies to buy health maintenance organizations to establish, but they preferred the more expensive private insurance," wrote Gamzu.
Occupation Soldiers are not members of health maintenance organizations and medical services received instead of the IDF Medical Corps. They also get a wider range of services than does the general public under the compulsory health insurance law. But soldiers, both draftees or professionals, are not entitled to certain "private" services and benefits, such as choosing their doctors or surgeons, or with the overseas activities. So they are looking for additional medical insurance, which is provided by many private workplaces.
The commander of the IDF private medical services of the center, Colonel Erez Dr. Birnbaum, recently sent a message to all professional soldiers consumers Hever club, which includes all professional soldiers and pensioners, had a contract with the Phoenix insurance company reached sale of private health insurance policies.
Health ministry officials proposed the fund to additional insurance and were even willing to change the law if necessary to provide said Gamzu. "We thought that was correct, both as an educational message and so the money would remain within the public [health] system," said a senior official at the ministry. "But [the IDF] politely turned us down and eventually reached an agreement with Phoenix."
The IDF spokesman said Office career soldiers have no ability to buy the health insurance funds. "The IDF investigated alternatives to the supplementary health insurance ... The insurance is paid for privately by the soldiers who chose to join the plan," she declared.


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Tuesday, April 24, 2012

Ascension Health's $2 billion Cayman project

Alliance managers say their joint venture for a $ 2 billion "Health City" in the Cayman Islands to build an India-based hospital group will be of high quality, low cost bring medicine to the Caribbean and South America.

"We do not consider this a medical tourism facility. That is not the intention at all," said Anthony Tersigni, president and chief executive of Edmundson based Ascension Health Alliance, the nation's largest Catholic and nonprofit health care is. "I do not know if we're going to patients in the U.S. to the Cayman Islands."

But the system for-profit partner, Narayana Hrudayalaya Hospitals in India, has thrown the project in very different terms. For years, Narayana's founder, Dr. Devi Prasad Shetty, promoted the idea of building an offshore medical center primarily U.S. patients who can not afford health care in the United States to serve.

"Cayman Islands is one hour flight from the U.S., and we plan to offer cost-effective treatment for the citizens of the U.S. and (they) under-insured," Narayana Shetty said in press release in October.

Asked about the apparent disconnect to explain Tersigni gave a one-line written statement saying only that Shetty "shares our commitment to providing care for everyone, with special emphasis on those who are poor and vulnerable."

Associate Professor Leigh Turner, a health expert at the University of Minnesota, describes the joint venture as "a foreign partnership." The Cayman Islands - a standard of living, which ranked 14th among nations in the world - seems a strange place to a health mission aimed at social justice and health care access to launch, Turner said.

"That seems like a place where you build a private, for-profit health center," said Turner.




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