March Advisor Newsletter
Allison's First Blog Post Ever!
Over the last year, we have onboarded over 500 new advisors, and I have come to realize that while features are not always easy to remember, the end goals are. What I mean is, our users reach out and ask me, "what was that plan where employees get to decide how to split their funds, or what was the plan where the company can control their costs?"
Take a first look at the Marketplace Experience
Missed our webinar on Marketplace? Check out the full recap here
Register for a webinar with our partner, ALAViDA
Substance use is on the rise thanks to COVID, and this can cost employers thousands in terms of short and long term disability claims. Register for an upcoming webinar information session on April 6, with our partner, ALAViDA, on their platform, which includes a virtual companion, dedicated care team, cognitive behavioural therapy, awareness tools and more at a fraction of the cost of traditional rehab
Resources we love
Many employers re-evaluating benefits
Employees are turning their backs on employers
Plan sponsors focusing on well-being, virtual healthcare in year two of the pandemic
Advisor FAQ Can you tell me what Reserve means? Reserve refers to the employee's expiring funds; these are credits leftover from previous year(s). This balance can only ever be used for prior year claims. If a plan does not have credit carryover, at renewal unused credits will drop into the Reserve account for the duration of their grace period. For a plan with Carryover, unused carryover credits will drop into Reserve at renewal.
What is "Grace Period" in the plan design? Grace period is the time period after renewal that an employee can submit outstanding claims from the previous benefit year. The standard grace period for most plans is 90 days. Only carryover and reserve balances can be used for prior year claims during the grace period.
What is carryover? Unused credits can be carried forward to the following benefit year, we call this balance "Carryover". The carryover can be used toward outstanding claims from last year, in combination with the Reserve, during the employee's grace period. If there are no outstanding claims, the employee can apply their carryover toward the new benefit year. New claims will draw from carryover first, then current funds.
Thursday, April 1: International Fun at Work Day
Friday, April 2: Good Friday
Sunday, April 11: National Pet Day
Thursday, April 22: Earth Day