The
3 most costly mistakes with problem employees. Separation notice
help.
Whether you are firing your problem employee or laying off workers
because of downsizing, you must give each worker a formal separation
notice. It is a crucial part of the termination process. And while
every termination is different, all separation notices should follow
a similar format. This is not to say you do not have to tailor each
separation notice, you do. But you can use a basic template and change
it depending on your circumstances.
What a Separation Notice should contain
First, a separation notice should have basic employee information.
You should include the employee's name and social security number.
Then list the dates the employee started work and date last worked
and the reason that they were separated from employment. Be careful
when giving reasons for termination. Get rid of any discriminatory
language or unprofessional wording.
You must make sure your employee clearly understands the reasons
for the separation. Also you must have documented evidence to support
those reasons. If you have collected this information properly, the
employee will not be surprised by his or her current predicament.
Finally there should be an area for both you and the employee to
sign off on the separation notice. This gives you legal evidence
the employee knew why you were letting him or her go.
Needing
to separate an employee from your company? This is how I terminate.
Health Insurance And High Deductibles When most people learn that their family's health insurance coverage is going to cost more, they shop for a more affordable policy. Often the solution is a combination of an insurance plan and a tax-sheltered Health Savings Account.
More than 1 million Americans have made a similar choice, signing up for high-deductible health insurance policies and associated HSAs since the program was introduced in late 2003 according to the Washington-based industry group, America's Health Insurance Plans.
The new plans are a bit complex, but a growing number of insurers offer them.
Under federal law, the policy must have a minimum deductible of $1000 a year for an individual and $2000 for a family; maximum out of pocket expenses; for example, copayments required for surgical procedures, cannot exceed $5100 for individuals and $10,200 for families.
People Help With Their Own Health Insurance
Policyholders, meanwhile, can set up HSAs that they fund with their own money. Employers also can contribute to their workers' HSAs. HSA contributions, generally set an amount equal to the policy's deductible, can best be used to cover health care costs, and unused money can be carried over at year's end. This differs from company sponsored Flexible Spending Accounts, health care savings plans in which unused money is forfeited after Dec 31 of each year.
Some companies are replacing existing catastrophic health coverage plans with the new plans because they see HSAs as a good way for workers to handle the higher deductibles. Others see them as a way of making workers more mindful of health care spending.
Health Insurance For The Young And Uninsured
The new policies are especially attractive to young singles, people in relatively good health and higher income people who can afford to cover higher out of pocket costs.
The new policies also are attractive to small businesses and the uninsured. Of the new policies purchased through eHealthInsurance, more than 40% were purchased by people with annual incomes below $50,000, almost half were families and more than one-third had been uninsured.
Affordable Health Insurance
It's the affordability. Participants get a lower cost premium and the money they probably would have been spending can be run through a savings account to buy day to day medical services.
More companies will adopt the plans because the trend is that more of the burden for health benefits is going to be moved to the employee.
On the other hand, people who can afford to fund the HSAs and don't need to draw them down entirely to cover annual medical expenses will be able to let them grow tax-free. In retirement, the excess savings can be used to purchase long-term care insurance and to pay for other qualified medical expenses.
That means that they're more popular for those approaching retirement age, especially if they don't have company plans available to them.
There are many health insurance alternatives, so it's important that people asses their individual needs.
About the author:
Ivon T. Hughes of The Hughes Trustco Group is a licensed Insurance Broker. Author of The Life Insurance Handbook. - Get a FREE Copy TODAY!
Email: info@trustco.ca Web: http://www.hughestrustco.com
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Needing
to separate an employee from your company? This is how I terminate.
The Need for Employment Background Checks -
Depending on your state and what type of business you are in, employee background checks may or may not be mandated by law. In businesses that deal with children or seniors, Federal law requires background checks on all employees and/or volunteers. The reasons should be obvious: the Federal government wants to ensure that those served are safe from hard and employers need to safeguard themselves against negligent lawsuits. If an employee will be doing any type of driving for the business, it is important to know their driving history. For insurance purposes, employers need to have up-to-date information regarding the candidate’s Motor Vehicle Records (MVR) report. This report details any . . .
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