Businesses are constantly evolving, experiencing growth in some areas and contraction in others. This dynamic nature can lead to situations where they are underinsured, over insured, or simply have the wrong type of coverage.
Recognizing that insurance needs are both time-sensitive, requiring annual reviews, and event-driven, triggered by fluctuations in personnel or assets, outsourcing can provide scalable availability as well as unbiased needs assessments.
Compliance with possible federal, state and local regulations is yet another pivotal concern.
The recently enacted FY24 budget (Chapter 28 of the Acts of 2023) mandates that the Group Insurance Commission (GIC) offer health insurance benefits to any new, eligible employee on the first day of the month following the employee’s date of hire, effective July 1, 2024.
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