The working world is ever changing, especially given the events of the past year. While businesses are performing self-analyses to see where they can save money such as working from home, less travel, etc., one area that should be reinvested in is employee benefits!

How much do benefits cost per employee?

There is no one answer to that questions and are based on many factors, however according to the Bureau of Labor Statistics , the average cost of employee benefits for employers in December of 2020 was $12.07 per hour. As you know, there are companies that have extensive packages, and some that offer the bare minimum, so the real questions should be, “How much am I willing to spend on benefits for my employees?”

What benefits are critical?

The short answer, all of them! However, we understand that businesses and companies have a budget, and in order to give a proper recommendation, we would have to understand what your overall goals are, and what you are trying to accomplish. Are you trying to limit employee turnover? Are you trying to attract high level candidates? How much of an investment is it to fully train a new hire? These are just a few questions you can ask yourself in order to get a better understanding of where you currently stand, and how you can potentially improve. After all, the best prospect is an existing client, the same can be said about your employees!

That being said, while health insurance is a given, the other most critical benefit to include in your benefits package is disability insurance. Protecting your employee’s well-being in the event that something happens to keep them from being able to perform their job is increasingly being viewed as a necessity.

What benefits are a bonus?

Something that is pretty cost effective for the benefit it provides to your employees is Group Life Insurance. While most businesses that offer benefits to employees have a well-rounded approach, life insurance is an option that protects more than just your employees, but their loved ones as well. Offering life insurance can definitely be a way to set your business apart from the competition.

How Can I Obtain a Benefits Package for My Employees?

Give us a call! Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

What is yacht charter cancellation insurance?

Yacht charter cancellation insurance is similar to trip cancellation insurance as in it is an insurance policy that protects your investment when it comes to a trip being cancelled, however it is focused on a yacht charter rather than another extravagant vacation. It also differs from Travel Insurance, which provides international medical insurance coverage for when you are traveling abroad, outside of your home country. What is covered by yacht charter cancellation insurance?

A good yacht charter cancellation insurance plan should protect you from many issues that may come up causing you to cancel your plans. Examples of items typically covered by a good charter cancellation insurance policy include:

· Sickness, injury or death of insured, a family member, a travel companion, a business partner or a child caregiver

· Primary residence or destination being rendered uninhabitable

· Documented theft of passports/visas

· Involved in a merger, job loss or job relocation

· Documented traffic accident

· Inclement weather that causes cessation of services provided by your common carrier

· Mechanical breakdown of the common carrier

· Evacuations due to natural disasters

· Emergency military duty for national disaster

· A terrorist incident

· NOAA hurricane warning at destination

· Court order to appear as a witness

· Jury duty

· Quarantine

· Hijack

According to CNBC, rates for private crewed yacht charters are generally thought to start around $10,000 . Depending on the size of the yacht, the destinations, and other factors, that amount can increase tenfold. No one wants to lose that investment due to an unexpected event, which is why we say, plan for what is not on the itinerary.

Why focus on yacht charters and not other vacations?

Given what is currently going on in the world, we are seeing that many people are looking to use yacht charters instead of cruises. This is due to the social distancing implications and overall wellbeing concerns and being able to limit who they come into contact with, as well as the destinations they are going. With certain locations opening and getting ready for tourists, such as the Bahamas, it is clear to see why this is going to be an attractive alternative in the coming months.

Life is unpredictable and plans often change. One of the basic issues that insurance protects us against is the fact that life is unpredictable. So, while you may not be able to prevent a situation from happening, you can prevent an issue from becoming a worst-case scenario. For more information on the different types of coverage that trip cancellation insurance offers, contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

What is the best age to get life insurance?

There is no right answer when it comes to the right time to purchase life insurance, however one thing will always remain the elephant in the room… your age!

There is a reason that cost of life insurance increases as you get older. As you age, the risk for underlying health issues increases, which impacts life insurance premiums, and could even disqualify you from being able to acquire coverage.

So, to put it simply, the best time to buy life insurance is now!

Who should buy life insurance?

According to Bankrate, There are three groups wo always need life insurance: married couples, people with dependents, and co-business owners. While that is a great model to follow, we feel that everyone should pursue a life insurance policy in order to lock-in rates now, potentially saving thousands by the time someone decides to pursue a policy after having a life changing event.

For example, if you decide to purchase life insurance as a 25 year old and are single with no kids, it can save you thousands of dollars of premium obtaining a policy now rather than waiting until you are 35 and have a family.

When to buy Term Life Insurance?

As you know, term life insurance covers you for a temporary amount of time. One of the biggest factors in determining when to buy a term life policy and is anticipating when and how long others may be dependent on your income.

· Did you just have a child?

· Do you have a mortgage?

These are 2 of the most common reason people elect to purchase a term life insurance policy. Coverage until your child is grown, or until your debt is paid off.

When to buy Permanent Life Insurance?

With a permanent life insurance policy, also known as whole life insurance, the major benefit is that as long as you continue to pay the premium, the coverage remains in force until you die. Another benefit is that you can build tax deferred cash value as your premium contributions collect. While you obviously have a death benefit to cover loss of income, this type of life insurance gives you a benefit that you can use throughout your life depending on how early you purchase a policy.

· Did you just get married?

· Do you co-own a business?

The cash value that you build may be used for any purpose, such as a down payment to purchase a house, money for college, retirement, etc. and there could be tax advantages as well. From a business standpoint, having yourself and your business partner insured can help to continue operations in the event something were to happen to one of you. Perhaps allowing you to buy-out the other persons share of the business; however these are details that need to be worked out before pursuing a policy.

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them in order to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

Receiving benefits from your employer is something that all employees appreciate. The question is who is eligible to receive benefits, and when is it required for an employer to offer them.

Who Can Qualify for My Employee Benefits?

There is a short answer and a long answer. The short answer is “eligible employees”. However, there are many different scenarios where more people may qualify.

Eligible Employees

“Eligible employees” which is sometimes defined by the health plan and the group’s employee handbook. Generally speaking, it is full-time employees working at least 30 hours per week. Businesses have no obligation to offer health insurance to part-time employees. However, not every company is required to offer benefits to their full-time employees, but if there are more than 50 full-time workers on the books, then that company is required to offer healthcare benefits, covering 50% of the employee premium of the lowest cost health plan. Some businesses elect to cover even more of the premiums as an additional form of compensation.

Dependents

Per certain rules and laws, eligible dependents are defined as a “qualifying child” or “qualifying spouse or domestic partner”, but premium responsibility is based on the defined employer contribution. To claim a child as a dependent, they must meet the qualifying criteria, which means they must be a certain age, which is based on the selected policy and the home state of the group. An employer is not required to cover the premium of any dependents, and it is typically deducted from the employee’s paycheck. However, some businesses also elect to cover a portion or all of the premium as another additional form of compensation.

Spouse or Partner

In some places, the only way to get health insurance for your partner is if they are your spouse. Depending on the company and the health insurance, you may be able to add someone to your plan if they are your domestic partner. If that scenario applies to you, it’s important to clarify the requirements ahead of time, and ask questions!

Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

Most professions will have times of the year when there is a busy time and a slow time, that is no different for yacht crew. However, just because you may be headed to the off-season, that does not mean you should not stay busy.

How Can Crew Make the Most of the Off-Season?

If you are between yachts or just have some down time due to the yacht not being used as much, it is important to use the available time in your favor. First off, try making a checklist of things you would like to accomplish with your time. Whether there are tasks you need to complete to advance your career, or just some personal items, try your best to stay organized and on top of things.

Stay Within the Industry

The yachting industry is worldwide, yet it is still a small industry in terms of players. Therefore, if you are not participating in the industry, it is much easier for an opportunity to go to another person. Stay involved and stay connected to the best of your abilities.

Keep Licenses Up to Date

Keep up on any licensing renewals that you may need to take care of, and that includes your ENG 1. If you are looking to move up, taking courses that improve your skills or certifications is also a great way to make use of any spare time. Most professions require people to work and take classes at the same time, so it is highly recommended to make use of any growth opportunities!

Take Care of You

Down time is a great time to re-evaluate your health habits. Do you eat right? Do you exercise regularly? Do you have a healthy stress outlet? This is a great time to assess how well you are taking care of your personal health and wellbeing. It is a lot easier to create new and healthy habits when you are not under stress and high workloads like when you are on back-to-back charters or Owners trips.

Having proper insurance is important whether you are at sea or docked at a shipyard. MHG is your specialized broker when it comes to crew insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. For more information on preparing to work on a yacht, read our previous blog, “ Yacht Crew Insurance Terms 101”.

What is the best travel insurance for international travel?

Are you planning to go on a trip? Chances are you have a whole checklist to finish, including securing the proper coverage for you and/or your loved ones. The issue is, that question isn’t as easy to answer as it may seem. First, there are other questions you need to ask yourself.

Where are you traveling to?

Are you a US resident and traveling within the US? Then you do not need to worry about travel insurance because it is only for when you leave your home country. However, if you are traveling abroad, or if you are a resident of a foreign country traveling to the US, we are here to help!

How often are you traveling?

If you are planning a family vacation once or twice per year, you will be a great candidate for a traditional travel insurance plan. However, if you are taking frequent trips of short duration, it may be worth your while to invest in an annual multi-trip travel insurance plan. Basically, one plan that offers coverage for the whole year. Say goodbye to having to double check that you got your plan secured before every trip and hello to removing an item from your checklist!

What are you traveling for?

There are 2 types of travelers, business and pleasure. What type of traveling are you doing? Are you going on a family vacation? Or are you on your way to a tradeshow for work? The reason it is important to know what type of traveling you are doing is because there are different options to be presented. Of course, there is always an opportunity to purchase a travel insurance policy, however, it may save you money in the long run if your company is willing to purchase an annual multi-trip travel insurance plan to offer as a benefit for employees.

Having proper travel insurance can help to limit your distractions and help you to have an efficient and successful business trip. Maybe having an eased mind will allow you to enjoy some of the sites while you are there, or focus on closing that deal! If you have any questions about your travel insurance plan, are interested in an annual multi-trip plan, or are looking to purchase a travel insurance plan for your next business or leisure trip please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. MHG has the insurance specialists to assist and advise you, your loved ones, group, or business, on all of your insurance needs. Safe travels!

What are the four major types of employee benefits?

Medical

The main benefit that you can and should be offering your employees is medical insurance. There are several laws and regulations around group size and mandatory contribution rates, however no matter the rules, we have consistently seen that offering medical insurance to your employees promotes loyalty, increases happiness, and is one of the top motivators for a workforce.

Dental

Unfortunately, medical insurance offers little to no coverage for any dental procedures for adults. Also, a lack of proper oral care can lead to several overall health issues, which is why dental insurance is increasingly important. As you may know, even with regular trips to the dentist, and proper dental hygiene practices at home, one can still find themselves needing to have some work done.

Vision

Vision insurance is another important benefit for the overall wellbeing of your employees. After all, chances are that some of your workforce is looking at a computer for much of the day, which has been shown to damage our eyes. Having vision insurance allows for preventive measures to be taken such as annual eyes exams.

Disability/Life

Disability and Life Insurance coverage acts more as financial protection for your employees rather than an active benefit. Disability insurance offers coverage for an individual in case they are ill or injured and can no longer work. Depending on the plan, they will receive up to 66% of their wages for a number of years or until retirement.

Life Insurance offers coverage for an individual’s loved ones in the event an employee loses their life. There are great options for group life insurance where the benefit amount can be reflected based on someone’s salary or a set amount.

GAP

GAP Insurance isn’t included with the four major benefits; however we believe it should have an honorable mention. While GAP Insurance does not offer a particular benefit, it may be one of the most advantageous benefits you can offer your employees. GAP insurance is paired with medical. The purpose of GAP Insurance is to supplement a portion or up to the out-of-pocket costs of the medical plan, reducing the overall amount of medical expenses for your employees.

Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

What is no medical exam life insurance?

No medical life insurance is a life insurance policy that does not require an individual to go through the medical screening process to be approved for purchase. According to Forbes, Over the past decade, more and more insurers have stated offering life insurance policies that don’t require medical exams. This may seem strange, as you would l think that insurers would want to have as much information as they could obtain about you before deciding whether or not to insure you, however many people are turned off by having a stranger come examine them in their home (or elsewhere) in order to be approved to make a purchase. Also, insurance companies have access to health records through the Medical Information Bureau (MIB) and other resources to make an overall decision on the risk that you may present to them.

What is a life insurance medical exam?

The medical exam associated with life insurance is part of the underwriting process and is usually a simple medical screening, but can be more involved, especially for older applicants. The exam can take up to an hour or more and will check your height, weight, blood pressure, and include a blood and urine sample. The exam will look to confirm that your vital signs are where they are supposed to be based on age and look to confirm whether or not you may pose a higher risk in terms of overall health. It is part of the underwriting process, where the insurer decides how insurable you are, much like the lending process of trying to qualify for a loan.

Who benefits from not having to take a medical exam?

Not having to take a medical exam benefits people who are concerned about having an unknown medical examiner come to their home, or who are simply looking to save time. It can offer quicker coverage without having to go through the typical full underwriting process.

What are the pros of no medical life insurance?

· Quick approval

· Good coverage

· No need to go through invasive screening process

· Transparent pricing

What are the cons of no medical life insurance?

· Coverage amounts are limited

· Can only obtain a term policy limit of 20 years

· Fewer policies to choose from

· Higher potential premiums than policies that require medical exam

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

A new year is here, and now more than ever people are looking to either maintain the healthy habits they have adopted or look to try and start a new lifestyle to try and shed a few pounds or just feel better. Whether it is a new diet, new workout, or new way of living, this time of year is synonymous with people trying their best to lead active and healthy lifestyles. Yet there is one simple thing people can do that does not require expensive investments, trips to special facilities, or new gear… walking!

Why is walking important?

Walking is one of the best ways to get and stay healthy. Obviously going for a stroll is not as rigorous as going for a run or doing some of the latest fad workouts, but over time it can have the same benefits without the wear and tear on your body. According to the Better Health Channel , Just 30 minutes [of walking] every day can increase cardiovascular fitness, strengthen bones, reduce excess body fat, and boost muscle power and endurance. Walking is also known to reduce your risk of conditions such as high blood pressure, heart disease, and diabetes.

Should I track steps or miles?

Before you decide on how many steps or miles you should walk per day, first you need to decide what your goals are.

· Are you looking to lose weight or maintain weight?

· Where are you starting from, how is your current physical health?

· Are you looking to accomplish a milestone down the road?

After answering a few of these questions you should have a better idea of where you should start, and where you should set your sights.

Once you have that part figured out, it really is up to you whether you would prefer to track steps or miles. Experts say one mile is about 2,000 steps. So, will you be tracking your steps throughout the day? Or will you be allotting “walking” time to try and walk a particular distance?

Is it better to set a daily goal or a weekly goal?

It depends! Are you a person that has an extremely busy schedule? Or are you a person that has a lot of free time? At the end of the day, a goal is a goal, and there is more than one benefit to achieving them! Try not to over-extend yourself or set yourself for failure. It is important to be flexible, after all is there really a difference between walking 2 miles per day or 14 miles per week?

Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

What is the difference between a broker and an agent?

The main difference between an insurance agent and an insurance broker is that agents represent insurance companies, and brokers represent customers. Knowing the difference can be extremely helpful when you are shopping for a new policy or in the market for new coverage.

Why do brokers have a stigma?

Insurance brokers are not evil, in fact they are quite helpful. It is a common misconception that brokers work for insurance companies, however that could not be further from the truth. As insurance brokers, we work for you, the people!

It is also incorrect that working through an insurance broker costs the client more money. In contrast, working with a broker can save clients both time and money, in addition to frustration. Insurance brokers receive their compensation from insurers, but that does not (or should not) cloud the judgement of a good broker to recommend whatever policy is most appropriate to the situation as presented by you, the client.

What does a broker do that I cannot do myself?

First, they spend all day, every day dealing with insurance. They know the insurance industry, they live and breathe insurance, and they understand all the confusing terminology and phrases, which hopefully they can explain to you in a straightforward, no nonsense way. They also know the insurers, and the people who work there, which is a significant advantage over you calling a toll-free number and hoping for the best.

Second, insurance brokers evaluate and research the marketplace on a regular basis. A reputable broker knows the dynamics of the insurance industry, what the headlines are, what is no longer relevant, and which carriers provide consistent service. Nothing is more frustrating than finding an insurance plan that fits your needs, only to realize at time of claim that the company does not deliver.

Finally, as stated before, a broker advocates and works on your behalf. When a situation arises where a helping hand is needed, you can turn to your broker for assistance, leaving you to continue to concentrate on your work.

How do you know if a broker is reputable?

Word of mouth is the best form of marketing for a business, as well as the best form of research for a customer. There is no better way to find something than by asking someone you trust who has experience with your issues or concerns. This is also the case when finding a good insurance broker. Generally, though, you want to look for a broker with experience and longevity in the health insurance business and one who certainly should be able to provide references. It is also important that the broker is specialized and experienced in the yacht crew area as it is quite different from the typical expat insurance market.

Having proper insurance is important. MHG is your specialized broker when it comes to marine specific insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.