Different employees have different needs and values. Therefore, the same benefits offerings can’t satisfy everyone. If your organization is trying to appeal to current and prospective workers, consider tailoring your benefits options. Below are potential options for expanding the existing benefits plan or adding more voluntary perks. Tips for Personalizing Benefits Survey employees. One of […]
If you’ve ever received a surprise medical bill, you’re not alone. According to a survey conducted by NORC at the University of Chicago, over half of American adults have been surprised by a bill that they had assumed would be covered by their medical insurance. Moreover, only 1 in 5 of these surprise bills were […]
Benefits have always been crucial for attracting and retaining top performers, and voluntary benefits are a great way for employers to round off their offerings. These extra perks allow for more personalization that can help satisfy the unique needs of each worker, especially in today’s multigenerational workforce. Although individual needs vary, some common themes—physical, mental […]
Many employers offer high-deductible health plans (HDHPs) to control premium costs, and then pair this coverage with health savings accounts (HSAs) to help employees with their health care expenses. An HSA is a tax-favored trust or account that can be contributed to by, or on behalf of, an eligible individual to pay qualified medical expenses. […]
The pandemic presented many learning opportunities for organizations as they pivoted and learned how to be resilient during uncertain times. The 2021 open enrollment season was one such opportunity, and many employers rose to the challenge by exploring new ways to engage and educate their employees about their benefits. With open enrollment approaching and hybrid/remote […]
For the past two decades, health costs have increased each year. This happens for a variety of reasons, such as inflation or, say, a global pandemic. With that in mind, employers can bank on prices going up in 2022. According to a PricewaterhouseCoopers (PwC) report, medical costs are projected to increase 6.5% in 2022. This […]
Employers are increasingly using electronic media in connection with their employee benefit plans, including their group health plans. In general, federal law allows employers to provide most health plan notices electronically, provided they comply with certain rules regarding electronic delivery. Department of Labor (DOL) regulations contain a safe harbor under which employers may use electronic […]
Attracting and retaining employees is a constant struggle for organizations of any size, but it’s particularly so for small businesses. With smaller teams, employers need to hold onto talent whenever possible. And that can be a challenge, especially when resources are scarce as they are currently amid the lingering effects of the COVID-19 pandemic. That’s […]
Did you know that the average American spends about $1,200 each year on prescription drugs? Prescription drug prices in the United States rank among the highest across the globe. And with drug prices on the rise, 1 in 4 Americans are paying more today than they were a year ago. Start Saving Today It’s no […]
As the COVID-19 pandemic continues to wage on, its effects on benefits planning for next year are being felt—especially as open enrollment season approaches. According to Mercer’s Global Survey #5, 20% of employers surveyed said updating benefits programs to better meet employee needs was an HR area in which companies are seeing an increased need […]
