A recent study through LegalShield discovered that 81% of employees in the United States would appreciate more information regarding their company-sponsored benefits throughout the year, not just before Open Enrollment. In addition to sponsored benefits, 47% of employees reported needing more robust information on voluntary benefits offerings in order to …
With four to five generations active in the workforce, it can be difficult for employers to offer benefits satisfying each generation’s needs. Around 76% of individuals aged 65-69 in the United States are postponing retirement and continuing to work. At the same time, Generation Z continues to grow. It’s important …
An annual healthcare poll from Gallup determined that in 2022, almost 40% of Americans skipped or delayed seeking medical care due to cost concerns. These financial concerns can affect employees’ mental and physical well-being, which can also increase absenteeism at work. Fortunately, there are a few simple ways that employers …
To ensure a successful open enrollment, employers and employees alike must prepare. Employers must update materials and properly communicate benefit offerings to their employee populations. Employees should be familiar with their health needs in order to properly enroll in the most appropriate benefits. Employer preparation Effective communication helps inform employees …
By 2025, Generation Z (Gen Z) will account for 27% of the workforce worldwide. These employees were born between 1997 and 2012 and are very diverse. Around half are from communities of color, and 20% identify as part of the LGBTQ+ community. With this new generation integrating into the workplace, …
With costs on the rise, employees often consider their finances and how to best set themselves up for a stress-free and comfortable retirement. In order to increase financial well-being, employers should be aware of the top reasons that prevent retirement or effectively save for retirement. Employees could feel unprepared because …
Since birth, newborns start accruing costly health care expenses, which is why it’s imperative to have health care benefits. Having sound coverage allows the parent to maintain financial security and give the baby the proper care they require. The first 30 days after a baby’s birth are typically covered under …
Despite High Deductible Health Plans (HDHPs) being around for two decades, employee satisfaction is not as high when compared to more traditional health plans. A recent Employee Benefit Research Institute survey found that only 52% of employees enrolled in an HDHP were extremely satisfied with their plan compared to 66% …
When employees are offered more than one medical plan, many considerations must be taken in order to select the best option. Insurance can be complicated so it’s important to take the time to learn common insurance terms. Types of health insurance plans The first step to understanding your options is …
On Friday, June 30, the Supreme Court blocked President Joe Biden’s student loan forgiveness plan, which attempted to relieve $20,000 for millions of borrowers. Loan repayments will resume October 1, 2023, with interest resuming September 1, 2023. According to the Employee Benefit Research Institute, around 17% of the workforce has …
With more and more companies moving away from remote work schedules, commuter benefits are likely to increase in popularity. Through employers, commuter benefits allow employees to use tax-free dollars on commuting expenses, saving employees money on annual taxes. Qualified expenses may include: Parking costs – parking on or near the …
As the year progresses, it’s important to be mindful of the funds within your flexible spending account (FSA) and health saving account (HSA). While HSA funds can roll over year to year, typically, the majority of FSA funds must be spent by the end of your plan year. The Employee …
Around 44% of working fathers report worrying that utilizing employer options to give working parents more flexibility would negatively impact their performance reviews, according to a study by Bright Horizons. While more male caregivers are taking advantage of work-life balance benefits, more than half want their company would provide more …
A special rule requires spouses covered by family high deductible health plan (HDHP) coverage to divide the health savings account (HSA) contribution between themselves, which does not apply to adult children. Therefore, adult children covered under their parents’ HDHP may be able to establish their own HSA and make contributions. …
When employees do not fully understand their employer-offered health benefits, it can be costly for both you, the employer, and the employee. A 2021 Voya survey found that around 35% of United States workers did not completely understand the benefits they selected in their 2021 open enrollment. To determine whether …
