Open enrollment can be a time-consuming process, and employees who miss the open enrollment period may be unable to make benefit changes until the next plan year, unless they experience a qualifying life event or another permitted enrollment opportunity. Notably, passive enrollment can be an effective option for employers whose …
Choosing the right pharmacy for your prescription drug benefits is an important part of managing your healthcare costs, medication access, and overall wellness. From cost savings to convenience and personalized care, pharmacies play a significant role in helping you remain on track with your medications.   This guide explains the different types of pharmacies, factors to consider …
With rising healthcare costs, it is important to effectively manage spending. From improving healthcare literacy to maximizing savings accounts, such as health savings accounts (HSAs) and flexible spending accounts (FSAs), there are a variety of methods that can help you take control of your healthcare expenses and protect your financial well-being. Improve Your Healthcare Literacy Strong healthcare …
High-Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs) are typically great options for healthy, single adults looking to save money. However, this option can also be useful for those who can afford to pay medical bills up to their out-of-pocket maximum (OOPM) and can contribute the maximum amount to their HSAs annually.   Example  For example, the Smiths are a highly …
Take charge of your oral health with dental insurance. From treating toothaches and tooth decay to addressing bad breath and dry mouth, dental care costs can add up quickly. With dental insurance coverage, you pay a premium in exchange for benefits that help offset the cost of preventive dental care, diagnostic services, and major dental procedures. Example Scenario: All dental insurance plans have different rates and levels of dental coverage, but let’s look at an …
Group Disability Insurance offers significant advantages for both employees and employers. Employees gain peace of mind knowing income replacement benefits are available if they become unable to work due to illness or injury. Simultaneously, employers benefit from insurer-provided resources that help manage productivity losses, employee recovery, and develop effective return-to-work strategies. Employer-Sponsored Disability For most employees, a lengthy period of disability can be financially devastating. Employers can help …
On January 15, 2026, the Employee Benefits Security Administration (EBSA) released updates to its national enforcement projects for fiscal year 2026. EBSA stated that these projects highlight areas the agency will prioritize in its enforcement efforts to: Enhance employee benefit plan compliance, address abusive practices, and strengthen protections for plan participants and beneficiaries. Background EBSA is the organization within the U.S. Department …
Employer-sponsored health plans commonly offer coverage to employees’ spouses and dependents. To help manage healthcare costs, many employers adopt plan design features that limit spousal enrollment when other coverage is available. Spousal carve-out Restriction or exclusion of working spouses from health plan eligibility when coverage is available through their own employer. …
Understanding how prescription drug coverage works with your healthcare benefits is essential to making informed decisions and managing your overall healthcare expenses. Knowing how prescription drug formularies and tiers operate can help you better understand your plan and potentially save money on prescription medications. A prescription drug formulary is …
Open Enrollment can be a confusing time, and concepts and explanations that are filled with acronyms can feel overwhelming. Understanding abbreviations will assist in bridging understanding gaps, allowing you to make informed decisions regarding your benefits elections. # 401 (k) (Section 401, subsection (k) of the U.S. Internal Revenue Code): …
A recent survey by New York Life Group Benefit Solutions has revealed a critical gap in employee benefits education: only 43% of employees fully understand how to enroll in their workplace benefits. This number has remained unchanged from last year, uniquely positioning employers with the opportunity to provide clear, consistent …
The International Foundation of Employee Benefit Plans anticipates a 10% increase in healthcare costs in 2026. Cost predictions have been stated as follows: Mercer predicts that the total health benefit cost per employee will rise 6.5% on average in 2026, marking the highest increase since 2010, even after planned cost-reduction …
Many members of Generation Z (Gen Z) express needing help during open enrollment, as they have less experience in selecting benefits than other generations who have been in the workforce longer. Gen Z, individuals born between 1997 and 2012, make up nearly all of the current and next wave of …
As healthcare costs rise, health plans across the U.S. are increasingly turning to biosimilars—a cost-effective alternative to brand-name biologic drugs—to maintain access to high-quality, affordable care. What Are Biosimilars? While biosimilars are similar to their reference biological products (also known as the brand-name counterpart or biologics), they are not identical. …
High-deductible health plans (HDHPs) are becoming an increasingly popular health insurance offering among employees. Despite the higher deductibles, HDHPs can be a cost-effective and tax-advantaged choice for those who: Don’t anticipate frequent medical expenses Want to take advantage of the tax-advantaged savings opportunities. Understanding HDHPs is essential when making educated …
