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 …
Employers and employees alike must prepare for open enrollment. Employers must update materials and properly communicate benefit offerings to their employee populations. Meanwhile, employees need to be familiar with their needs and their family’s needs in order to properly enroll in the most appropriate benefits. Preparing as an employer Effective …
With gas prices on the rise, commuter benefits are becoming increasingly popular. 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 business premises. It could also include parking …
Life insurance is a popular employer-provided benefit that employees, especially those whose incomes support family members, can enroll in. Enrolling in life insurance allows the insured’s designated beneficiary to collect the financial benefit after the employee is deceased. Employers should consider offering term life insurance whether it be basic (100% …
The Wage and Hour Division of the U.S. Department of Labor released an initiative with a focus on federal Family and Medical Leave Act (FMLA) compliance. The announcement of the initiative stated the division will ensure employers comply with federal labor laws using “vigorous enforcement.” More education and outreach will …
While more Americans, about 9 million, are working later in life, retirement is still an inevitable stage in many workers’ lives. To some, the concept of retirement is daunting, ending the steady source of income. They are plagued with doubts like, “What if I outlast my savings?” Financially burdened by …
Open enrollment is the only time employees can enroll in a health insurance plan or make changes to their current benefit elections, unless a specified life event occurs (marriage, childbirth, etc.). If an employee misses their opportunity to participate in open enrollment, they will have to wait until the following …
The COVID-19 pandemic has and continues to force many organizations to adapt and reimagine their service offerings to prioritize the health and safety of their employees. Since in-person visits to the doctor were put on hold in 2020, telehealth saw an increase in popularity. This allowed employees and their families …
Open enrollment is an opportunity to showcase an organization’s benefits package and the value it provides to employees — with the hope of curbing rising turnover rates. Within the last year, employees’ priorities have changed. Consequently, employees may be seeking enhanced offerings to better protect their health and well-being, while …
Retirement planning is one evolving area where employees are seeking out solutions that assist them and their family members in building strong financial futures. According to the Employee Benefits Research Institute, over four out of five workers say their employer converting retirement savings into regular income would be helpful. Additionally, …
Flexible Spending Accounts (FSAs) can be an asset to any employee benefits package because employees can set aside pre-tax funds to be used for eligible healthcare expenses. Due to the nature of the public health emergency posed by COVID-19 and the unanticipated changes in availability of certain medical care, you …
The demand for and focus on employees’ mental health and well-being has increased significantly because of the COVID-19 pandemic. In an effort to address the growing need of mental health support for workforces across the country, companies have continued to roll out wellness-specific programs and benefits to better service their …
In an effort to address the growing need of mental health support for workforces across the country, companies have rolled out wellness-specific programs and platforms to better serve their employees. According to a recent survey by virtual mental health platform Ginger, 92 percent of CEOs reported that their companies have …
On May 10, 2021, the Internal Revenue Service (IRS) released Revenue Procedure 2021-25, which provides the inflation-adjusted amounts for health savings accounts (HSAs) and high deductible health plans (HDHPs) for the 2022 plan year. As cost of living expenses continue to rise, the IRS annually adjusts the following amounts and …
As COVID-19 vaccination rates increase across the country, organizations that experienced workplace closures and needed to adjust to remote work environments are beginning to reopen. In a recent survey, LaSalle Network asked 350 corporate executives how they think their workforces will be modeled in the next year — approximately 77% …
