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 …
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 …
The U.S. surgeon general released framework depicting how employers can encourage employee mental health and well-being. Improving mental health has become increasingly important due to the effects of COVID-19. The stressors of the pandemic can be felt in the workplace, so it’s important that employees feel properly supported. The five-part …
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 …
As an employer choosing which health plan to offer, many considerations must be taken. In a perfect world, an employer chooses a plan that keeps costs down but also fits employees’ needs, boosting overall satisfaction and retainment. However, finding that perfect combination isn’t always easy when there are so many …
With such a high inflation rate, consumer goods and employee benefits have experienced a notable price increase. Employee Benefit Research Institute conducted a survey and confirmed one-third of U.S. employees saw an increase in their health costs within the past year. However, there are ways employers can mitigate benefits costs …
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 …
SHRM’s 2019 Employee Benefits Survey found that 64% of employers provide wellness information and resources. With health care costs continuously increasing, employers and employees strive to save money. A wellness program is an attractive solution as it has the potential to reduce health care costs and boost workplace satisfaction. Wellness …
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% …
A new model Employer Chip Notice with information from January 21, 2022, was just released by the Department of Labor (DOL). The model notice is updated each year to reflect changes in states offering premium assistance programs, along with the contact information for those states. The Children’s Health Insurance Program …
When the COVID-19 pandemic hit, mental health and financial wellness took a massive blow for people around the world. Layoffs and furloughs skyrocketed. With the lack of work came a lack of income. Household debt in the United States rose $286 billion in the middle of 2021. Many felt the …
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 …
On September 7th, 2021, the IRS issued Notice 2021-53 which provided guidance for employers on how to report sick and family leave wages for leave taken under the Families First Coronavirus Relief Act (FFCRA). Employers who claim tax credits for leave wages under relevant legislation need to report qualified 2021 …
