Employee Benefits Report – January 2023
Annual Health FSA Contribution Limit to Increase in 2023
On October 18th, the IRS announced that the annual contribution limit in 2023 for health flexible spending accounts (health FSAs) will be increased to $3,050 — double the $100 increase from 2021 to 2022. Read on for details.
How to Encourage Employees to Use Mental Health Resources
Stressors in the workplace can have a profound impact on mental and physical health. The Deloitte Mental Health 2022 Report revealed that more than 80% of respondents experienced at least one adverse mental health symptom. Read on for details.
Employers Can Help Employees Overcome Burnout with Sabbaticals
Burnout is a real issue for many employees today. According to the 2022 Deloitte Mental Health Report, 55% of employees reported experiencing burnout, which is not good news for employers. In addition, Mercer’s 2022 Inside Employees’ Minds study revealed that burnout due to a demanding workload is one of the top factors for employees considering leaving their job. Read on for details.
Healthcare Costs to Rise in 2023: Cancer Top Driver
According to professional services firm Aon, the average cost of healthcare for their own employees will increase by 6.5% next year. This is a significant increase from the 3.7% uptick seen in 2022. This cost increases similar to other cost increases mentioned here and likely due to the increased willingness of Americans to go in-person for testing and treatment now that the pandemic has subsided. Read on for details.
Employee Benefits Report – December 2022
Access to Telemedicine Diminishes
Telemedicine saw a surge in popularity during the COVID-19 pandemic, as it allowed for social distancing and reduced the risk of infection spread. Read on for details.
Five Critical Issues for Employers Reporting for 2023 ACA Compliance
According to the Affordable Care Act (ACA), applicable large employers (ALEs) are obligated to offer full-time employees and dependents affordable minimum essential health coverage. They must also report to the IRS information about the health coverage plans they offer.
Read on for details.
Businesses Expand Employee Benefits Offerings to Attract and Retain Top Talent
In today’s competitive labor market, offering traditional benefits like healthcare is no longer enough to attract and retain top talent. Business leaders should consider expanding their definition of employee benefits to meet the unique needs of their workforce. By providing a diverse range of benefits, companies can boost morale, increase job satisfaction, and improve retention rates. Read on for details.
Online Tools Help Employees Make Better Benefits Choices, Boost Engagement
The traditional enrollment process for employee benefits, which often involved filling out paper forms and waiting for them to be processed, has shifted towards an online platform. Employers are now seeking ways to improve this experience by incorporating decision-support tools.Read on for details.
Life & Health Insurance Advisor – Winter 2022
Rising Demand for Life Insurance in a Post-Pandemic World
In the wake of the COVID-19 pandemic, demand for life insurance has surged. As people have been forced to confront their own mortality, their attitudes toward health and wealth have undergone a shift. Now, they are looking for life insurance to help them support their goals of living longer, healthier lives.Read on for details.
How to Afford Long-Term Care as Prices Rise
Long-term care costs are a significant financial burden for many families, and inflation has made it even more challenging to afford. With rising skilled nursing and senior housing costs, it is essential to know how to afford long-term care. There are options available to help offset the cost. Read on for details.
How to Protect Yourself from Medicare Scams
With health care costs rising, it’s no wonder that scams targeting Medicare enrollees are increasing, too. According to the National Heath Care Anti-Fraud Association, healthcare scams cost an estimated $68 billion annually. Seniors are often the most vulnerable to these schemes.Read on for details.
Majority of Hospitals Ignore Hospital Price Transparency Law
A new study published in the Journal of the American Medical Association suggests that most hospitals ignore the Hospital Price Transparency Law, which requires them to post both patient-accessible and machine-readable prices for common procedures.
Read on for details.
Employee Benefits Report – October 2022
Could Looming Recession Endanger Remote Work?
The ability to work from home has been a lifeline for many during the COVID-19 pandemic, but some feel that a recession could jeopardize that perk.
Read on for details.
Employers Look to Improve Health and Benefits Offerings Ahead of 2023 Open Enrollment
Despite the more challenging economic environment, employee turnover rates have not improved significantly. According to the US Bureau of Labor Statistics, 4.2 million people quit their jobs in June 2022, showing little change. Read on for details.
Fertility Treatments Could Be Affected by State Abortion Bans
In states where abortion has been banned, fertility treatments could also be affected, even if unintentionally. If the wording of the abortion bans is not careful, it could make some fertility treatments illegal and make it more difficult for people to access them. Read on for details.
Virtual Physical Therapy: The Rise of Telerehabilitation
Healthcare experts predict that virtual physical therapy of musculoskeletal conditions will become increasingly popular and will likely comprise a significant portion of telehealth services delivered in the future. Read on for details.
Employee Benefits Report – September 2022
Employers Should Beware of Compliance Issues with Abortion Benefits
The recent Supreme Court ruling on abortion has left many employers scrambling to understand the impact it will have on their ability to provide health coverage for their employees. Read on for details.
Removing the Stigma Surrounding Debt Benefits
Debt is often a taboo topic, but it’s essential to talk about it openly.
Read on for details.
Can Menopause Benefits Create a Happier, More Productive Workforce?
For many years, women in the workforce have ignored what makes them different from their male counterparts to prove they are just as capable. Read on for details.
Proposed Overtime Rule Scheduled for October
The US Department of Labor (DOL) is now expected to release its proposed overtime rule in October, according to the spring regulatory agenda released on June 21st. Read on for details.
Life & Health Insurance Advisor – Fall 2022
Retirees Should Check Their Medicare Coverage Before Traveling
If you have Medicare and plan to travel, it’s essential to check your coverage for potential gaps that could lead to expensive bills.Read on for details.
What You Need to Know About Mental Health Care Insurance
Treatment for mental illness, which affects millions of Americans every year, can be costly, but many people don’t realize they qualify for mental health care insurance. Read on for details.
How to Save on Health Insurance
If you’re one of the millions of Americans struggling to pay for the rising cost of health insurance, here are some money saving tips. Read on for details.
A Quick Look at Child-Only Health Insurance
Affordable health insurance for your children is a top priority. Child-only health insurance policies can be a good fit for your kids but finding the right policy for your family can be tricky. Read on for details.
Employee Benefits Report – July 2022
IRS Increases 2023 HSA and HDHP Contributions
In late April, the IRS announced a significant increase in health savings account (HSA) and high-deductible plan (HDHP) contribution limits prompted by rising inflation. Read on for details.
Making Changes to Caregiving Benefits in the Era of Hybrid Work
The COVID-19 pandemic has forced many workers to adapt their schedules and work styles to accommodate new childcare and eldercare responsibilities. Read on for details.
Best Practices for Substance-Misuse Benefits
The COVID-19 pandemic has had far-reaching effects on the nation’s mental health.
Read on for details.
Employers Concerned Over Hybrid Work
The shift to a hybrid work model has created new challenges for employers, who must now accommodate remote and on-site employees.
Read on for details.
Employee Benefits Report – June 2022
House Passes SECURE Act 2.0
There will be fundamental changes to retirement legislation if the Senate passes the SECURE Act 2.0, which the House of Representatives overwhelmingly passed by a vote of 414 to 5 in March. Read on for details.
Pros and Cons of the 4-Day Workweek
Many workers have cited the four-day workweek as a high-ly desirable employee benefit. A Qualtrics survey conducted in January found that 92% of people support the concept and believe it would improve their productivity and mental health. Read on for details.
The Growing Popularity of Earned Wage Access
As a result of a shortage of talent affecting many companies, managers are trying to find new ways to attract and retain employees. One approach seeing a lot of traction is Earned Wage Access (EWA). Read on for details.
Remote Working Still Among the Most Desirable Employee Benefits
Employers are finding it increasingly difficult to attract and retain talent due to several factors, including the Great Resignation and demographic issues. The career insights platform Lensa, though, has studied US search trends to figure out what employees want.
Read on for details.
Life & Health Insurance Advisor – May 2022
Is No-Exam Life Insurance Right for You?
Getting life insurance can be complicated and time-consuming. But not always. Read on for details.
Why Stay-At-Home Parents Need Life Insurance
Stay-at-home parents probably do the job of six or more people, taking care of everything from being a nanny and nurse to a chauffeur and chef. Read on for details.
Many Americans Will Soon Get Medical Debt Removed from Their Credit Reports
Starting in July 2022, many Americans may see their medical debt removed from their credit reports, according to a statement from Equifax, Experian, and TransUnion. Read on for details.
Medicare Now Covers Up to Eight At-Home Covid Tests
Starting in April, anyone with Medicare Part B, including people enrolled in a Medicare Advantage plan, gained access to free COVID-19 at-home tests. Coverage will apply until the end of the public health emergency.Read on for details.
Employee Benefits Report – April 2022
Compliance Issues for The Rest of 2022
Even though we are well into 2022, there are compliance issue changes on the horizon involving overtime, booster shots and paid leave. Here’s what the changes could mean to your company this year. Read on for details.
Life Insurance for the Life of Your Business
Life insurance is usually purchased to protect a family’s finances when the breadwinner dies. But business owners may also wish to purchase life insurance to protect partners, the business and employees. Read on for details.
Employers’ Guide to Understanding ERISA
The Employee Retirement Income Security Act (ERISA) provides insurance companies and private employers with guidelines on how to administer retirement and health plans to employees. ERISA was enacted in 1974 and applies to plan years starting on or after Jan. 1, 1975. Read on for details.
401(k)s Do’s and Don’ts
When employees decide to leave their jobs, they have a lot on their minds. So, they don’t always give a lot of thought to what to do with their 401(k) plans. It’s an important decision that can have a big impact on their retirement savings. Read on for details.
Employee Benefits Report – March 2022
How to Fight the Employee Exodus
Officially, the COVID-19 pandemic may have started two years ago, but its side effects are still wreaking havoc in the workplace. Read on for details.
What Can Employers Do About High Drug Costs?
Which of your employer-sponsored health plan costs cause you the most headaches?
Read on for details.
Not Following the Employer Mandate Can Mean Stiff Penalties
Penalties apply not only if coverage isn’t offered – but if the wrong coverage is offered.
Read on for details.
Why It Makes Sense to Offer a Digital Security Benefit to Employees
Digital security is a popular new benefit that not only protects employees but helps employers, too.
Read on for details.
Life & Health Insurance Advisor – February 2022
Never Outlive Your Savings
with Longevity Annuities
The Centers for Disease Control and Prevention estimates that the average 65-year-old will live at least another 20 years, which is six years more than what life expectancy was in 1950. While this is great news, it does present a financial challenge – how to ensure that your retirement savings will last a lifetime.
Read on for details.
Lose Weight to Save On Insurance
If you are already finding it hard to keep your New Year’s promise to lose weight this year, maybe this will inspire you. Read on for details.
Not Getting Vaxxed?
Here’s What To Do if You Lose Your Job
As we enter year three of the COVID-19 pandemic, experts are still encouraging people to get the Pfizer-BioNTech and Moderna COVID-19 vaccine and booster shots because they lessen the possibility of needing hospitalization if they get infected with the virus. Read on for details.
Options If You Don’t Have Dental Insurance
The Centers for Disease Control and Prevention, the U.S. national public health agency, estimates that more than a third of all Americans haven’t visited a dentist in the last year.
Read on for details.