Employee Benefits Report – September 2023
Controversial Bills Target Employer Obligations
A series of high-profile bills recently cleared a key Senate committee which could substantially impact employers’ obligations regarding unions, pay equity, and paid leave. Read on for details.
Is Your In-House Medical Program Exposing You to OSHA Citations?
The Occupational Safety and Health Administration (OSHA) is devoting more attention to scrutinizing employers’ inhouse medical programs for general duty clause violations related to alleged medical mismanagement of injured workers. Read on for details.
Bridging the Gap Between Working and Pumping: Keys to Supporting New Moms
The passage of the Providing Urgent Maternal Protections for Nursing Mothers Act (PUMP) represents a major step forward for breastfeeding moms in the workplace. Read on for details.
Unlimited PTO Gaining Traction: Is Now the Time?
In recent years, a growing number of employers have been experimenting with unlimited paid time off policies. But is now the right time for your organization to make the switch?Read on for details.
Life & Health Insurance Advisor – Fall 2023
Unraveling the Mystery of Life Insurance to Safeguard Your Family’s Financial Future
Life insurance is a safety net for your family’s financial future. It helps them manage the financial fallout after you’re gone. But it’s not as simple as signing up for a plan. Before you can decide on a policy, you need to understand the different types. Read on for details.
Surviving the Retirement Healthcare Hike: Practical Tips for the Modern Retiree
During the COVID-19 pandemic, telehealth became more popular and accessible, providing a convenient way for patients to connect with their doctors.Read on for details.
Stretching Your Retirement Dollars: Factors to Consider Before Retiring Overseas
As retirement edges closer, the question of how and where to spend those golden years becomes more pressing. Retiring overseas has become an increasingly attractive option, offering an opportunity for adventure, cultural immersion, and, potentially, a lower cost of living. But before you dive into this significant lifestyle change, there are crucial factors to weigh. Read on for details.
Avoid These Common Mistakes for a Stress-Free Retirement
Transitioning into retirement transforms your daily routine in many ways, presenting opportunities to engage in hobbies, support others, or even travel extensively. This stage can last several decades, so careful preparation and avoiding common mistakes are essential. Read on for details.
Employee Benefits Report – July 2023
Unlocking Employee Potential with Divorce Coaching Benefits
A divorce is a life event that is both common and challenging, and its impact on an employee’s professional life can be profound. The most recent CDC data shows that over 34% of marriages end in divorce. Read on for details.
The Silent Crisis: Rising Mental Health Problems at Work
An undercurrent of mental health issues is disrupting workplaces across the United States, leading to concerns about productivity, engagement, and retention. The Society for Human Resource Management (SHRM) recently released a report revealing a startling trend: an increasing number of U.S. employees are battling mental health issues, often directly resulting from their work environment. Read on for details.
The IRS Takes on Inflation: Major Changes in HAS and HDHP for 2024
High inflation continues to shape the economic narrative of the nation. Now the Internal Revenue Service (IRS) has responded by unveiling significant modifications to the health savings account (HSA) and high-deductible health plan (HDHP) limits for the year 2024. Read on for details.
How to Compete in Today’s Tight Labor Market
The 2023 labor market continues to tighten, creating challenges and opportunities for employers. Compensation is a key aspect of these dynamics. Mercer’s latest data reveals that pay increases this year are the highest since the 2008 financial crisis.Read on for details.
Employee Benefits Report – June 2023
The Healthcare Affordability Gap: Employer Confidence Meets Employee Skepticism
The burden of paying for healthcare benefits has grown substantially for many employers. As the average expense for employee healthcare is projected by the Society for Human Resources Management to increase by 6.5 percent in 2023, surpassing $13,800 per employee, businesses of all sizes struggle to balance their budgets while ensuring their workforce remains healthy and productive. Read on for details.
Reimagining Retirement: The Case for a Return to Pension Plans
As the retirement crisis looms, experts are exploring innovative solutions to ensure a secure financial future for America’s workforce. One such solution is a return to pension plans, which could provide the stability and affordability employers and employees seek. Read on for details.
Rethinking Employee Benefits: Strategies for Enhancing Worker Satisfaction
Recent data reveals a troubling trend: employee satisfaction with workplace benefits has reached its lowest point in a decade, falling to 61 percent in 2023 from 64 percent in 2022.
Read on for details.
Supporting Employee Mental Health After Tragic Events
Arising number of mass shootings have been reported across the United States in recent years, with a significant increase in 2023. These tragic events considerably impact employees’ mental health, making it essential for employers to offer support in these challenging times. E Read on for details.
Life & Health Insurance Advisor – Summer 2023
Use the 4% Rule to Secure Your Financial Future
Visions of a fulfilling retirement often include travel, leisurely pursuits, and quality time with loved ones.Read on for details.
New DEA Rules Could Reduce Telehealth Access
During the COVID-19 pandemic, telehealth became more popular and accessible, providing a convenient way for patients to connect with their doctors.Read on for details.
Why You Should Buy Life and Disability Insurance Together
Life insurance and disability insurance each play an important role in ensuring the financial security of your family. There are advantages to purchasing both products together Read on for details.
Biden Administration and Congress Attempt to Secure Future of Medicare
As Medicare faces the risk of depleting its reserves by 2028, the Biden administration, Congress, and healthcare industry stakeholders are working to address healthcare affordability and Medicare Advantage payment issues. Read on for details.
Employee Benefits Report – April 2023
New Labor Policies to Be Aware of in 2023
2023 promises to bring sweeping changes for employers and the employee experience. A host of new labor laws, rules, and regulations are set to come into effect in the coming year, with a focus on wage equity, expanded healthcare benefits, and other initiatives. Read on for details.
Biden Administration’s ESG DOL Rule Under Fire from Multiple Fronts
The Department of Labor’s (DOL) new rule on “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” which allows for consideration of environmental, social, and governance (ESG) factors when making investment decisions, has come under fire from multiple fronts. Read on for details.
How Employers Can Benefit from Accommodating Disabled Workers
President George H.W. Bush signed the Americans with Disabilities Act (ADA) into law on July 26, 1990. The ADA is a civil rights law that forbids individuals with disabilities from being discriminated against in all areas of public life, including employment, transportation, and public and private places open to the general public. Read on for details.
Telehealth Services, Mental Healthcare, and the Consolidation Appropriations Act of 2023
The Consolidated Appropriations Act of 2023 was signed into law on December 29, 2022, by President Biden. This $1.7 trillion omnibus spending bill is set to fund the US federal government for the 2023 fiscal year. It includes several provisions that will significantly impact telehealth and mental health care services in the coming year. Read on for details.
Employee Benefits Report – March 2023
New DOL Rule Would Have Retirement Plans Consider Environmental and Social Factors
On November 22, 2022, the U.S. Department of Labor (DOL) introduced new regulations that allow retirement plans to factor in environmental, social, and governance (ESG) considerations when choosing investments and exercising shareholder rights. This update to legislation previously established in 2020 gives 401(k) participants access to climate-friendly funds and other ESG-focused options. Read on for details.
How Employers Can Maintain Worker Well-Being with Leaner Budgets
As businesses across the country struggle to adjust their budgets during an uncertain economic climate, ensuring employee well-being has become increasingly difficult.
Read on for details.
Do Rewards Programs Really Help Employee Retention?
Many companies have implemented rewards programs to retain employees and keep them engaged, motivated, and committed. The idea is that employees will be more satisfied with their job if they are rewarded for their hard work and dedication.
Read on for details.
Proposed Changes to the VFCP Would Make Self-Correction Easier
The U.S. Department of Labor’s Employee Benefits Security Administration recently proposed an update to its Voluntary Fiduciary Correction Program that would allow employers and retirement plan officials to report self-correction of late deposits electronically. Read on for details.
Life & Health Insurance Advisor – Spring 2023
Benefits of Hospital Indemnity Insurance
Hospital indemnity insurance is gaining in popularity as a way to deal with increasingly higher out-of-pocket expenses.Read on for details.
Retirement Savings Ideas for Those Who Haven’t Saved Enough
If you aren’t on course to save $1 million by the time you retire, you’ll have to get creative. Read on for details.
Is Original Medicare Enough for You?
Which of the several types of Medicare arrangements is best for you? Read on for details.
How Life Insurance Companies Use Credit Based Insurance Scores
A good credit rating can open a lot of doors. Not only can it make it easier for you to borrow money at a reasonable interest rate, but it can positively affect your ability to rent or buy a home, apply for a credit card or even get a job. Read on for details.
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.