Right now our national unemployment rate is 3.7%--edging towards a 50-year low. With this low rate, companies are actually finding it increasingly harder to hire and retain great talent. One way to combat this issue is by increasing employee engagement through volunteering.
This is part two of a two-part article on a comprehensive list of notices to include in your employee’s open enrollment benefits. In part one, we reviewed details on Summary Plan Description (SPD), Summary of Benefits and Coverage (SBC), Summary of Material Modifications (SMM), CHIPRA and HIPAA Notices.
Employers looking to decrease their healthcare costs often rely on workforce adoption of High Deductible Health Plans (HDHPs), which offer both employers and employees lower premiums. Unfortunately, this strategy doesn’t always work out if enrollment in HDHPs (assuming employees are given a choice) fall short of forecasts.
Let’s face it, healthcare has become a major expense for everyone in this country. To help offset a portion of this costly burden for employees, employers typically offer two very popular tax-advantaged savings accounts: HSAs and HRAs. But what’s the difference between these two healthcare savings plans and which is better for your employees and your company?
Are you confused about life insurance? I don’t blame you. When I first started writing about finances more than a decade ago, my understanding of life insurance was limited.
Trying to decide which of the many employer-sponsored benefits out there to offer employees can leave an employer feeling lost in a confusing bowl of alphabet soup—HSA? FSA? DCAP? HRA? What does it mean if a benefit is “limited” or “post-deductible”? Which one is use-it-or-lose-it? Which one has a rollover? What are the limits on each benefit?—and so on.
As you look through enrollment options for 2019, remember to look back on 2018. Check out your spending on procedures and prescriptions, and which providers are in your network.
We have entered Open Enrollment season and that means you and everyone in your office are probably reading through enrollment guides and trying to decipher it all. As you begin your research into which plan to choose or even how much to contribute to your Health Savings Account (HSA), consider evaluating how you used your health plan last year. Looking backward can actually help you plan forward and make the most of your health care dollars for the coming year.