Employee benefits offerings and programs vary between employers. However, standard offered benefits include medical insurance, retirement plan benefits, life insurance, disability insurance, paid time off, tuition reimbursement, dental insurance, and vision insurance. Many companies offer additional benefits options and company perks. Although benefits are important to employees, it might be surprising that employees are often left uninformed of every perk and benefit available to them through their employer. Additionally, it is also common for employees to passively select their benefits without obtaining the right information.

An employee value proposition (EVP) is offered by organizations to employees for their skills and experiences. One component of an organization’s EVP is the benefits it offers to its employees. In a Society for Human Resource Management study, nearly 90% of participants reported that benefits impacted their overall job satisfaction, and one-third considered leaving their current employer in the next 12 months for a job with better benefits. There’s no denying that good benefits help attract and retain employees in a competitive job market.

Given that the cost of healthcare is a leading cause of stress for Americans, medical benefits are still a priority for employees. If an unforeseen medical event occurs, employees want to know that they and their dependents are taken care of without the extra stress of having to wonder how they’re going to cover their medical expenses.

With the cost of medical insurance on the rise, however, businesses of all sizes — especially small businesses — must find creative ways to offer cost-effective health benefits to employees. Fortunately, there are health reimbursement accounts, health savings accounts, medical expense reimbursement plans, and high-deductible plans that can make providing employee health benefits more affordable. There are also additional affordable benefits that employers can offer to attract and retain employees as part of their EVP.  

The job market continues to shift from being employer-driven to candidate-driven. As a result, it’s now more important than ever for employers to offer competitive compensation packages to attract, hire, and retain employees. The benefits component of a compensation package is an important determining factor when employees consider a job offer. In many instances, a candidate will prefer an employment offer with a lower salary but the best benefits over a higher salary with little or no benefits. Are you wondering what the top employee benefits 2020 has to offer? Read on to learn more.

With the launch of the Individual Coverage Health Reimbursement Arrangement (ICHRA) in January 2020, it is a good time to review Health Reimbursement Arrangements (HRAs). As employers of all sizes and phases of growth seek the best health insurance plans for valued employees, an HRA small business plan often ticks all the crucial boxes that serve everyone’s individual needs. Furthermore, the Qualifying Small Employer Health Reimbursement Arrangement (QSEHRA) is an important member of the HRA family of benefits, as it provides important options for employers with fewer than 50 employees.

Below, we explore the foundations of a QSEHRA plan, how it correlates to an HRA plan, and why opting for a QSEHRA benefits small businesses.

With the anticipation of the January 2020 launch of the new Health Reimbursement Arrangement (HRA) option, called the Individual Coverage Health Reimbursement Arrangement (ICHRA), it is important to take a look at its precursor — the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA).

Providing quality health insurance at an affordable price remains a vital concern for employers, employees, and providers. Leaders continue to search for options to fit the broad variety of needs and specific circumstances of involved parties.

Health Reimbursement Arrangement (HRA) options have become increasingly popular over the past decade. Perhaps one reason why business leaders appreciate this flexible option is that it helps save money while offering an increasing number of expansions.

Employers continue facing challenges in providing quality healthcare options for valued employees. Between out-of-control health insurance costs, reduced employee retention, and ACA non-compliance, employers need meaningful alternative options in healthcare.

Dutiful employers have sought solutions in traditional and non-traditional healthcare options with varying degrees of success, but a potential game-changer lies on the horizon.

The Individual Coverage Health Reimbursement Arrangement (ICHRA) becomes available in January 2020 to businesses of all types and sizes, offering new hope to employers in providing high-quality, affordable healthcare to employees.

Has your organization brought up the possibility of joining a captive insurance company? Perhaps your executive team wants to hear about options from you and your HR staff, but you need more information. Are you asking questions like “what is a captive insurance company” or “why do businesses opt for captive insurance?” Read on below to get your most pertinent questions answered.

Smart business leaders and diligent human resource teams stay alert to alternative health plans to better serve their employees’ healthcare interests and their own organizations’ budgets. Employers continue to search for comprehensive yet affordable ways to provide health insurance for their valued employees.  

Employers are increasingly considering options, such as a medical expense reimbursement plan (MERP), which offers businesses a tax-free benefit, rather than the traditional benefits route, such as group health insurance.

The ongoing state of health insurance plans has organizational executive teams and their HR program leaders searching for new solutions. They want results that promise financial savings for everyone that also offer better healthcare value for their employees.