Employee Benefit Guidance & Compliance Solutions

Human Resources

Navigating Healthcare Costs for Employers

Posted by on June 27, 2024 in Human Resources

In today’s business climate, navigating healthcare costs effectively while still offering competitive benefits is a critical challenge for many employers. With rising premiums and the ever-evolving landscape of healthcare regulations, it’s crucial to find a balance that keeps your workforce healthy and your finances in check. Here are 8 practical tips for employers looking to navigate these tricky waters. 1. Educate Your Employees on Healthcare Utilization One of the most effective ways to manage healthcare costs is to ensure that your employees are well-informed about how to use their benefits wisely. Education can focus on the importance of preventive care, when to use urgent care instead of the emergency room, and the benefits of using generic drugs. Regular workshops or seminars can help employees make informed decisions that save money for both them and your company. Your broker should be your education resource. 2. Embrace Telehealth Options Telehealth has...

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Why Employers Must Consider Upgrading Their Benefits Offerings in the Coming Year

Posted by on May 30, 2024 in Human Resources

In today’s competitive labor market, one of the most compelling ways an employer can stand out is by offering a comprehensive and attractive benefits package. As we look ahead to the next year, it becomes increasingly crucial for businesses to reevaluate and consider upgrading their benefits offerings. Investing in your most valuable asset, your employees, can lead to higher job satisfaction, improved retention rates, and a stronger company culture. Strategic Implementation Over Ad-Hoc Additions The first step in upgrading benefits is to move away from ad-hoc additions and towards a strategic, well-planned implementation. This approach ensures that new benefits align with both employee needs and business objectives, creating a symbiotic relationship between workforce satisfaction and company success. Randomly adding benefits without considering how they fit into the existing framework can lead to underutilization and wasted resources. Understanding Employee Needs A crucial part of this strategy involves listening to what...

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Decoding Group Healthcare Costs: What Are You Paying For?

Posted by on April 23, 2024 in Human Resources

Navigating the labyrinth of group healthcare costs can be as daunting as it is crucial. For businesses, providing healthcare benefits is a significant investment, but what exactly are you paying for? Let’s demystify the components of group healthcare costs, offering a clearer perspective for business owners and HR professionals alike. The Anatomy of Group Healthcare Costs Understanding the breakdown of healthcare costs can empower you to make informed decisions and potentially identify areas where savings can be achieved. Here’s what makes up the bulk of your group healthcare plan expenses: 1. Premiums: The Core Expense Premiums are the most apparent cost associated with healthcare plans. They are payments made to insurance companies to cover the cost of health benefits for employees. Premiums can vary widely depending on the plan’s coverage level, the insurer, and the demographic makeup of your employee group. 2. Deductibles: The Initial Outlay Deductibles are the...

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How Should Employers Evaluate Their Employee Health Benefits Broker?

Posted by on March 26, 2024 in Human Resources

When evaluating the role of your health benefits broker in assisting with employer group health insurance, consider asking the following questions to ensure they are effectively supporting your organization’s needs: Expertise and Guidance: Does your broker provide clear, informed guidance on the various health insurance options available? Are they up-to-date with the latest market trends and regulations Assessment of Needs: Is your broker diligent in assessing your company’s specific health insurance needs and budgetary constraints? Do they tailor their recommendations to align with your organization’s goals and workforce requirements? Plan Comparison and Selection: Does your broker present a comprehensive comparison of different health insurance plans? Do they explain the benefits, costs, and features of each option to help you make an informed decision? Enrollment Process: Does your broker facilitate a smooth enrollment process? Are they proactive in ensuring that your employees understand their benefits and are enrolled correctly in...

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Five Reasons Why Every Group Healthcare Plan Should Incorporate Mental Health Options

Posted by on May 19, 2023 in Human Resources

As an employer, are you paying attention to what is stressing out your employees? Mental health options are an integral part of overall health and well-being, yet often go unrecognized or neglected in many group health care plans. Many employers offer physical health benefits that cover doctor visits, prescriptions, and other preventative services but often overlook the importance of mental health care. This oversight can have serious consequences for both employees and businesses alike, leading to increased stress and decreased productivity. A recent survey of over 1,000 employees by JobSage, an employee transparency platform revealed the following disturbing statistics: 41% of Americans are considering quitting their jobs. 67% of employees say they are stressed by their jobs (compared to 54% in 2022). 55% of employees say they are anxious because of job aspects (compared to 36% in 2022). Fortunately, there are several ways employers can incorporate mental health options...

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Is it Time for Employers to Consider Reference Based Pricing Health Plans?

Posted by on March 1, 2023 in Human Resources

It is no secret that overall, healthcare costs are rising, in a climate where employees are looking for more and more from their benefits offerings. For employers it is a constant challenge to provide a robust package that will help with the goal of attraction and retention of talent, while also trying to control costs. Reference based pricing health plans have become increasingly popular in recent years as employers look for ways to contain those rising healthcare costs. Reference based pricing is a type of health plan that sets a maximum allowable fee for certain procedures, tests, and services. While this can indeed be an effective way to control costs, there are pros and cons to consider before deciding if it’s the right choice for your company. PROS   Cost Control. The primary benefit of reference-based pricing is that it helps employers control healthcare costs. By placing a limit...

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