Dear Valued Clients and Associates,
I just wrapped up 2.5 days at the Garden State SHRM conference in Atlantic City. I visited with some great vendors and attended some interesting break out sessions. The highlight for me was the closing Keynote speech by Dr. Richard Pimentel… and to think I considered leaving early… I’m so glad I stayed! Dr. Pimentel was inspiring. He told his story and shared gems of wisdom on leadership, character, the power of having someone believe in you, response-ability and chasing your dreams… all with an incredible sense of humor that had the crowd in stitches. His words struck a chord and have provoked a lot of thought.
Don’t change your dreams to fit your circumstances, change your circumstances to fit your dreams, he advised… and that is just what I did when I chose to join PF Compass. I wanted to have a bigger positive impact on organizations with a client support team in which I have complete faith. Mission accomplished.
We’d love to learn about what is important to you and your organization and help you reach your benefit goals. If you’re open to a chat, give me a call today 732-258-1032.
Here is your October 2019 Newsletter with a combination of HR and Health related news. I hope you enjoy!
All the best to your success,
Planning for Open Enrollment
By: Maggie Johnson, PF Compass in-house HR Consultant
As we go into the fall, most companies will begin the process for Open Enrollment. Open Enrollment for many employers will be held in November and sometimes into December of 2019 for the 2020 plan year. To ensure your Open Enrollment goes smoothly, here are some suggested tips…
To read more, visit our BLOG here
Deadline Approaching: Medicare Part D Notices Are Due Before Oct. 15
Each year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2019.
What is this notice?
This notice is important because Medicare beneficiaries who are not covered by creditable prescription drug coverage and do not enroll in Medicare Part D when first eligible will likely pay higher premiums if they enroll at a later date. Although there are no specific penalties associated with this notice requirement, failing to provide the notice may be detrimental to employees.
What do employers need to do?
Employers should confirm whether their health plans’ prescription drug coverage is creditable or non-creditable and prepare to send their Medicare Part D disclosure notices before Oct. 15, 2019. To make the process easier, employers often include Medicare Part D notices in open enrollment packets.
CMS has provided model disclosure notices for employers to use. Employers are not required to use the model notices from CMS. However, if the model language is not used, a plan sponsor’s notices must include certain information, including a disclosure about whether the plan’s coverage is creditable and explanations of the meaning of creditable coverage and why creditable coverage is important.
Planning for Open Enrollment
By: Jordan Rau for kaiser.com
Each year, Medicare punishes hospitals that have high rates of readmissions and high rates of infections and patient injuries. Check out which hospitals have been penalized.
Hold on to Talent With Stay Conversations
Some people think employment is all about the money, but they’re wrong. For many, it’s about the opportunities.
In fact, Gallup cites “lack of development and career growth” as the number one reason employees leave their workplace. Employees expect some development opportunities, so ignoring this outright can quickly lead to an exodus.
How can you ensure you’re offering suitable opportunities to keep your employees happy? “Stay conversations” are a good way to start.
What They Are
Stay conversations are ongoing, informal meetings between employees and their supervisors. They are intended to provide the employee time to discuss their motivations and attitudes toward their job.
In other words, you’re checking in with employees to make sure they feel fulfilled and working together to find growth opportunities.
Questions you’d ask in a stay conversation might include: What about your work is most exciting? What aspect of your job are you most passionate about? Do you feel like you are getting the recognition you deserve? What are some of your career goals?
Planning for Them
Stay conversations should be informal, but they should also be scheduled in advance, so as to not startle the employee. They should also be ongoing to show that you truly care about employee growth. Don’t wait until employees are halfway out the door. Start having these conversations right away!
AMAZON, WALMART AND HEALTHCARE – OH MY!
A partnership here, a merger there, some acquisitions…there have been plenty of signs that non-traditional players like Amazon and Walmart are entering the healthcare industry, but only speculation as to what role they might ultimately play. Now a couple of new developments have shed light on where these consumer giants are heading and what it might mean for employer health plans. Amber Boehm, from Mercer’s Center for Health Innovation, brings you up to date.
Employers Are Expected to Spend More on Health Care and Wellness in the Next Year
According to Optum’s Wellness in the Workplace study, more than 80% of employers plan to spend more on health care and wellness in the next year than in previous years.
Health Care Spending
The cost of providing employer-sponsored health care has been steadily increasing over the years. According to the Kaiser Family Foundation, the average health insurance premium for family coverage was $19,616 in 2018, with employers paying 71% of that cost. Premiums are expected to continue to increase, which means employer health care spending will increase too.
To mitigate rising health care costs, improve attraction and retention, and increase employee well-being, many employers plan to spend more on wellness initiatives in the upcoming year. Specifically, employers plan to focus on mental health initiatives and disease management.
Final Overtime Rule Raises Pay Levels for White-Collar Exemption
A final Labor Department rule increases the salary and compensation levels for workers exempt from the Fair Labor Standards Act’s minimum wage and overtime requirements. Effective Jan. 1, 2020, the standard weekly salary level will rise to $684 from $455, while the total annual compensation threshold for a highly compensated employee will rise to $107,432 from $100,000.
To learn more click here
IRS Final Rule Eases 401(k) Hardship Withdrawals, Requires Amending Plans
Making hardship withdrawals from 401(k) plans soon will be easier for plan participants, and so will starting to save again afterward, under a new IRS final rule. Some of the plan changes are mandatory and must be made by Jan. 1, 2020, while others are optional.
To read more click here
Preventing Sexual Harassment in the Workplace
Despite decades of attention in the media and courts, sexual harassment remains a significant and costly problem in today’s business environment. Learn how to prevent sexual harassment in your workplace by watching the video below.
Need Dental Insurance?
Delta Dental now offers individual policies – Search Plans, see prices and sign up online here.
Brandi Bowers | Benefits Consultant
PF Compass Employer Guidance & Benefit Solutions
Source Credits: Copyright © HR 360, Inc. All rights reserved., Maggie Johnson – HR Consultant, Forbes.com, mercer.com, shrm.org