Blue Shield's virtual-first health plan comes with $0 out-of-pocket costs
Employee Benefit News
FEBRUARY 13, 2023
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Are Out-of-Pocket Costs on Their Way Out? At-Home COVID-19 Testing and Expanded Preventative Healthcare for Women and Children
McDermott Will & Emery Employee Benefits
JANUARY 14, 2022
The post Are Out-of-Pocket Costs on Their Way Out? At-Home COVID-19 Testing and Expanded Preventative Healthcare for Women and Children appeared first on EMPLOYEE BENEFITS BLOG.
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Trending Sources
What (Most) Decision-Support Tools Get Wrong
Flimp Communications
SEPTEMBER 19, 2024
Calculator tools estimate costs by multiplying units of services by applicable copay or average costs. Consequently, they tend to underestimate employee out-of-pocket costs and expenses for ancillary services such as diagnostics, anesthesia, therapy, and supplies.
Top 10 Employee Benefits for 2021
Best Money Moves
JULY 8, 2020
Top 10 employee benefits for 2021. HR trends forecast the most desired employee benefits for 2021 like financial wellness programs and flexible work arrangements. It’s time for employers to start planning their employee benefits packages for 2021. Top 10 Employee Benefits for 2021. #1
Managing Employee Healthcare Costs in 2021
Best Money Moves
NOVEMBER 4, 2020
Voluntary benefits let employees personalize their level of coverage and choose a benefits plan that fits their needs without a significant impact on employer health spending. Managing Out-of-Pocket Costs in 2021. More on Topics Related to Employee Healthcare Costs in 2021.
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16+ types of employee benefits you should consider
Genesis HR Solutions
SEPTEMBER 22, 2020
At the end of this article, we’ll explain how a professional employer organization (PEO) can help you select, negotiate, and administer best possible benefits for your company. 16+ types of employee benefits you should consider. Health and wellness benefits, including gym memberships or reimbursement, wellness programs, etc.
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HDHP Enrollees Less Satisfied with Their Health Plans
InterWest Insurance Services
MAY 18, 2023
But satisfaction greatly increases when HDHP enrollees stick with their plan for more than three years, according to the Employee Benefit Research Institute (EBRI)/Greenwald Research “Consumer Engagement in Health Care Survey.” If enrolled three or more years, 55% were satisfied.
Health Expenses a Major Source of Mental Health Issues for U.S. Workers
InterWest Insurance Services
JANUARY 26, 2022
The report states that the findings raise concerns about whether some employees can even afford to use their health plans. It stressed two main points: High deductibles — The report found one of the main drivers of stress was high deductibles and other out-of-pocket costs.
5 Must-Have Benefits for Millennial Employees
Best Money Moves
MAY 22, 2019
MAVY Poll surveyed recent graduates on behalf of the American Institute of CPAs to determine which employee benefits would most help them achieve their financial goals as they begin their job search. The job market, and therefore the employee benefits market, is constantly evolving.
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Employee benefits for small businesses
Higginbotham
OCTOBER 14, 2022
If you want to secure the best talent, you need to offer the best employee benefits. Employee benefits for small businesses can support many goals, including retention, recruitment, engagement, workplace culture and even the company’s bottom line. The Benefits of Employee Benefits.
Employee Mental Health Leave Requests Skyrocketing
InterWest Insurance Services
APRIL 18, 2024
Studies show that one in four adults skips needed care or medications due to cost. Consider adding a direct primary care benefit, which allows workers and covered family members unlimited appointments with their primary care physician with no out-of-pocket costs. Offer mental health or sick day leave.
16 Surprising FSA and HSA Eligible Expenses Your Employees Should Know About
InterWest Insurance Services
JUNE 2, 2023
Employers offer flexible savings accounts and health savings accounts to their employees so they can build up funds with pre-tax dollars to pay for health care and related expenses. As a result, while employees with HSAs are not pressured to spend funds in their accounts every year, those with FSAs are.
Waiving HDHP Deductibles Has Little Effect on Premiums, Study Says
InterWest Insurance Services
AUGUST 10, 2022
Employers who offer health savings account-eligible high-deductible health plans (HDHPs) to employees can significantly expand pre-deductible coverage for certain drugs used to manage chronic conditions — with only a tiny effect on premiums. That’s the finding of a new study from the Employee Benefit Research Institute (EBRI).
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Changing Your Benefits Plan? Consider the Soft Costs
Total Employee Benefits
OCTOBER 15, 2021
Shifting to a new medical insurer may make significant changes to which providers are considered in-network and may force employees to change medical providers or incur higher out-of-pocket costs to stay with their current doctor. There may also be changes in what services require prior authorizations on different plans.
Smallest Firms See Largest Health Insurance Hikes
InterWest Insurance Services
APRIL 27, 2023
Some employers have gravitated towards HDHPs to reduce their and their employees’ overall premium spend, but these plans come at a cost: more out-of-pocket costs for workers. Coverage can often be configured to be compatible with HDHPs using health savings accounts.
CMS Releases CY 2025 Advance Notice for Medicare Advantage and Part D
McDermott Will & Emery Employee Benefits
MARCH 21, 2024
The advance notice is released on an annual basis and includes proposed updates […] The post CMS Releases CY 2025 Advance Notice for Medicare Advantage and Part D appeared first on EMPLOYEE BENEFITS BLOG.
Chronic Conditions Driving Health Care Costs
InterWest Insurance Services
NOVEMBER 22, 2023
In order to contain costs and improve outcomes for their workers, employers can employ a number of different strategies, according to the report by the International Foundation of Employee Benefit Plans. Routine immunizations. Preventive services for men and women.
Centers of Excellence Save Money, but Have More Benefits Too
InterWest Insurance Services
FEBRUARY 8, 2023
There are many benefits to diverting patients to less invasive procedures that are as effective as surgery: The employee benefits from not having to undergo surgery, not having to deal with anxiety and pain after the procedure, as well as lower out-of-pocket costs.
Employers ‘Unwavering’ in Providing Group Health Benefits: Research
InterWest Insurance Services
MARCH 16, 2023
The poll of 26 health benefits decision-makers at large firms, carried out by The Commonwealth Fund and the Employee Benefits Research Institute (EBRI), found that despite rising premium and health care costs, they felt obligated to offer health insurance instead of shunting employees to exchanges.
Pharmacy Benefit Manager Reform: What’s on the Horizon?
McDermott Will & Emery Employee Benefits
OCTOBER 17, 2023
Pharmacy benefit managers (PBMs) are a key stakeholder in the drug supply chain, functioning as intermediaries between insurance providers and pharmaceutical manufacturers. PBMs administer […] The post Pharmacy Benefit Manager Reform: What’s on the Horizon? appeared first on EMPLOYEE BENEFITS BLOG.
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Employers Focus on Cost Containment, Mental Health and Telemedicine
InterWest Insurance Services
MAY 25, 2022
A new survey has found that managing health care costs and expanding mental health benefits will be a top priority for U.S. employers as they ramp up benefits to compete for talent in the tight job market spawned by the COVID-19 pandemic. Steps they are considering include: Improving quality and outcomes to lower overall cost.
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How to Budget for Your Group Benefits Plan
InterWest Insurance Services
SEPTEMBER 23, 2022
As the labor market remains tight and businesses struggle to find staff, more small firms are starting to offer employee benefits, particularly health coverage. But that’s not a good strategy if you want to keep your employees happy and avoid high turnover. Getting it right.
How to Retain Hourly Employees
Best Money Moves
MAY 28, 2019
Exploring scheduling options that give hourly employees more control is a strategy that could potentially reduce turnover. Pay Cuts for Better Health Benefits. More than half of hourly workers would be willing to take a reasonable pay cut for better health benefits.
More Insurers Pushing Virtual Care for Cost Savings
InterWest Insurance Services
JULY 6, 2023
More and more insurers are expanding the use of telemedicine, just as a new study shows promising cost savings of up to 25% from virtual care when implemented properly. The study’s authors noted that there are other benefits besides just cost savings.
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Identify Your Workers’ Needs, Consider Costs before Open Enrollment
InterWest Insurance Services
SEPTEMBER 27, 2023
With answers and feedback in hand you can create a benefits package that is more appealing to them, which in turn gives you a competitive edge when attracting and retaining workers. Engage employees and solicit feedback through quarterly employee-benefits round table meetings.
What does coinsurance mean in health insurance?
Higginbotham
FEBRUARY 21, 2023
Cost Sharing in Insurance Although insurance companies take responsibility for many of the costs that arise, policyholders are also responsible for some out-of-pocket costs on top of the premium. This is called cost sharing, and it’s common in many types of insurance. What about the out-of-pocket maximum?
Examples of fringe benefits by category
Business Management Daily
APRIL 29, 2024
Finding employee fringe benefits The field of workplace perks has become an industry of its own. Not only have countless services emerged to simplify things like wellness and retirement, but employee benefits administration software (BA) now exists to help companies simplify the process of delivering a benefits program.
How Does Dental Insurance Work and Is It Worth It?
Fringe Benefit Analysts
AUGUST 15, 2023
Deciding if the cost of dental insurance is worth it requires considering how much you may spend annually on dental services. Is Dental Insurance Worth It? was $128.75 per person.
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Top 3 Hiring Trends for 2020
Best Money Moves
DECEMBER 18, 2019
Providing healthy snacks and space where employees can rest and reset on their breaks is investing in the health and wellbeing of employees. . Health and Wellness Benefits Insights for 2020. Top 10 Employee Benefits for 2020. 5 Must-Have Benefits for Millennial Employees.
How to Help Employees Prepare for Open Enrollment 2020
Best Money Moves
OCTOBER 16, 2019
It’s unfortunate employees are rushing benefits decisions, especially when employers are taking a more active role in driving down healthcare costs. What can employers do to help employees better understand how different health insurance plans affect out-of-pocket costs for healthcare?
The Consolidated Appropriations Act: 2021’s Employee Benefits Provisions
McNees
JANUARY 19, 2021
The Consolidated Appropriations Act, 2021 (“Act”), signed by President Trump on December 27, 2020, contains several provisions affecting employee benefits. For more information on these changes and other employee benefit law changes, contact a member of our Labor and Employment or Employee Benefits Group.
Download our HR Pain Points and Challenges eBook
Benefit Resource Inc.
FEBRUARY 24, 2022
Fill out the form to the right to download our eBook. Priorities for Human Resources & Employee Benefits. The number one priority for HR teams is undoubtedly “Managing Cost Increases” Despite implementing many cost-curbing measures, premiums have gone up an average of 49% over the past seven years.
The benefits of an HSA account
Higginbotham
NOVEMBER 28, 2022
Employers can also choose to contribute to the HSA as an employee benefit. However, as these plans also have higher out-of-pocket costs, they may not be a good option for people with higher health care expenses. You can use the funds in your HSA on qualified medical expenses. Offering Health Savings Accounts.
New Insulin Price Cap Could End Up Saving Payers Money in the Long Run
HR Digest
MARCH 24, 2023
By Mark Campbell, Senior Vice President of Clinical Solutions at RxBenefits , the employee benefits industry’s first technology-enabled pharmacy benefits optimizer (PBO) Diabetes has reached epidemic proportions.
How to Focus on Mental Health for Better Employee Benefits
Abel HR
MAY 2, 2019
These EAP services are a benefit to employees that help with retention and productivity because they can get the help they need at little or no out-of-pocket cost, in most cases. The post How to Focus on Mental Health for Better Employee Benefits appeared first on Abel. Make It Nice.
5 Things You Didn’t Know About Your FSA
CorpStrat
FEBRUARY 22, 2023
Healthcare costs have risen faster than inflation. In 2023, having some money set aside to cover these out-of-pocket costs is critical for most employees. – If you have any questions, feel free to reach out. It’s no wonder that they’re struggling. We’re here to help.
Tennessee Employers Face an Unhealthy Labor Pool
HR Professionals Magazine
MAY 4, 2023
Deploy Effective Condition Management Strategies: Employers should offer benefits and benefit programs that prevent or delay disease progression or downstream complications. For example, the St. Adopt the expanded pre-deductible coverage for medication and services for chronic conditions.
Executive benefit reimbursement plans
Higginbotham
JULY 12, 2022
Even with health insurance, dental insurance and vision insurance, employees tend to end up with some out-of-pocket costs that aren’t covered by their various plans. A benefit reimbursement plan offers a way to cover these costs. Learn more about our employee benefits services.
Anatomy of an Effective Benefits Decision-Support Initiative
Flimp Communications
OCTOBER 15, 2019
With our approach , employees answer a few questions about their anticipated medical needs. Then the proprietary algorithms provide a personalized cost analysis and health plan comparison. This includes comparing premium costs, employee out-of-pocket costs (co-pays, deductibles) and employer HSA or HRA contributions.
3 Ways to Strengthen Cost Management for Pharmaceutical Benefits
Griffin Benefits
MARCH 9, 2022
Reducing the number of drugs on a formulary is only part of increasing pharmacy cost savings: it needs to be tracked, with adjustments made to market conditions. 2) Plan design improvements: Most pharmacy benefit plans have three tiers: generic, preferred brand, and non-preferred brand.
What is a High-Deductible Health Plan (HDHP)?
Higginbotham
SEPTEMBER 16, 2024
Offering a high-deductible health plan as part of an employee benefits package, therefore, may be a strategic option for your organization. Employees must pay the deductible out of pocket before the plan contributes to covered care costs. Do your employees know how to make the most of an HSA?
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6 Common Mistakes to Avoid When Choosing a Health Plan
CorpStrat
DECEMBER 15, 2022
While that may seem advantageous in the short term, you’ll be on the hook for out-of-pocket costs when facing a medical emergency. The post 6 Common Mistakes to Avoid When Choosing a Health Plan appeared first on CorpStrat: HR | Payroll | Employee Benefits. Mistake #6: Selecting Insufficient Coverage.
How to offer health insurance as a small business
Higginbotham
JANUARY 27, 2023
Employees don’t work for free. They want to be fairly compensated for their work, and that usually involves both wages and employee benefits. Although some small business owners may feel overwhelmed by the prospect of offering health insurance and other benefits, the many advantages can make the effort worthwhile.
Easing the Benefits Enrollment Process with Decision Support and More
Flimp Communications
NOVEMBER 15, 2019
The percentile-of-use model runs type-of-service data against the plan-design details to project both premiums and total expected out-of-pocket costs. This method, utilized in our PLANselect® tool , is cheaper, easier to set up, easier to use and requires less personal information from employees.
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