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Personalized benefits packages allow employees to select benefits that align closely with their life stage, health needs, and financial priorities. VoluntarybenefitsVoluntarybenefits are a powerful way to offer added value without a significant cost burden.
The main driver in workers prioritizing benefits is the rapidly rising cost of group health insurance premiums and out-of-pocket costs, according to the study by Voya Financial. 51% said that high health care costs were having a major or significant impact on their ability to save for retirement.
Which voluntarybenefit options are right for your employees? This 4-step voluntarybenefits checkup will help you decide. As the cost of medical plans rises, employers are offering high-deductible health plans (HDHPs) and healthsavingsaccounts (HSAs) as part of their employee benefit plans.
Failing to offer a healthsavingsaccount The idea behind HDHPs is that the money employees save on premium can be funneled into an attached HSA, which can be used to reimburse out-of-pocket medical expenses. Offering wellness programs can boost employees’ overall health, help them lose weight or quit smoking.
Study findings The trend of more Gen Z workers gravitating to HDHPs makes sense, since these plans are best suited for younger individuals who are generally healthier and have fewer health problems than their older counterparts — Gen Xers and Baby Boomers. You can tailor your employee benefits educational sessions to each generation.
Benefits are also not top of mind for many employees. Employees are often more focused on frequently used benefits such as vacation and paid off policies (PTO) rather than insurance, voluntarybenefits and retirement plans. However, they’re most likely not communicated any differently than other benefit offerings.
In those cases, Ease CEO and co-founder David Reid recommends pairing an HDHP plan with other voluntarybenefit plans that can “insure” gaps in coverage, such as short-term disability plans and group supplemental health insurance plans called Gap plans. Deductibles can be added to the plan to manage premium costs.
Ancillary benefits : these types of benefits are in addition to standard health coverage, and can include dental, vision care, life insurance and short- or long-term disability coverage.
Failing to offer a healthsavingsaccount The idea behind HDHPs is that the money employees save on premium can be funneled into an attached HSA, which can be used to reimburse out-of-pocket medical expenses. Offering wellness programs can boost employees’ overall health, help them lose weight or quit smoking.
For instance, many benefits plans have employee assistance programs (EAPs) with financial wellness resources that cover legal services and caregiving services that can help alleviate financial stress. The pieces that comprise healthcare and retirement plans, voluntarybenefits, and EAPs are connected.
Keep New Benefit Options Simple. After reviewing benefits and trends, you may find that adding a pre-tax benefit, such as a healthsavingsaccount (HSA), flexible spending account (FSA) or a health reimbursement account (HRA), can help the organization save money while giving employees a way to better plan their healthcare and finances.
For example, My HSA Planner makes learning about how to utilize healthsavingsaccounts (HSAs) a breeze. Additionally, AI tools can further streamline benefits information, making it easier for your employees to digest. Voluntarybenefits have been trending, offering employees greater control over their benefits package.
What If We Add New Benefits? As more employers offer high-deductible health plans, they often expand healthsavingsaccounts and voluntarybenefits to supplement them.
After 25 years in the consulting industry, one thing I know for certain is there are only so many levers you can pull to rein in escalating benefit costs. I have seen many organizations implement new tactics, such as a healthsavingsaccount (HSA). Identify the levers and how far you want to pull them.
A flexible spending account (FSA), which can be used to cover childcare and medical costs tax-free. A healthsavingsaccount (HSA), which can also be used to cover medical expenses tax-free. Follow this 4-step VoluntaryBenefits Checkup. Long-term disability, which may be needed if a doctor orders bed rest.
Commuter Benefits and HealthSavingsAccounts (HSAs)? But, Commuter Benefits and HSAs actually share at least 3 common traits (in addition to the tax advantages) to make them powerhouse benefits. But, an administrator, like Benefit Resource, will not ask you to provide a receipt.
If possible, boost communication around voluntaryhealthbenefits as well as any savings products such as HealthSavingsAccounts or Flexible Spending Accounts employees can use to pay for health care.
Offer alternative healthcare plans , such as high-deductible health plans (HDHPs) paired with healthsavingsaccounts (HSAs). These benefits go beyond traditional offerings and allow employees to tailor their perks based on their individual lifestyles and priorities.
USI’s benefits offerings include a comprehensive suite of health insurance options, including medical, dental, and vision insurance. The company also offers flexible spending accounts (FSAs) and healthsavingsaccounts (HSAs) to help employees save money on healthcare costs.
This is especially true if you are making changes to cost-sharing, introducing new plans, or offer voluntarybenefits, a wellness plan or healthsavingsaccount or flexible spending account. Communicate effectively Your task is to get employees out of cruise control and truly assess all of their options.
You can choose to pay all or part of the premium, and you can even offer some benefits, like pet insurance , on a voluntary basis so it’s available at an affordable group rate for employees to purchase if they are interested. Voluntarybenefits can be offered with little to no out-of-pocket expense to the employer.
Check out our other compliance blog posts on HSAs , HRAs , LSAs , and voluntarybenefits. Limited medical FSA: Similar to a medical FSA, but can be paired with high-deductible health plans (HDHPs) and healthsavingsaccounts (HSAs) , covering dental and vision expenses.
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