Employee benefits are at the core of attracting and retaining top talent for businesses of all sizes. From new compliance regulations to shifting workforce priorities, employers face challenges in designing effective benefits programs. To help you navigate these changes, we’ve asked our Employee Benefits team to share their insight into some of the most pressing […]
As businesses look for innovative ways to manage rising healthcare costs and offer competitive benefits, many are transitioning from fully insured health plans to self-funded models. Self-funding allows employers to take greater control over their benefits program, customize coverage, and potentially reduce expenses. However, this shift also comes with its share of challenges. If you’re […]
Human Capital Management (HCM) has transformed dramatically in recent years, driven by advancements in technology and automation. These innovations have revolutionized how organizations manage their workforce, streamline HR processes, and enhance employee experiences. From recruitment to performance management, today’s HCM solutions empower organizations to operate efficiently while meeting the needs of a dynamic and diverse […]
In a labor market defined by competition and choice, building a strong employer brand has become an important topic for businesses. It’s not just about attracting top talent; it’s about creating an environment where employees feel valued, supported, and inspired to thrive. Companies with compelling employer brands gain a significant competitive edge—they become magnets for […]
On Monday, December 23, 2024, President Biden signed into law two bills, H.R. 3797 (the “Paperwork Reduction Act”) and H.R. 3801 (the “Employer Reporting Improvement Act”),which will positively impact applicable large employers (“ALEs”) and other entities required to furnish forms 1095-B or 1095-C to individuals. Background Under the Affordable Care Act, ALEs (i.e., […]
Key Drivers of 2025 Healthcare Cost Increases Healthcare costs are climbing at an alarming rate, outpacing inflation and wage growth. According to PwC’s Health Research Institute, healthcare spending is projected to grow at a 7% annual rate by 2025—a figure that places significant financial pressure on individuals, employers, and the healthcare system as a whole. […]
How AI is Shaping the Future of Workplace Mental Health Not long ago, addressing workplace stress, anxiety, or burnout often meant furtive calls from secluded offices or the apprehension of being stigmatized for seeking help. Fast forward to today, and the narrative is changing. Businesses are placing employee well-being front and center, and a significant […]
The modern workforce is a vibrant tapestry of generations, each with unique needs and priorities. From Gen Z to Baby Boomers, employees value different things in their benefits packages. A one-size-fits-all approach to a benefits program is yesterday’s solution. Organizations must embrace a personalized approach to benefits design to stay competitive—and data analysis is the […]
Employee benefits are essential to attracting and retaining top talent for businesses of all sizes, especially for small businesses with limited resources. Many small employers often find themselves competing with larger organizations that can offer expansive benefits packages. However, small businesses have unique opportunities to stand out by crafting creative and personalized employee benefits strategies […]
As we approach 2025, it’s essential for employers to stay informed about the latest shifts in employee benefits. Employee expectations are shifting, economic pressures are mounting, and employers are striving to balance cost-effectiveness and comprehensive benefits. New trends in healthcare, technology, and wellness are reshaping how businesses approach their benefits offerings. Understanding and adapting to […]
Open enrollment season may be (or almost) over, but it’s just the beginning of an essential phase in employee benefits management: ensuring that employees actually use and benefit from the coverage they’ve chosen. This is especially important now, considering that projections show that the cost of employee benefits will continue to rise yearly. Effective utilization […]
Executives drive a company’s strategic vision, manage risks, and steer the company through growth and challenges. However, a significant gap exists in how these high-level leaders protect themselves against potential personal risks, specifically the risk of disability. Executive disability insurance is often an overlooked or underfunded area, leaving many key individuals underinsured and vulnerable to […]
For many businesses, Human Resources (HR) has traditionally focused on administrative tasks such as payroll, compliance, and managing employee benefits. While these functions are critical, they often limit HR’s ability to act as a strategic partner in driving organizational growth. Transforming HR from an administrative support function into a strategic force can help businesses attract […]
When the Consolidated Appropriations Act, 2021 (the “CAA”) was enacted on December 27, 2020, it included a provision that prohibits group health plans and health insurance carriers from entering into certain agreements that, either directly or indirectly, restrict the release of certain information related to provider networks and de-identified encounter data, among other things. Such […]
On September 9, 2024, the DOL, IRS, and HHS released a final rule for the Requirements Related to the Mental Health Parity and Addiction Equity Act (The “MHPAEA Final Rule”). The MHPAEA Final Rule is similar to the Proposed Rule released on July 25, 2023, with some marked differences. While the MHPAEA Final Rule is […]
On October 22, 2024, the Internal Revenue Service (IRS) released Revenue Procedure 2024-40, which increases the health flexible spending account (FSA) salary reduction contribution limit to $3,300 for plan years beginning in 2025, an increase of $100 from 2024. Thus, for health FSAs with a carryover feature, the maximum carryover amount is $660 (20% of […]
Employers are increasingly aware of the need to provide flexible and comprehensive health benefits to attract and retain top talent. While offering multiple health plan options may seem like an added expense, it can actually lead to significant cost savings for companies in the long run. By catering to the diverse needs of employees, employers […]
The world of employee benefits can be both complex and overwhelming. With a myriad of options available, selecting the right insurance broker is crucial for creating a benefits program that not only attracts and retains top talent but also aligns with your organization’s goals. A proficient broker goes beyond merely selling insurance; they act as […]
High-Deductible Health Plans (HDHPs) have gained traction among both employers and employees – do you want to know why? At a glance, these plans offer a unique blend of cost savings and incentives for proactive health management, making them an attractive option for those looking to balance healthcare expenses and coverage. However, that’s not all. […]
Businesses are increasingly leveraging data analytics to revolutionize their wellness programs and elevate population health management. By collaborating with employee benefits consultants, HR departments harness data-driven insights to understand employee health trends better, pinpoint potential risks, and craft tailored interventions that promote overall well-being. This proactive strategy allows HR teams to design more personalized and […]
Businesses seeking to enhance productivity, foster employee satisfaction, and manage healthcare costs effectively will find wellness programs to be a strategic and impactful solution. By focusing on the holistic well-being of employees—encompassing physical, mental, and emotional health—wellness programs create a healthier, more engaged workforce. Here are compelling reasons why integrating comprehensive wellness programs is essential […]
Many important HR compliance deadlines are approaching quickly. Your immediate attention is required to ensure compliance and avoid costly penalties. Act now to ensure your organization stays ahead of these regulatory obligations. Major Medicare Part D Changes Coming in 2025 Starting in 2025, Medicare Part D will introduce a new, enhanced benefit design that could […]
This alert is applicable to all large employers (ALEs) – generally, those with at least 50 full-time equivalent employees. The Internal Revenue Service (IRS) has released Rev. Proc. 2024-35, which contains the inflation adjusted amounts for 2025 used to determine whether employer-sponsored coverage is “affordable” for purposes of the Affordable Care Act’s (ACA) employer shared […]
Financial stress is a significant concern for many employees in today’s challenging times. Addressing this issue is beneficial for the workforce and the organization alike. One effective way to enhance employee productivity and reduce turnover rates is by implementing a financial wellness program. Here are seven practical steps to boost employee financial wellness in your workplace: […]
Take your employee leave management to the next level with our comprehensive guide for HR professionals – read this post for everything you need to know!
Implement data-driven wellness programs and maximize the ROI on your population health management investments. Read more here!
Embracing the practice of benchmarking employee benefits is a strategic move for businesses. It helps maintain a competitive edge and ensures the satisfaction and retention of the workforce. With employee benefits constantly evolving, regular assessments that compare your offerings with those of national, regional, and local competitors are a surefire way to stay competitive, meet […]
HR compliance is more than just a legal obligation—it’s a strategic necessity that plays a pivotal role in an organization’s success and sustainability. Adhering to national, state, and local regulations such as the Affordable Care Act (ACA), the Employee Retirement Income Security Act (ERISA), the Consolidated Omnibus Budget Reconciliation Act (COBRA), and the Health Insurance […]
