Now more than ever, employers need to step up their employee benefits game beyond providing group health insurance.
Thanks to the Great Resignation, employees are demanding more from their current and prospective employers. And those that don't deliver lose employees or have trouble attracting new talent, as long-time colleagues head for the exits.
Ask an Expert: Is There a 30-Day Grace Period to Make Changes to Elections in Cafeteria Plans?
Q: We have an employee who wants to make changes to her cafeteria plan election, even though benefits are already effective. Is there a grace period that allows her to change her election?
Employers: Don't make this common cafeteria plan mistake!
Once cafeteria plan benefits become effective, the elections are "locked in." Employees cannot change their minds and make changes to pre-tax cafeteria elections during the plan year, once benefits become effective — unless a special enrollment period as defined under IRC Section 125 applies, or the employer is correcting an administrative error.
As the 2023 group health open enrollment season nears, more employers have heard concerns among their staff and are focusing on affordability and easier access to health care services, according to a new study.
Mercer's "Health & Benefit Strategies for 2023" study, which surveyed more than 700 employers, found that more than two-thirds of businesses are planning to improve their health benefit options to better compete for talent.