 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 the costs of coverage can be daunting and many employers worry about whether they can afford benefits programs and struggle to set a budget that won't deplete or severely dent their profits.
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 Even though the majority of workers receive health insurance coverage on the job, a new survey has found that many of them understand surprisingly little about their health plans and are leaving money on the table.
The "Health Insurance Literacy Survey" by Healthcare.com found widespread misunderstanding about how copays and deductibles work, and what premiums and benefits are.  U.S. employers can expect to see their group health insurance premiums climb an average of 6.5% in 2023 from this year, according to a new study.
Economic inflationary pressures will push the average premium cost per employee to about $13,800, compared to about $13,020 for 2022, according to the study by professional services firm Aon.  Physicians and employee health experts are increasingly recommending that employers include diabetes screening, prevention and management in their company-sponsored wellness programs.
Diabetes — known as the "silent killer" — afflicts more than 29 million Americans, or 9% of the population.  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?9/1/2022  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.  July 1 was the deadline for health plans to make public their in-network negotiated rates, out-of-network billed charges, and more.
While health plans will be required to post this information, employers who sponsor their group health insurance for their employees will need to take steps to ensure that their plans comply with the law, if they have not already done so.  Employers nationwide are looking for ways to attract and retain talent and differentiate themselves from competing employers, and many are looking to the two most popular voluntary benefits: employee dental and vision plans.
That's important in today's tight job market. After all, a recent survey from CareerBuilder found that 55% of workers believed an employer's menu of benefits was more important than salary when considering a job position or offer.  It always takes more time than usual to onboard new employees — particularly ones who are new to the workforce altogether — to your employee benefits plans.
Keep in mind that the ritual of choosing a benefits package is a brand-new experience for people who are new to the workforce, and you should prepare to educate new employees on how to effectively choose and use their new coverages, as well as all the details like premiums, deductibles and out-of-pocket expenses. |
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