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Showing posts from October, 2022

COBRA Guidelines

The Consolidated Omnibus Budget Reconciliation Act is a federal law that gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods (usually 18 months) under certain circumstances. Most employers are required to provide an opportunity to continue group health coverage and are aware of their COBRA obligations with respect to their health insurance plans. Employers also need to understand how COBRA applies to health flexible spending accounts and health reimbursement accounts. Health savings accounts are not subject to COBRA coverage requirements, but an employer that offers a high-deductible health plan in connection with an HSA must comply with COBRA for the HDHP. To better understand COBRA and employer obligations, check out this chart of key provisions and requirements and this Compliance Overview for general information about the rules that apply to health flexible sp

Benefit Breakdown Newsletter – October 2022

  Trending employee benefits that strengthen attraction and retention efforts Attraction and retention are top of mind for employers in the wake of "The Great Reshuffle” — the mass movement of workers to jobs that prioritize their needs — and macro trends like the tight labor market. According to Zywave’s 2022 Attraction and Retention Benchmarking Overview, more than 75% of employers consider attraction and retention among the top five business challenges for their organizations. As a result, many employers are expanding and enhancing their benefits offerings to remain or become more desirable to employees. The benefits that may be helpful to employers’ attraction and retention efforts include: the availability of telemedicine; flexible work arrangements; competitive compensation; career development opportunities; and student loan assistance. Various labor market trends are driving employees to demand better benefits packages. There are many benefits employers can offer to attract