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Showing posts from November, 2023

Will employer healthcare costs boom in 2024? 4 driving trends

With 2024 right around the corner, ongoing inflation will likely mean higher employer healthcare costs in the new year. A report released by Aon , a global professional services firm, predicted 2024 employer healthcare costs will grow by 8.5%, totaling more than $15,000 per employee. This figure nearly doubles what Aon reported in 2023. Meanwhile, the Business Group on Health’s 2024 Large Employer Health Care Strategy Survey predicted a 6% increase . While this is 2.5% less than Aon’s report, both predict a potentially sizable increase in healthcare costs. In this article, we’ll explore the four primary drivers of healthcare costs and ways that employers plan to manage them. Driver #1: Mental health challenges The COVID-19 pandemic’s impact on mental health continues. Many employees still have symptoms related to depression, anxiety and substance use disorders. This is echoed in the findings from the Business Group on Health survey: Three-quarters of employers (77%) reported an increa

Identity theft insurance coverage

Americans have reported nearly 560,000 cases of identity theft nationwide so far in 2023 according to the Federal Trade Commission. Identity theft victims can be impacted in various ways, including not being able to use their credit cards or obtain a new loan — or, in more severe cases, becoming subject to criminal investigations. ID theft is one of the fastest-growing crimes in America and it can cost a victim a significant amount of time and money to recover their information and repair their credit. As business increasingly moves toward e-commerce and away from face-to-face transactions, the risk of ID theft will only continue to grow. What is identity theft? ID theft occurs when personal information such as Social Security numbers, credit card or bank account information are obtained without permission. Once thieves have this information, they can use existing credit cards or open new ones to make purchases in the victim’s name, write bad checks or take out loans. If the theft is

Legal Plans: How Your Employees Could Benefit

Studies reveal that employees suffering from legal problems are typically absent from work five times more than average. These absences harm their productivity. Group legal plans can alleviate stress and reduce the time it takes for employees to resolve legal issues, enabling them to focus on their jobs. What are legal plan benefits? Group legal plans are voluntary benefits employers can offer to give their employees better access to legal services. Employees pay into the program through payroll deductions so that when they need legal assistance, they have access to an attorney to help them, without the usual high cost of legal fees. Legal plan benefits can help employees in a variety of situations, from phone consultations to courtroom appearances. Common service categories used by employees with group legal plans include: telephone advice and office consultations with an attorney; estate planning documents, including wills, trusts, living wills and powers of attorney; real estate ma

Attraction & Retention Newsletter - Q4 2023

The Attraction and Retention newsletter provides valuable insights into the employment market each quarter. It includes statistics on the current job landscape, expert tips for securing top talent and innovative strategies for attracting and retaining workers. The  fourth quarter edition  explores: the easing labor market; employee wellness as a recruitment factor; winning over Generation Z; and a workplace outlook. This July marked the U.S. economy’s lowest number of job openings since 2021, decreasing to 8.8 million. While the employment rate rose from 3.5% to 3.8% in the same month, a large labor supply helped ease the tight labor market. However, all eyes are on the Fed as another possible rate hike could disrupt what seems to be a resilient market. Employers should take note of this and continue to monitor employment trends in quarter four. Employers should also consider investing time in retention strategies to stay competitive. Download your copy   of  Attraction and Retention 

November 2023 Benefits Buzz: 2023 ACA reporting + more!

The IRS released the final 2023 forms and instructions for reporting under Internal Revenue Code Sections 6055 and 6056: 2023 Forms 1094-B and 1095-B (and instructions ) will be used by those offering minimum essential coverage, including self-insured plan sponsors that are not applicable to large employers, to report under Section 6055. 2023 Forms 1094-C and 1095-C (and instructions ) will be used by applicable large employers to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs that sponsor self-insured plans. No major substantive changes were made to the final forms and instructions for 2023 reporting. However, the 2023 instructions include information on the new electronic filing threshold for information returns required to be filed on or after Jan. 1, 2024, which has been decreased to 10 or more returns (originally, the threshold was 250 or more returns). Employers should become familiar with these forms and instructions for 2023 calen