tag:blogger.com,1999:blog-78507715414237272792024-03-17T20:04:19.091-07:00HANYS Benefit ServicesAdminhttp://www.blogger.com/profile/02700653758262541729noreply@blogger.comBlogger320125tag:blogger.com,1999:blog-7850771541423727279.post-14543895937706221062023-12-28T10:34:00.000-08:002023-12-28T10:37:49.360-08:00Wrap Documents for Welfare Benefit Plans<p><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0Zz9tFscMaT40QcuLVzfuxZXB3f2-ZnbEq8D65kGX0oe-gZ2DG3GyX3hQtz4iuKF1SVDvC3K9XUKedvskNT7oz6tfwpBxxv4LY43JVYlLApsvhOInZODUPguPqZ7n2mw5aAij77qWT5uBwe1Wvr1LDNxWM8e_DtIqSU2C-HPKMpNIKFcDpQCoNkxBzK31/s640/HBS%20Zywave%204_December%202023.png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="woman smiling with wrap documents on desk" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0Zz9tFscMaT40QcuLVzfuxZXB3f2-ZnbEq8D65kGX0oe-gZ2DG3GyX3hQtz4iuKF1SVDvC3K9XUKedvskNT7oz6tfwpBxxv4LY43JVYlLApsvhOInZODUPguPqZ7n2mw5aAij77qWT5uBwe1Wvr1LDNxWM8e_DtIqSU2C-HPKMpNIKFcDpQCoNkxBzK31/w640-h404/HBS%20Zywave%204_December%202023.png" width="640" /></a></p><p>As an employer, you may be asking yourself, “What is a wrap document, and why is it important?” Before we get into the full definition, let’s review the history behind wrap documents to better understand how they originated and why they’re important.</p><p>The federal Employee Retirement Income Security Act of 1974 set minimum standards for employee benefit plans maintained by private-sector employers. Under ERISA, employer-sponsored welfare benefit plans, such as group health plans, must be described in a written plan document. In addition, employers must explain the plans’ terms to participants by providing them with a summary plan description.</p><p>The insurance certificate or benefit booklet provided by an insurance carrier or other third party for a welfare benefit plan typically does not satisfy ERISA’s content requirements for plan documents and summary plan descriptions.</p><p>However, employers may use wrap documents in conjunction with the insurance certificate or benefit booklet to satisfy ERISA’s requirements. It’s called a “wrap document” because it essentially wraps around the insurance certificate or benefits booklet to fill in the missing ERISA-required provisions — which we’ll talk about more below.<br /><br />When a wrap document is used, the ERISA plan document or SPD is made up of two documents — the insurance certificate or benefit booklet and the wrap document. Useful links and resources you can use to learn more:</p><ul><li>The Department of Labor’s <a data-cke-saved-href="https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/reporting-and-disclosure-guide-for-employee-benefit-plans.pdf" href="https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/reporting-and-disclosure-guide-for-employee-benefit-plans.pdf" target="_blank">Reporting and Disclosure Guide for Employee Benefit Plans</a></li><li><a data-cke-saved-href="https://www.law.cornell.edu/uscode/text/29/1102" href="https://www.law.cornell.edu/uscode/text/29/1102" target="_blank">ERISA Section 402</a> – plan document requirements</li><li><a data-cke-saved-href="https://www.law.cornell.edu/uscode/text/29/1022" href="https://www.law.cornell.edu/uscode/text/29/1022" target="_blank">ERISA Section 102(b)</a> and <a data-cke-saved-href="https://www.law.cornell.edu/cfr/text/29/2520.102-3" href="https://www.law.cornell.edu/cfr/text/29/2520.102-3" target="_blank">DOL Reg. §2520.102-3</a> – SPD requirements</li></ul><h2 style="text-align: left;">ERISA coverage</h2><h3 style="text-align: left;">Covered employers</h3><p>ERISA applies to virtually all private-sector employers that maintain welfare benefit plans for their employees, regardless of the employer’s size. This includes corporations, partnerships, limited liability companies, sole proprietorships and nonprofit organizations.</p><p><strong>ERISA exempts only two types of employers:</strong></p><ul><li>Employee benefit plans maintained by <strong>governmental employers</strong> are exempt from ERISA’s requirements. This exemption includes plans maintained by the federal, state or local (for example, a city, county or township) governments.</li><li><strong>Church plans</strong> are also exempt from ERISA. A church plan is any employee benefit plan established or maintained by a church, or convention or association of churches, that is exempt from tax under Section 501 of the Internal Revenue Code and has not made an election under Code Section 410(d) to be subject to ERISA.</li></ul><p><strong>Small employers are subject to ERISA’s requirements</strong> unless they meet the exemption for governmental employers or churches.</p><p>Welfare benefit plans</p><p>Many employment plans or programs that provide non-retirement benefits to employees are considered employee welfare benefit plans that are subject to ERISA. To qualify as an ERISA plan, there must be a plan, fund or program established by the employer to provide ERISA-covered benefits (through the purchase of insurance or otherwise) to participants and their beneficiaries.</p><p><strong>ERISA applies to the following common employee benefits, regardless of whether they are insured or self-funded:</strong></p><ul><li>medical, surgical or hospital benefits;</li><li>dental and vision benefits;</li><li>prescription drug benefits;</li><li>health reimbursement arrangements;</li><li>health flexible spending accounts;</li><li>group life insurance benefits;</li><li>wellness programs (when medical care is provided);</li><li>employee assistance plans (when medical care is provided);</li><li>disability benefits, if insured or funded other than as a payroll practice; and</li><li>disease-specific coverage (i.e., cancer policies).</li></ul><h2 style="text-align: left;">Written plan document</h2><p>ERISA requires welfare benefit plans to “be established and maintained pursuant to a written instrument.” Thus, an employer’s welfare benefit plan must be described in a <strong>written plan document</strong>. There is no small employer exception to ERISA’s plan document requirement.</p><p>ERISA does not require that a plan document be in any particular format. However, there are several topics that must be addressed in the written plan document for a welfare benefit plan, including:</p><ul><li>benefits and eligibility;</li><li>funding of benefits;</li><li>procedures for allocating and delegating plan responsibilities;</li><li>plan amendment and termination procedures;</li><li>designation of named fiduciary; and</li><li>required provisions for group health plans, such as COBRA rights and HIPAA compliance.</li></ul><p><strong>Does the booklet prepared by the insurer or TPA qualify as a plan document?</strong></p><p><em>In general, the detailed coverage document (or certificate of coverage) provided by an insurance carrier for a welfare benefit does not contain all the information required by ERISA for a plan document. For example, while carrier certificates include detailed benefit information, they do not designate plan fiduciaries or provide procedures for amending or terminating the plan. Thus, the carrier’s certificates, on their own, are not ERISA-compliant plan documents. Benefit booklets provided by TPAs for self-insured welfare benefits may also fail to include the ERISA-required information for plan documents.</em><br /></p><h2 style="text-align: left;">Wrap documents</h2><p>A <strong>wrap document</strong> supplements existing documentation for a welfare benefit plan. When a wrap document is used, the ERISA plan document is comprised of two pieces:</p><ol><li>The <strong>insurance certificate or benefits booklet</strong>, reflecting many of the plan’s important terms and requirements; and</li><li>The <strong>wrap document</strong> that fills in the ERISA-required information that is missing from the insurance certificate or benefits booklet.</li></ol><p>Together, the wrap document and the carrier certificate (or third-party administrator booklet) make up the plan document. Because the wrap document incorporates the insurance certificate or benefits booklet by reference, the plan’s benefit provisions continue to be governed by the terms of those documents.<br /></p><h2>Mega wrap plans</h2><p>Wrap documents can be used to combine more than one welfare benefit under a single plan, which is sometimes referred to as a “mega wrap plan” or an “umbrella plan.” For example, a wrap document could be used to bundle medical benefits, dental benefits, disability coverage and an HRA under a single ERISA plan. This document would wrap around all the third-party documentation (for example, insurance certificates or benefit booklets) to include the missing ERISA provisions and combine the benefits into one plan.</p><p>The decision of whether to combine or bundle welfare benefits often depends on how it will affect the Form 5500 filing obligation.</p><ul><li>For larger employers, combining different benefits together may simplify the annual reporting requirement because only one Form 5500 will be required for the bundled plan.</li><li>For smaller employers, however, each benefit offered as a separate plan may qualify for the Form 5500 exemption for small plans. Combining the benefits together under a bundled plan might cause the plan to exceed the threshold for small plans, which would trigger the Form 5500 filing requirement.</li></ul><p><strong>Form 5500 Exemption — </strong>Small welfare plans are exempt from the Form 5500 filing requirement if they have fewer than 100 covered participants and their benefits are insured or unfunded.<br /></p><h2>Summary plan descriptions</h2><p>All welfare benefit plans that are subject to ERISA must provide participants with a summary plan description, regardless of the size of the sponsoring employer. An SPD is provided to plan participants to explain their rights and benefits under the plan document. ERISA includes detailed content requirements for welfare benefit plan SPDs.</p><p>In general, a carrier’s insurance certificate will not include all the information that must be included in an SPD under ERISA. A benefit booklet prepared by a TPA may also fail to include the ERISA-required information for SPDs. To create an SPD in this situation, an employer can use a wrap document (wrap SPD) that includes the ERISA-required information that the certificate or booklet prepared by the insurer or TPA does not include. In this scenario, the wrap SPD and the insurance certificate or booklet, together, make up the plan’s SPD. To comply with ERISA, both the wrap SPD and the insurance certificate or booklet must be distributed to plan participants by the appropriate deadline.<br /></p><h3>Noncompliance</h3><p>There are no specific penalties under ERISA for failing to have a plan document or SPD. However, not having a plan document or SPD can have serious consequences for an employer, including:</p><ul><li><strong>Inability to respond to participant requests:</strong> The plan document/SPD must be furnished in response to a participant’s written request. The plan administrator may be charged up to $110 per day if it does not provide the plan document within 30 days after an individual’s request. These penalties may apply even where a plan document/SPD does not exist.</li><li><strong>Benefit lawsuits:</strong> Not having a plan document may put an employer at a disadvantage in the event a participant brings a lawsuit for benefits under the plan. Without a plan document, it will be difficult for a plan administrator to prove that the plan’s terms support benefit decisions. Also, without a plan document, plan participants can use past practice or other evidence outside of the actual plan’s terms to support their claims. Additionally, courts will likely apply a standard of review that is less favorable to the employer (and more favorable to participants) when reviewing benefit claims under an unwritten plan.</li><li><strong>DOL audits:</strong> The Department of Labor has broad authority to investigate or audit an employee benefit plan’s compliance with ERISA. When the DOL selects an employer’s health plan for audit, it will almost always ask to see a copy of the plan document and SPD, in addition to other plan-related documents. If an employer cannot respond to the DOL’s document requests, it may trigger additional document requests, interviews, onsite visits or even DOL enforcement actions. Also, the DOL may impose a penalty of up to $184 per day (up to $1,846 per request) for failing to provide information requested by the agency.<br /></li></ul><h2 style="text-align: left;">Questions about wrap documents? Contact us.</h2><p>Understanding whether you need a wrap document doesn’t have to be complicated. <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">Contact us today</a> to learn more about how we can assist. Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">team of experts</a> can walk you through your current <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits</a> and more!<br /></p><p><em><span style="font-size: x-small;">This Compliance overview is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice. ©2018-2023 Zywave, Inc. All rights reserved.</span></em></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-57505647770588817542023-12-20T07:13:00.000-08:002023-12-20T07:13:03.420-08:00The 2024 ACA pay or play penalty will increase: What to know<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBaURpMJyM9s_tGFRGhyTiZYzZTCbcLCuLUIeFQc5y-RxaurlBzwJ2CFEqs2dgf5AlFkmNeTqpjjedd-NicjC5pAIEkKu4qoWDgiXdxAo4K55gV5Eb99dm9AOs6xmxTTV9ZUhLFKMZF1BvsZIcWcXnuu5UfXAeW9gYBXEVPs_YHxgdtqRK7NI8ILghKMc/s640/HBS%20Zywave%202_December%202023.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="aca pay or play penalty" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBaURpMJyM9s_tGFRGhyTiZYzZTCbcLCuLUIeFQc5y-RxaurlBzwJ2CFEqs2dgf5AlFkmNeTqpjjedd-NicjC5pAIEkKu4qoWDgiXdxAo4K55gV5Eb99dm9AOs6xmxTTV9ZUhLFKMZF1BvsZIcWcXnuu5UfXAeW9gYBXEVPs_YHxgdtqRK7NI8ILghKMc/w640-h404/HBS%20Zywave%202_December%202023.jpeg" width="640" /></a></div><p>The IRS has updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act. For calendar year 2024, the adjusted ACA pay or play penalty amounts increased as follows:</p><ul><li>$2,000 penalty amount is now $2,970; and</li><li>$3,000 penalty amount is now $4,460.</li></ul><h2>Pay or play penalty calculations</h2><p>Under ACA pay or play rules, an applicable large employer is only liable for a penalty if at least one full-time employee receives a subsidy for exchange coverage. Employees who are offered affordable, minimum value coverage are generally not eligible for these exchange subsidies.</p><p>Depending on the circumstances, one of two penalties may apply under the pay or play rules: the <strong>4980H(a) penalty</strong> or the <strong>4980H(b) penalty</strong>.</p><ul><li>Under Section 4980H(a), an applicable large employer will be subject to a penalty if it does not offer coverage to “substantially all” (generally, at least 95%) of its full-time employees (and dependents) and any one of its full-time employees receives a subsidy toward their exchange plan. The monthly penalty assessed on ALEs that do not offer coverage to substantially all full-time employees and their dependents is equal to<strong> the ALE’s number of full-time employees (minus 30) multiplied by 1/12 of $2,000 (as adjusted) for any applicable month.</strong></li><li>Under Section 4980H(b), ALEs that offer coverage to substantially all full-time employees (and dependents) may still be subject to a penalty if at least one full-time employee obtains a subsidy through an exchange because the ALE did not offer coverage to all full-time employees, or the ALE’s coverage is unaffordable or does not provide minimum value. The monthly penalty assessed on an ALE for each full-time employee who receives a subsidy is <strong>1/12 of $3,000 (as adjusted) for any applicable month. </strong>However, the total penalty for an ALE is limited to the 4980H(a) penalty amount.</li></ul><h2>IRS pay or play penalty resources</h2><p>The IRS provides a variety of resources on the pay or play provisions, which provide more information on calculating the penalty. Employers can use the following two IRS webpages for more details:</p><ul><li><a data-cke-saved-href="https://www.irs.gov/affordable-care-act/employers/employer-shared-responsibility-provisions" href="https://www.irs.gov/affordable-care-act/employers/employer-shared-responsibility-provisions" target="_blank">Employer shared responsibility provisions</a></li><li><a data-cke-saved-href="https://www.irs.gov/affordable-care-act/employers/types-of-employer-payments-and-how-they-are-calculated" href="https://www.irs.gov/affordable-care-act/employers/types-of-employer-payments-and-how-they-are-calculated" target="_blank">Types of employer payments and how they are calculated</a><br /></li></ul><h2>Important dates and next steps</h2><ul><li><strong>Aug. 16, 2022:</strong> The IRS released updated pay or play penalty amounts for 2023.</li><li><strong>March 9, 2023:</strong> The IRS released updated pay or play penalty amounts for 2024.</li><li><strong>2024 calendar year:</strong> The 2024 penalty amounts apply for failures to offer affordable, minimum value coverage during the 2024 calendar year.</li></ul><p>If you have questions about how the pay or play rules apply, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact us today</a> to speak with our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">team of experts</a>.<br /></p><p><em><span style="font-size: x-small;">This Legal Update is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice. ©2023 Zywave, Inc. All rights reserved. </span></em></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-83448448073751996092023-12-08T10:33:00.000-08:002023-12-08T10:33:51.917-08:005 Top reasons to offer employee mental health benefits<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-ghYBdFbZjUyC8xZ1ja0y0HjgM0ZrFuUBELcdOYBNH8mZSDTHhRtrPW1F3ApnzTucRbqDCydbiAugOGyoTUA4NvTAftJfL-vm1R9yCKAp-gMZ4I9hfCAt8owZKKXzNtDc1afrFGOulVpzR6eZLfPvUIdMdMq_at-LsFwCsfxD56PrqsHzvpCWko6XBjk/s640/HBS%20Zywave%201_December%202023%20(2).jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="employee mental health benefits" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-ghYBdFbZjUyC8xZ1ja0y0HjgM0ZrFuUBELcdOYBNH8mZSDTHhRtrPW1F3ApnzTucRbqDCydbiAugOGyoTUA4NvTAftJfL-vm1R9yCKAp-gMZ4I9hfCAt8owZKKXzNtDc1afrFGOulVpzR6eZLfPvUIdMdMq_at-LsFwCsfxD56PrqsHzvpCWko6XBjk/w640-h404/HBS%20Zywave%201_December%202023%20(2).jpeg" width="640" /></a>In fast-paced and demanding work environments, the importance of employee mental health benefits cannot be overstated. Employees who are mentally well are more productive, engaged and satisfied with their jobs.</div><p style="text-align: left;">Mental health treatment, including therapy, medication and self-care, can help people who are experiencing mental illness. However, taking that first step toward recovery or seeking help can be challenging. The National Alliance on Mental Illness’ <em><a data-cke-saved-href="https://www.nami.org/mhstats" href="https://www.nami.org/mhstats" target="_blank">Mental Health By the Numbers</a></em> finds that the average delay between the onset of mental health symptoms and treatment is 11 years.</p><p style="text-align: left;">Factors such as cost, access and stigma can hold workers back from receiving the mental health support and treatment they need. However, there are employer solutions that can help employees overcome these barriers, understand available treatment options and start their recovery journey. This article explores barriers to mental healthcare and ways employers can help break them down to support employees holistically.</p><h2 style="text-align: left;">The importance of employee mental health benefits</h2><p style="text-align: left;">Before delving into the strategies, it’s crucial to understand why mental health benefits are essential in the workplace:</p><ul><li style="text-align: left;"><strong>Improved employee well-being</strong>: Mental health benefits help employees manage stress, anxiety and other mental health issues, which can lead to improved overall well-being and happiness.</li><li style="text-align: left;"><strong>Increased productivity</strong>: Employees with access to mental health support are more likely to be productive, as they can better manage work-related stress and challenges.</li><li style="text-align: left;"><strong>Reduced absenteeism</strong>: Mental health benefits can help reduce absenteeism caused by mental health issues, leading to employer cost savings. In fact, the CDC <a data-cke-saved-href="https://www.cdc.gov/workplacehealthpromotion/health-strategies/depression/evaluation-measures/index.html" href="https://www.cdc.gov/workplacehealthpromotion/health-strategies/depression/evaluation-measures/index.html" target="_blank">reports</a> that depression alone causes an estimated 200 million lost workdays each year, costing employers $17 billion to $44 billion.</li><li style="text-align: left;"><strong>Enhanced employee engagement</strong>: Employees who feel supported in their mental health are more engaged and committed to their jobs and the company.</li><li style="text-align: left;"><strong>Talent attraction and retention</strong>: Offering robust mental health benefits can make an organization more attractive to potential employees and help retain current talent.</li></ul><p style="text-align: left;">While more employers may focus on their businesses’ bottom line, mental health support is not to be overlooked as it can have ripple effects. In its <em><a data-cke-saved-href="https://info.calm.com/rs/541-LYF-023/images/Calm-Business-2023-Workplace-Mental-Health-Trends-Report.pdf" href="https://info.calm.com/rs/541-LYF-023/images/Calm-Business-2023-Workplace-Mental-Health-Trends-Report.pdf" target="_blank">2023 Workplace Mental Health Trends Report: The Future of Work</a></em>, Calm found that for every $1 invested in employees’ mental health, employers can save $2 to $4 on other expenses, such as healthcare costs — a win-win in today’s economic climate.</p><h2 style="text-align: left;">6 ways employers can remove mental health barriers</h2><p style="text-align: left;">More employers recognize the significance of promoting mental well-being and offer a range of mental health benefits to support their employees. However, barriers can still prevent employees from accessing these essential benefits. Employers should consider the following strategies for increasing access to proper care and normalizing mental health support:</p><ul><li><div style="text-align: left;"><strong>Review benefits offerings:</strong> Ensure mental health is incorporated into healthcare offerings. These are some popular benefits or policies:</div><ul><li style="text-align: left;">inclusive health insurance plans with mental health coverage;</li><li style="text-align: left;">employee assistance programs;</li><li style="text-align: left;">flexible work arrangements;</li><li style="text-align: left;">paid caregiving leave; and</li><li style="text-align: left;">mental health days.</li></ul></li><li style="text-align: left;"><strong>Educate about available benefits:</strong> In addition to educating employees about available mental health benefits and resources, employers can explain how to leverage other benefits to make mental health treatment and services more attainable or offset out-of-pocket expenses. For example, funds from health savings and flexible spending accounts can generally be used to pay for mental health therapy.</li><li style="text-align: left;"><strong>Reduce the stigma:</strong> Employers can build trust with employees by showing them they won’t be fired or punished for mental health issues. They can do this by openly discussing mental health in the workplace, encouraging self-care and allowing flexible scheduling for employees to get mental health treatment. Additionally, employers can educate employees on improving their mental health with training on self-care, stress management and mental health issues.</li><li style="text-align: left;"><strong>Promote work-life balance:</strong> Employees who feel they have a good balance between their jobs and personal lives are likelier to be healthy, happy and productive workers. Organizations can foster a healthy work-life balance by providing workers the time and flexibility they need for a flourishing personal life. This can include requiring them to take minimum vacation time and encouraging them to unplug from their jobs when not in the office or outside of working hours. Additionally, flexible work schedules can allow employees sufficient time to seek and obtain mental health services.</li><li style="text-align: left;"><strong>Support caregiver responsibilities:</strong> The COVID-19 pandemic put caregivers in the spotlight, illuminating the mental health challenges that they can face. While caregivers often focus on others, they should also care for their mental health.</li><li style="text-align: left;"><strong>Support employee wellness:</strong> Exercise, healthy eating and good sleep habits are crucial for mental health and resilience. Employers can boost employees’ mental health by encouraging healthy behaviors through wellness programs and offering employee incentives, such as healthy lunches and free gym memberships. Employers should also consider offering employee assistance benefits (free counseling or therapy) to help employees struggling with mental health or other problems.</li></ul><h2 style="text-align: left;">Want to learn more about employee mental health benefits?</h2><p style="text-align: left;">Mental health challenges are prevalent in the workplace. Fortunately, employers can boost employee mental health and overall wellness by creating open and trusting work environments; providing employees with mental health resources and support; and supporting and facilitating mentally healthy workplaces. If you want to learn more about employee mental health benefits, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact us today</a>! Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/">team of experts</a> is more than willing to walk you through your current <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits</a> and explore your potential options.</p><p style="text-align: left;"><em><span style="font-size: x-small;">This Benefits Insights is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2023 Zywave, Inc. All rights reserved.</span></em></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-88477832675840333842023-12-06T13:33:00.000-08:002023-12-06T13:33:32.248-08:00December 2023 Benefits Buzz: IRS employee benefit plan limits <p><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh34cr71H5-s1oU9ig_mYq9E9dBKsqvrXJjKw_OU4Y4ebSHihb4M7NvpqrWmWHpV0xv9nVHCA_bNKCimEoAY61xrV8GWNSyd6NLwVwJIgRLQclfXMrGIuLaDq_hyphenhyphenwVQlnKPgvtsyxkcqIsKx9KwU136Atr-ygpiQIEsWqkaL5y_aD2e06SNSoKwR6fIgrk/s1199/Benefits%20Buzz_December%202023%20copy.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="irs employee benefit plan limits" border="0" data-original-height="281" data-original-width="1199" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh34cr71H5-s1oU9ig_mYq9E9dBKsqvrXJjKw_OU4Y4ebSHihb4M7NvpqrWmWHpV0xv9nVHCA_bNKCimEoAY61xrV8GWNSyd6NLwVwJIgRLQclfXMrGIuLaDq_hyphenhyphenwVQlnKPgvtsyxkcqIsKx9KwU136Atr-ygpiQIEsWqkaL5y_aD2e06SNSoKwR6fIgrk/w640-h150/Benefits%20Buzz_December%202023%20copy.jpeg" width="640" /></a><br /></p><h2>IRS Announces Employee Benefit Plan Limits for 2024</h2><p>On Nov. 9, 2023, the 2024 IRS employee benefit plan limits were released. Employers should review the increase in annual dollar limits, as many employee benefits are subject to annual dollar limits that are updated for inflation before the beginning of each calendar year. Note that some benefit limits are not adjusted for inflation, such as the contribution limit for dependent care flexible spending accounts and the catch-up contribution limit for health savings accounts.</p><p>Employers should confirm that payroll systems are updated for the 2024 limits and that the new limits are communicated to employees. The following benefit limits apply for 2024:</p><p><strong><a data-cke-saved-href="https://www.irs.gov/pub/irs-drop/rp-23-23.pdf" href="https://www.irs.gov/pub/irs-drop/rp-23-23.pdf" target="_blank">HSA Contributions</a> </strong></p><ul><li>Single coverage: $4,150 (up $300 from 2023)</li><li>Family coverage: $8,300 (up $550 from 2023)</li><li>Catch-up contributions: $1,000 (not adjusted for inflation)</li></ul><p><strong><a data-cke-saved-href="https://www.irs.gov/pub/irs-drop/rp-23-34.pdf" href="https://www.irs.gov/pub/irs-drop/rp-23-34.pdf" target="_blank">Health FSA Limits</a> </strong></p><ul><li>Employee pre-tax contributions: $3,200 (up $150 from 2023)</li><li>Carryover of unused funds: $640 (up $30 from 2023)</li></ul><p><strong>Dependent Care FSA Contributions </strong></p><ul><li>$5,000 or $2,500 if married and filing taxes separately (not adjusted for inflation)</li></ul><p><strong><a data-cke-saved-href="https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000" href="https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000" target="_blank">401(k) Contributions</a></strong></p><ul><li>Employee elective deferrals (pre-tax and Roth contributions): $23,000 (up $500 from 2023)</li><li>Catch-up contributions: $7,500 (no change from 2023)</li></ul><p><strong>Transportation Fringe Benefits </strong></p><ul><li>Monthly limits: $315 (up $15 from 2023)</li></ul><h2>Cost-sharing limits for 2025 released</h2><p>On Nov. 15, 2023, the Centers for Medicare and Medicaid Services <a data-cke-saved-href="https://www.cms.gov/files/document/2025-papi-parameters-guidance-2023-11-15.pdf" href="https://www.cms.gov/files/document/2025-papi-parameters-guidance-2023-11-15.pdf" target="_blank">released</a> the maximum limits on cost sharing for 2025 under the Affordable Care Act. For 2025, the maximum annual limitation on cost sharing is $9,200 for self-only coverage and $18,400 for family coverage. This represents an approximately 2.6% decrease from the 2024 limits of $9,450 for self-only coverage and $18,900 for family coverage.</p><p>The ACA requires most health plans to comply with annual limits on total enrollee cost sharing for essential health benefits. These cost-sharing limits are commonly referred to as an out-of-pocket maximum. Once the out-of-pocket maximum is reached for the year, the enrollee cannot be responsible for additional cost-sharing for EHBs for the remainder of the year.</p><p>CMS annually adjusts the ACA’s out-of-pocket maximum for inflation and publishes the limits by January of the year preceding the applicable benefit year. The ACA’s cost-sharing limits apply to all non-grandfathered health plans.</p><p>Any out-of-pocket expenses required by or on behalf of an enrollee with respect to EHBs must count toward the cost-sharing limit. This includes deductibles, copayments, coinsurance and similar charges but excludes premiums and spending for noncovered services. Health plans that use provider networks are not required to count an enrollee’s expenses for out-of-network benefits toward the cost-sharing limit.</p><h2>Need help with benefit or cost-sharing limits?</h2><p>As an employer, you have so many tasks to juggle before the end of the year. If you need assistance deciphering cost-sharing or IRS employee benefit plan limits, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">feel free to reach out</a> to our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">team of experts</a> today! We’ll be here to answer any questions you may have.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-32545718143876764692023-11-30T03:00:00.000-08:002023-11-30T03:00:00.148-08:00Will employer healthcare costs boom in 2024? 4 driving trends <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3JnH9yPpx05g4rN-14feoGUCchOtamlg9E5Y893lHA7Cz21iyHBh1TWgzfZpao0me4DE-mRrqDMXtaGUJmF8yJDnHl8lQ6yLpndASgem00-8kl6vpFOCz1AuJfMkX83fqVDMhT5VW56zaKd5eAZqzcRC5iw_XThzFFqY6ymAYpNyb4YAg1FAZ_oA94VU/s640/HBS%204%20Key%20Trends_November%202023.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="employer healthcare costs" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3JnH9yPpx05g4rN-14feoGUCchOtamlg9E5Y893lHA7Cz21iyHBh1TWgzfZpao0me4DE-mRrqDMXtaGUJmF8yJDnHl8lQ6yLpndASgem00-8kl6vpFOCz1AuJfMkX83fqVDMhT5VW56zaKd5eAZqzcRC5iw_XThzFFqY6ymAYpNyb4YAg1FAZ_oA94VU/w640-h404/HBS%204%20Key%20Trends_November%202023.jpeg" width="640" /></a></div><p>With 2024 right around the corner, ongoing inflation will likely mean higher employer healthcare costs in the new year.</p><p>A report released by <a data-cke-saved-href="https://aon.mediaroom.com/2023-08-22-Aon-U-S-Employer-Health-Care-Costs-Projected-to-Increase-8-5-Percent-Next-Year" href="https://aon.mediaroom.com/2023-08-22-Aon-U-S-Employer-Health-Care-Costs-Projected-to-Increase-8-5-Percent-Next-Year" target="_blank">Aon</a>, 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.</p><p>Meanwhile, the <a data-cke-saved-href="https://www.businessgrouphealth.org/resources/2024-large-employer-health-care-strategy-survey-intro" href="https://www.businessgrouphealth.org/resources/2024-large-employer-health-care-strategy-survey-intro" target="_blank">Business Group on Health’s 2024 <em>Large Employer Health Care Strategy Survey</em></a> predicted a <a data-cke-saved-href="https://www.businessgrouphealth.org/en/resources/2024-large-employer-health-care-strategy-survey-executive-summary" href="https://www.businessgrouphealth.org/en/resources/2024-large-employer-health-care-strategy-survey-executive-summary" target="_blank">6% increase</a>. While this is 2.5% less than Aon’s report, both predict a potentially sizable increase in healthcare costs.</p><p>In this article, we’ll explore the four primary drivers of healthcare costs and ways that employers plan to manage them.<br /></p><h2>Driver #1: Mental health challenges</h2><p>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:</p><ul><li>Three-quarters of employers (77%) reported an increase in mental health concerns among employees in the aftermath of the pandemic, compared to 44% in 2023.</li><li>employers (16%) anticipate an increase in mental health concerns.</li></ul><p>In response, many employers plan to expand access to mental health services, provide more options for support and reduce cost barriers to care. Organizations may also explore manager and mental health employee trainings, anti-stigma campaigns and flexible working arrangements that allow employees to discreetly seek mental healthcare during regular working hours.<br /></p><h2>Driver #2: Pharmacy costs</h2><p>Pharmacy costs will continue to impact employers significantly in 2024. In addition to high-cost drugs, relationships with pharmacy benefit managers are also a key concern for employers. The BGH survey revealed the following about prescription drugs and pharmacy costs:</p><ul><li>Employers experienced an increase in the median percentage of healthcare dollars spent on pharmacy, up from 21% in 2021 to 24% in 2022.</li><li>Most employers (92%) were concerned or very concerned about high-cost drugs in the pipeline and 91% were concerned or very concerned about the pharmacy cost trend overall.</li><li>Seventy-three percent of employers say finding more transparency in PBM pricing and contracting is a priority and 58% say they want to see additional reporting and better provider quality measurement standings.</li></ul><p>Employers may implement pharmacy management strategies to address rising drug costs. These could include</p><ul><li>prioritizing transparent PBM practices, e.g. requesting detailed reports;</li><li>auditing PBM services;</li><li>requiring compensation;</li><li>pricing disclosures;</li><li>negotiating contract terms; and</li><li>plan design changes to address costly medications and treatments, e.g. prior authorization, step therapy and site of care management.</li></ul><h2>Driver #3: Cancer treatment</h2><p>Preventive screenings were disrupted during the pandemic, according to BGH. As a result, employers are anticipating more late-stage cancers among workers. Consider the following:</p><ul><li>Fifty percent of employers report cancer is the number one driver of healthcare costs and 86% say it’s among their top three drivers.</li><li>Half of employers (53%) will offer a cancer-focused center of excellence approach in 2024, with an additional 23% considering this strategy by 2026.</li></ul><p>In response to rising cancer care, employers may encourage advanced screening measures and maintain full coverage of recommended prevention and screening services. Employers are also monitoring oncology clinical advancements (e.g., biomarker testing and immunotherapies) and helping guide employees to high-quality care to improve health outcomes.<br /></p><h2>Driver #4: Healthcare delivery</h2><p>Healthcare innovations, particularly onsite or near-site clinics and virtual care, gained popularity during the pandemic. Though demand is starting to level out, such types of care continue to be critical for employees as they prioritize primary or preventive healthcare. The BGH survey revealed the following views about healthcare delivery:</p><ul><li>Fewer employers thought virtual care would significantly impact healthcare delivery in 2023 (64%), compared with 2021 findings (85%). Regardless, 2023’s figure is still relatively high and above pre-pandemic survey results.</li><li>Employers’ number two priority for 2024 is implementing more virtual health opportunities. In addition to expanding, they’ll evaluate partnerships and consider vendors that can integrate with others.</li><li>More than half of employers (53%) offered onsite clinics in 2023, and the same percentage is expected to do so in 2024, signaling a plateau in the offering. Some employers have migrated to a hybrid or remote work environment, reducing the need for health services at the workplace.</li></ul><p>While the necessity of virtual healthcare was most evident during the pandemic, it remains an important component of strategies to improve employee health outcomes. More employers are looking to expand healthcare offerings, including virtual care, to better support primary care and mental health.<br /></p><h2>Strategies to combat increasing employer healthcare costs</h2><p>Heightened healthcare costs are likely to continue to impact employers. Looking ahead to 2024, many employers are focusing on mental health, medications, cancer and healthcare delivery. To combat rising costs, employers are working to improve employee health outcomes, reduce unnecessary services and prioritize prevention and primary care.</p><p>Additionally, it may be advantageous for employers to focus on benefits education and employee communication. The goal is to help employees understand their benefits and how to use and maximize them. Many employees are looking for ways to stretch their hard-earned dollars further and employers can step in to provide much-needed guidance.</p><p>If you’d like to explore how you can incorporate these strategies into your current <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits</a>, don’t hesitate to <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact us today</a>. Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">team of experts</a> are ready to determine your exact needs and what solutions could be beneficial for your employees and organization.</p><p><em><span style="font-size: x-small;">This Benefits Insights is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice. © 2023 Zywave, Inc. All rights reserved.</span></em></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-60534680636610670482023-11-21T03:00:00.000-08:002023-11-21T03:00:00.157-08:00Identity theft insurance coverage<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiO9jmObvQS5UdSLgOCrW4TewNZesMF7RcF58lhB2BZgcOpB4B9Ib26RwwFzUxywoUEm5yb-ktpAEEjb7uanXWph104T-UEIeObGkY1UOVIP3OzDo0Wn2zIIA_UXkpqK9Ud7ZUxOlvycntSPepE528NuzZSA0ym4DcEXN-LdoeS34ocqusZrgfEjg7Zf7w/s640/HBS%20Identity%20Theft_November%202023.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="identity theft insurance coverage" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiO9jmObvQS5UdSLgOCrW4TewNZesMF7RcF58lhB2BZgcOpB4B9Ib26RwwFzUxywoUEm5yb-ktpAEEjb7uanXWph104T-UEIeObGkY1UOVIP3OzDo0Wn2zIIA_UXkpqK9Ud7ZUxOlvycntSPepE528NuzZSA0ym4DcEXN-LdoeS34ocqusZrgfEjg7Zf7w/w640-h404/HBS%20Identity%20Theft_November%202023.jpeg" width="640" /></a></div><p>Americans have reported nearly 560,000 cases of identity theft nationwide so far in 2023 according to the Federal Trade Commission. <a data-cke-saved-href="https://consumer.ftc.gov/features/identity-theft" href="https://consumer.ftc.gov/features/identity-theft" target="_blank">Identity theft</a> 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.</p><p>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.<br /></p><h2>What is identity theft?</h2><p>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 not immediately recognized, a victim’s credit could be tarnished for some time before they realize it.<br /></p><h2>Insurance coverage</h2><p><a data-cke-saved-href="https://www.nerdwallet.com/article/insurance/identity-theft-insurance" href="https://www.nerdwallet.com/article/insurance/identity-theft-insurance" target="_blank">ID theft insurance</a> covers the costs victims incur while they are taking back their identity. The coverage may include:</p><ul><li>phone call and photocopying charges;</li><li>postage fees for mailing documents;</li><li>salary loss due to uncompensated time away from work while repairing one’s identity;</li><li>legal fees;</li><li>access to a fraud specialist who can assist in restoring good credit and protecting one’s identity again; and</li><li>help preparing documents, filing police reports and creating a fraud victim affidavit.</li></ul><p>Since victims may spend a considerable amount of time recovering from ID theft, these services can make the situation a little less stressful, both on the mind and the wallet.<br /></p><h2>ID theft insurance plan next steps</h2><p>Employers sponsoring an ID theft insurance plan can purchase this coverage for their employees or offer it as an employee-funded option on their regular benefits package. If you’re interested in offering this benefit, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact our team of experts today</a>! We’ll walk you through <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">options</a> and discuss ways to tailor them to your needs.<br /></p><p><em><span style="font-size: x-small;">This Benefits Insights is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2016, 2019, 2023 Zywave, Inc. All rights reserved.</span></em></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-84211300156562847352023-11-14T03:00:00.014-08:002023-11-14T03:00:00.128-08:00Legal Plans: How Your Employees Could Benefit<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzViqEdSmUmaGXTzU3Tb7wzcUSPK2SNvfAHX5U_5xNrFPlZNtYPnVWzt2Rlo2Zh_zkZxEJBoME5M3wYdxVzwiPaYXyCN24wqPVjWPdO87CQcyNwjS_44Xv3xvxcFRS-R8ZboJ2j8U4rbtVnFbbiXGYzjIx2oQbqNzU940Gp9771SWgGQZ5KhoM6OlTbt0/s640/HBS%20Legal%20Plans_November%202023%20(1).jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Legal plans" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzViqEdSmUmaGXTzU3Tb7wzcUSPK2SNvfAHX5U_5xNrFPlZNtYPnVWzt2Rlo2Zh_zkZxEJBoME5M3wYdxVzwiPaYXyCN24wqPVjWPdO87CQcyNwjS_44Xv3xvxcFRS-R8ZboJ2j8U4rbtVnFbbiXGYzjIx2oQbqNzU940Gp9771SWgGQZ5KhoM6OlTbt0/w640-h404/HBS%20Legal%20Plans_November%202023%20(1).jpeg" width="640" /></a></div><br /><div class="separator" style="clear: both; text-align: left;">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.</div><h2>What are legal plan benefits?</h2><p>Group legal plans are voluntary benefits employers can offer to give their employees better access to legal services. Employees pay into the program through <a data-cke-saved-href="https://www.adp.com/resources/articles-and-insights/articles/p/payroll-deductions.aspx#:~:text=Payroll%20deductions%20are%20wages%20withheld,Social%20security%20tax" href="https://www.adp.com/resources/articles-and-insights/articles/p/payroll-deductions.aspx#:~:text=Payroll%20deductions%20are%20wages%20withheld,Social%20security%20tax" target="_blank">payroll deductions</a> so that when they need legal assistance, they have access to an attorney to help them, without the usual high cost of legal fees.</p><p>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:</p><ul><li>telephone advice and office consultations with an attorney;</li><li>estate planning documents, including wills, trusts, living wills and powers of attorney;</li><li>real estate matters, including a home purchase, sale and refinancing;</li><li>financial matters, such as hiring a debt collection defense attorney or dealing with contractors;</li><li>leasing or purchasing an automobile;</li><li>traffic offenses; and</li><li>criminal matters.</li></ul><p>For any legal plan, certain specified legal services will be covered and non-covered matters will often be provided at a reduced rate from the attorney’s normal charges.</p><h2>How do legal plan benefits work?</h2><p>Your company can contract with a legal plan provider to give your employees access to this <a data-cke-saved-href="https://www.adp.com/resources/articles-and-insights/articles/v/voluntary-benefits.aspx" href="https://www.adp.com/resources/articles-and-insights/articles/v/voluntary-benefits.aspx" target="_blank">voluntary benefit</a>. Offering a group legal plan comes at no cost to the employer because it is a voluntary benefit that is paid for through payroll deduction by participating employees. When employees need to use this benefit they communicate directly with the legal plan provider to access services.</p><h2>Why offer legal plan benefits?</h2><p>Legal plan voluntary benefits are widely applicable because there are many reasons why an employee might seek legal counsel. Offering a group legal plan can help reduce employee stress, time away from work and work time used for personal legal issues. Productivity may improve as employees spend less work time worrying about and resolving legal problems. In some cases, having access to an attorney through a legal plan could bring about a faster resolution to the problem.</p><p><a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">Contact</a> HANYS Benefit Services’ <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">team of experts</a> to learn more about offering a group legal plan as part of your voluntary benefits package or to review your current <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits</a> plan to see if a legal plan makes sense for your organization.</p><p><em>This Benefits Insights is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice. © 2014, 2018, 2023 Zywave, Inc. All rights reserved.</em></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-3901277335711790862023-11-07T03:00:00.010-08:002023-11-07T03:00:00.137-08:00Attraction & Retention Newsletter - Q4 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5LmdrLrcvkBvktdi7qYAC2ElsgJH8si1Q34iPOIN3lRNWaSICddPlzqCnGKVOY_sDpjpsTwAv7tBNtQwaktCoB8MI36djGHxxpBiJyWNcqkP2AX2pfUIE_5IY5rFdNMnsexYXbNS0sX_bKONp5yo-AgrInIph0TqNrqETe5SBOa4_lCYwrd8FJ1CmMWs/s640/HBS%20Attraction%20Retention%20Blog_August%202023-2.jpeg" style="margin-left: 1em; margin-right: 1em;"><img alt="Attraction and Retention Newsletter Q4 2023" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5LmdrLrcvkBvktdi7qYAC2ElsgJH8si1Q34iPOIN3lRNWaSICddPlzqCnGKVOY_sDpjpsTwAv7tBNtQwaktCoB8MI36djGHxxpBiJyWNcqkP2AX2pfUIE_5IY5rFdNMnsexYXbNS0sX_bKONp5yo-AgrInIph0TqNrqETe5SBOa4_lCYwrd8FJ1CmMWs/w640-h404/HBS%20Attraction%20Retention%20Blog_August%202023-2.jpeg" width="640" /></a></div><p>The <em>Attraction and Retention</em> 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.</p><p>The <a data-cke-saved-href="https://hanysbenefits.com/download/blog/2023-11-31_attraction_and_retention_newsletter_q4/" href="https://hanysbenefits.com/download/blog/2023-11-31_attraction_and_retention_newsletter_q4/" target="_blank">fourth quarter edition </a>explores:</p><ul><li>the easing labor market;</li><li>employee wellness as a recruitment factor;</li><li>winning over Generation Z; and</li><li>a workplace outlook.</li></ul><p>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.</p><p>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. <a data-cke-saved-href="https://hanysbenefits.com/download/blog/2023-11-31_attraction_and_retention_newsletter_q4/" href="https://hanysbenefits.com/download/blog/2023-11-31_attraction_and_retention_newsletter_q4/" target="_blank"><strong>Download your copy</strong> </a>of <em>Attraction and Retention </em>to learn about the main areas you need to evaluate to strengthen your organization for 2024 and beyond.</p><p>For more information about <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits, our services and products</a>, contact HANYS Benefit Services by <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">email</a> or call 800.388.1963.</p><p><em>This is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2023 Zywave, Inc. All rights reserved.</em> </p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-39134807508030756192023-11-02T02:00:00.001-07:002023-11-02T02:00:00.136-07:00November 2023 Benefits Buzz: 2023 ACA reporting + more! <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgsY76BA4ppD2JBAtW6eGIJc_Y6SOL8uZ-Ofs0_qE7MgPSdOukPV0gQv8Bh6jpGW0fatVRdEoSAB8HhDhb3tbBPKhwwtql7SdDWIp_8VELhzE2bB7pIsIG_8treMDE4Kc8jXZ2OTC7TX-LP4xUiVZxe9-u9T-WKqZs2otKg4OZQVjtjh_Nxl9W03G6nhM/s1199/Benefits%20Buzz_August%202023%20copy.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="aca reporting 2023" border="0" data-original-height="281" data-original-width="1199" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgsY76BA4ppD2JBAtW6eGIJc_Y6SOL8uZ-Ofs0_qE7MgPSdOukPV0gQv8Bh6jpGW0fatVRdEoSAB8HhDhb3tbBPKhwwtql7SdDWIp_8VELhzE2bB7pIsIG_8treMDE4Kc8jXZ2OTC7TX-LP4xUiVZxe9-u9T-WKqZs2otKg4OZQVjtjh_Nxl9W03G6nhM/w640-h150/Benefits%20Buzz_August%202023%20copy.png" width="640" /></a></div><p>The IRS released the final 2023 forms and instructions for reporting under Internal Revenue Code Sections 6055 and 6056:</p><ul><li>2023 Forms <a data-cke-saved-href="https://www.irs.gov/pub/irs-pdf/f1094b.pdf" href="https://www.irs.gov/pub/irs-pdf/f1094b.pdf" target="_blank">1094-B</a> and <a data-cke-saved-href="https://www.irs.gov/pub/irs-pdf/f1095b.pdf" href="https://www.irs.gov/pub/irs-pdf/f1095b.pdf" target="_blank">1095-B</a> (and <a data-cke-saved-href="https://www.irs.gov/pub/irs-pdf/i109495b.pdf" href="https://www.irs.gov/pub/irs-pdf/i109495b.pdf" target="_blank">instructions</a>) 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.</li><li>2023 Forms <a data-cke-saved-href="https://www.irs.gov/pub/irs-pdf/f1094c.pdf" href="https://www.irs.gov/pub/irs-pdf/f1094c.pdf" target="_blank">1094-C</a> and <a data-cke-saved-href="https://www.irs.gov/pub/irs-pdf/f1095c.pdf" href="https://www.irs.gov/pub/irs-pdf/f1095c.pdf" target="_blank">1095-C</a> (and <a data-cke-saved-href="https://www.irs.gov/pub/irs-pdf/i109495c.pdf" href="https://www.irs.gov/pub/irs-pdf/i109495c.pdf" target="_blank">instructions</a>) 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.</li></ul><p>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).</p><p>Employers should become familiar with these forms and instructions for 2023 calendar year reporting, and they should begin to explore options for filing these returns electronically (e.g., they may be able to work with a third-party vendor to complete the electronic filing). Reporting entities that may be in a position to perform their own electronic reporting can review the IRS’ ACA Information Returns Program <a data-cke-saved-href="https://www.irs.gov/for-Tax-Pros/Software-Developers/Information-Returns/Affordable-Care-Act-Information-Return-AIR-Program" href="https://www.irs.gov/for-Tax-Pros/Software-Developers/Information-Returns/Affordable-Care-Act-Information-Return-AIR-Program" target="_blank">webpage</a>.</p><p>Electronic IRS returns for 2023 must be filed by March 31, 2024. However, since that is a Sunday, electronic returns must be filed by the next business day, <strong>April 1, 2024</strong>.<br /></p><h2>Deadline for submitting gag clause attestation is Dec. 31</h2><p>A federal transparency law prohibits health plans and health insurance issuers from entering into contracts with healthcare providers, third-party administrators or other service providers that contain gag clauses, i.e., clauses restricting the plan or issuer from providing, accessing or sharing certain information about provider price, quality and de-identified claims.</p><p>Health plans and issuers must annually submit an attestation of compliance with the gag clause prohibition to the federal government. <strong>The first gag clause attestation is due by Dec. 31, 2023.</strong> Employers should review what action they may need to take to comply with the attestation requirement.</p><p>If the issuer for a fully insured health plan provides the attestation, an employer does not also need to provide an attestation for the plan. Self-insured employers can enter into written agreements with their third-party administrators to provide the attestation, but the legal responsibility remains with the health plan. Also, some TPAs may be unwilling to submit attestations for their self-insured groups.</p><p>Employers who need to submit their own attestations should review the <a data-cke-saved-href="https://www.cms.gov/marketplace/about/oversight/other-insurance-protections/gag-clause-prohibition-compliance-attestation" href="https://www.cms.gov/marketplace/about/oversight/other-insurance-protections/gag-clause-prohibition-compliance-attestation" target="_blank">instructions and user manual</a> for submitting attestations electronically through <a data-cke-saved-href="https://hios.cms.gov/HIOS-GCPCA-UI" href="https://hios.cms.gov/HIOS-GCPCA-UI" target="_blank">CMS</a>.</p><p>Need help understanding a deadline or requirement? <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">Schedule a time to meet</a> with HANYS Benefit Services' experts to <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">discuss your options</a>. We’re happy to help.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-74039353784754516762023-10-31T02:00:00.001-07:002023-10-31T02:00:00.126-07:00Q3 2023 Market Recap: A Tale Of Two Economies?<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibhVeRb5k9OgjzTcpGjs7njHXL8hr_k7b_4Gwug82XdCAO8ZxRoHVJRsPfu0bYUcViHS3URb1nge4ePhy3Ds_tc4RfRLuecO07xxhrVy4B4uQMrsi09NOoTZgXRVs-pRq303rVMPrt0OMXcj2HRrHabASqu1_xkGk6UdkRBexKjwbh8qckXXgq_HL7kliQ/s1200/RMR-Q3%202023.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="525" data-original-width="1200" height="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibhVeRb5k9OgjzTcpGjs7njHXL8hr_k7b_4Gwug82XdCAO8ZxRoHVJRsPfu0bYUcViHS3URb1nge4ePhy3Ds_tc4RfRLuecO07xxhrVy4B4uQMrsi09NOoTZgXRVs-pRq303rVMPrt0OMXcj2HRrHabASqu1_xkGk6UdkRBexKjwbh8qckXXgq_HL7kliQ/w640-h280/RMR-Q3%202023.png" width="640" /></a></div><p>The first half of 2023 saw a red-hot rally in the stock market. However, this came to a halt in the third quarter due to concerns over inflation and central bank policy, leading to higher interest rates. The decline in consumer confidence, unrest among unions, weaker consumer pockets and mounting credit card defaults also contributed to a potentially volatile market in the final months of the year.</p><p>The high-growth technology sector could be immediately impacted, as it faces pressure from higher discount rates impacting future cash flow. There appears to be a bearish trend forming around technology. Corporate earnings are expected to decline for the third quarter in a row, with many S&P 500 companies issuing negative earnings per share guidance.</p><p>The American consumer is also sharing a dim outlook, as consumer confidence has dropped for the second straight month. Fixed income struggled in Q3 after experiencing a 2.09% gain in the first half of the year. The growing expectation that rates will remain high and the possibility of a government shutdown led to a major bond market selloff as the yield on the 10-year U.S. Treasury reached 4.80% in late September. The Federal Reserve's interest rate hiking cycle may continue to keep rates high for the foreseeable future, leading to discomfort for both investors and consumers.</p><p>The second half of 2023 is shaping up to be much more volatile, possibly creating a "tale of two economies," and all eyes will continue to be on the Fed and other central banks. While economists reference a "soft landing" or "Goldilocks" narrative, current interest rate positioning may be delaying an economic downturn rather than averting it. The full effects of keeping rates high in the near term have yet to be seen.</p><p><a data-cke-saved-href="https://hanysbenefits.com/resources/docs/2023_q3_market_recap.pdf" href="https://hanysbenefits.com/resources/docs/2023_q3_market_recap.pdf" target="_blank">Read the <em>Retirement Market Recap</em></a> for an in-depth review of what’s happened in the third quarter. <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">Contact us</a> with questions about this <em>Market Recap</em> or how HANYS Benefit Services may <a data-cke-saved-href="https://hanysbenefits.com/services/retirement_plans/" href="https://hanysbenefits.com/services/retirement_plans/" target="_blank">enhance your organization's retirement offering</a>.</p><p><br /></p><p><span style="font-size: x-small;"><i>HANYS Benefit Services is a marketing name of Healthcare Community Securities Corp., member FINRA/SIPC, and an SEC Registered Investment Advisor. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Past performance is not indicative or a guarantee of future returns. The information in this piece is not a recommendation to invest nor should it be relied upon as instruction to invest. It is not possible to invest directly in an index. Exposure to an asset class represented by an index may be available through investable instruments based on that index. Please visit our website <a href="https://hanysbenefits.com/legal/indices_disclosures">https://hanysbenefits.com/legal/indices_disclosures</a> for further explanation and detail surrounding the indices referenced within.</i></span></p>Chelsiehttp://www.blogger.com/profile/17661610326461443562noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-65012195993720756342023-10-26T02:00:00.001-07:002023-10-26T02:00:00.152-07:00Dental Care: Oral Hygiene <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5wJPKLXmio3OQ63LAJQwxOMIAQHq_RxCLeTRJvXJhuXdfOxj3GEbdjjd67a0B87y4ocFNf5990S_CEDv691TN04RGb1VhzIYF8Fwi7iqLJJ1-jNdxLKoyz2jJgq3q1GTwHsc-tH5Kkp9gu13i1oWWEJfF5u008fmEl1-Rzzxd2aU9jM40BIY55XwzYDs/s640/HBS%20dental_October%202023%20copy.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="oral hygiene" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5wJPKLXmio3OQ63LAJQwxOMIAQHq_RxCLeTRJvXJhuXdfOxj3GEbdjjd67a0B87y4ocFNf5990S_CEDv691TN04RGb1VhzIYF8Fwi7iqLJJ1-jNdxLKoyz2jJgq3q1GTwHsc-tH5Kkp9gu13i1oWWEJfF5u008fmEl1-Rzzxd2aU9jM40BIY55XwzYDs/w640-h404/HBS%20dental_October%202023%20copy.jpeg" width="640" /></a></div><p>Oral health problems — ranging from cavities to cancer — are painful and costly, affecting millions of people each year. This is alarming because almost all oral diseases can be avoided with proper oral hygiene.</p><h2>Tooth decay</h2><p>Cavities are a common problem for children. Untreated cavities can cause pain and infection, which can lead to difficulty eating, speaking, playing and learning.</p><p><a data-cke-saved-href="https://www.nidcr.nih.gov/health-info/tooth-decay#:~:text=8%20%2D%20Related%20Publications-,Overview,infection%2C%20and%20even%20tooth%20loss." href="https://www.nidcr.nih.gov/health-info/tooth-decay#:~:text=8%20%2D%20Related%20Publications-,Overview,infection%2C%20and%20even%20tooth%20loss." target="_blank">Tooth decay</a> is also a problem for adults, especially for the increasing number who retain most of their teeth throughout their lives. Tooth loss can become an issue as adults get older — affecting self-esteem and contributing to nutrition problems by limiting the types of food that someone can eat.</p><p>In addition, poor oral hygiene can lead to a number of diseases and conditions, including gum disease and oral cancer.<br /></p><h2>Prevention</h2><p>Keep your oral health in good shape by practicing the following:</p><ul><li>Drink fluoridated water and use fluoride toothpaste.</li><li>Take care of your teeth and gums. Thoroughly brushing and flossing can reduce dental plaque and prevent gingivitis.</li><li>Avoid tobacco. In addition to the many other health risks posed by tobacco, smokers have four times the risk of developing gum disease as non-smokers. Tobacco use in any form — cigarette, pipe or smokeless spit tobacco — increases the risk for gum disease, oral and throat cancers, and an oral fungal yeast infection called candidiasis. Spit tobacco containing sugar also increases the risk of tooth decay.</li><li>Limit alcohol consumption. Heavy use of alcohol is also a risk factor for oral and throat cancers. When used alone, alcohol and tobacco are risk factors for oral cancers, but when used in combination, the effects are even greater.</li><li>Eat wisely. Adults should avoid snacks with sugars and starches. Limit the number of snacks eaten throughout the day. The recommended <a data-cke-saved-href="https://www.nhs.uk/live-well/eat-well/5-a-day/why-5-a-day/" href="https://www.nhs.uk/live-well/eat-well/5-a-day/why-5-a-day/" target="_blank">five-a-day</a> helping of fiber-rich fruits and vegetables stimulates your salivary flow to aid in the re-mineralization of tooth surfaces with early stages of tooth decay.</li><li>Visit the dentist regularly. Check-ups can detect early signs of oral health problems and can lead to treatments that will prevent further damage, and in some cases, reverse the problem. Professional tooth cleaning, called prophylaxis, is also important for preventing oral problems, especially when self-care is difficult.</li></ul><h2>How employers can help in prevention</h2><p>Employers can take steps to help their employees achieve good oral hygiene and positively impact organizational outcomes. Besides stressing <a data-cke-saved-href="https://news.hanysbenefits.com/2023/10/the-importance-of-dental-care-oral.html" href="https://news.hanysbenefits.com/2023/10/the-importance-of-dental-care-oral.html" target="_blank">the importance of dental care</a>, employers can specifically look into their employee benefits.</p><p>Tailoring your dental offerings or beginning to offer dental benefits is one way you can encourage employees to prioritize their oral health. Also, by providing <a data-cke-saved-href="https://news.hanysbenefits.com/2023/10/the-importance-of-employer-dental.html" href="https://news.hanysbenefits.com/2023/10/the-importance-of-employer-dental.html" target="_blank">employer dental benefits</a>, you’ll be more likely to retain and attract employees and reduce severe health problems that can be costly to the organization.</p><p>Need help reviewing your current <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits</a> plan to see what dental coverage makes sense for your organization? <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">Schedule a time</a> to speak with HANYS Benefit Services’ <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">team of experts</a> today.<br /></p><p>This article is for informational purposes only and is not intended as medical advice. For further information, please consult a medical professional. © 2013, 2015, 2018, 2023 Zywave, Inc. All rights reserved.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-52426645610911537392023-10-19T03:00:00.006-07:002023-10-19T03:00:00.130-07:00Report: Employers aren’t improving healthcare literacy<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwLH1MJY5szZvXe_nUhhSAkWXimdkyfwmdRKzS7_L6RMKbDW8CifzVlfJeL-tGnAfxo22PBiRKq1X1mqkfJjr3zqpmDUdZusybD5fFCJT-k5bXnKlcGAaYBYm8OXyCwktGnXRUPLwl8f7NL0AUum2dSvVQZEYzCplwn3F7De7gbdyY0BzcIQCAyKvLWFY/s640/HBS%20health%20literacy_October%202023.jpeg" style="margin-left: 1em; margin-right: 1em;"><img alt="improving health literacy" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwLH1MJY5szZvXe_nUhhSAkWXimdkyfwmdRKzS7_L6RMKbDW8CifzVlfJeL-tGnAfxo22PBiRKq1X1mqkfJjr3zqpmDUdZusybD5fFCJT-k5bXnKlcGAaYBYm8OXyCwktGnXRUPLwl8f7NL0AUum2dSvVQZEYzCplwn3F7De7gbdyY0BzcIQCAyKvLWFY/w640-h404/HBS%20health%20literacy_October%202023.jpeg" width="640" /></a></div><p><strong>“Employees still are not getting the information they need to make informed choices about their healthcare coverage or how to use that coverage effectively.” - Optavise's 2023 Healthcare Literacy Report.</strong></p><p>In 2023, fewer employees were confident they understood how their healthcare plans work compared to last year, according to <a data-cke-saved-href="https://www.optavise.com/insights/resources/report/the-2023-consumer-report" href="https://www.optavise.com/insights/resources/report/the-2023-consumer-report" target="_blank">Optavise’s 2023 Healthcare Literacy Report</a>. This is a concerning statistic for employers who strive to improve healthcare literacy.<br /></p><p>Notably, understanding of healthcare plans is linked to satisfaction. The 90% of employees who said they were extremely confident in understanding their plan reported more plan satisfaction. This is in comparison to the 13%-14% of employees who weren’t confident at all. These findings illustrate that investing in employees’ benefits education can reduce healthcare costs for employers and employees and increase employee satisfaction and engagement.<br /></p><h2>Additional healthcare literacy survey observations </h2><p>Of more than 1,000 surveyed U.S. workers, 35% reported teaching themselves about terms and processes by going online or reading other materials. Nearly half (46%) reached out to friends, family and co-workers for benefits information, although these people are unlikely to be benefits experts. Additionally, just 27% of surveyed employees said they received their information from their employer’s HR team. This is a decrease from 30% in 2022 and the lowest percentage reported in the past four years.<br /></p><p>Knowledge gaps were greatest in the education, retail and manufacturing industries. They were also significantly correlated to age. Unsurprisingly, generations with more experience in the workforce and with benefits decisions had a greater understanding of benefits. On average, 80% of baby boomers reported knowing key healthcare terms like premium, deductible and copay, compared to 76% of Generation X, 68% of millennials and 60% of Generation Z.<br /></p><h2>Employer takeaways</h2><p>Employers play a crucial role in helping employees understand and select healthcare benefits. The survey found that employers most commonly provided healthcare information via online resources (63%), printed materials (49%) and emails (44%). However, just 68% of employees reported online resources to be very or extremely helpful and less than half (49%) found emails very or extremely helpful compared to one-on-one conversations (80%).<br /></p><p>Group or one-on-one sessions with HR experts can greatly <a data-cke-saved-href="https://www.forbes.com/sites/forbesbusinesscouncil/2021/06/28/how-to-increase-your-employees-health-literacy/?sh=5f95907f69c4" href="https://www.forbes.com/sites/forbesbusinesscouncil/2021/06/28/how-to-increase-your-employees-health-literacy/?sh=5f95907f69c4" target="_blank">increase employees’ health literacy</a>. They also increase the likelihood that employees will supplement employer-sponsored coverage with voluntary or buy-up coverage.<br /></p><p>Additionally, the survey found that employees were more likely to examine their existing coverage and add coverage to fill gaps when they were required to reenroll every year. Employers should educate their <a data-cke-saved-href="https://news.hanysbenefits.com/2023/09/multigenerational-workforce-benefits.html" href="https://news.hanysbenefits.com/2023/09/multigenerational-workforce-benefits.html" target="_blank">multigenerational workforce</a> on how to review their coverage, compare medical costs and check medical bills for inaccuracies to increase employee confidence, literacy and satisfaction.<br /></p><p>Not sure how to get started? <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">Schedule a time to meet</a> with HANYS Benefit Services' experts to discuss your available options. We’re more than happy to review your current <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/">employee benefits</a> and how to improve them.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-52173982967993062532023-10-17T03:00:00.001-07:002023-10-17T03:00:00.135-07:00The importance of dental care: Oral health and wellness<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiijcpodUxDfXkFbiGv73mnDwo0y6G-AT4oFAWplRNAsoiBIIhaBx76FB1RZfLEK7FfZcXohjF1eYhk__jaEUukJa_Qr93JuMXODONk90cLQGTucZQf68fq6RLRaC0i2-DHu8k14CEVh-zhQp33dAmZLrfMtFtGh5zOZBmq1HMsqXfbfRNBcXv8PxLvxL0/s640/HBS%20oral%20health_October%202023.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="importance of dental care" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiijcpodUxDfXkFbiGv73mnDwo0y6G-AT4oFAWplRNAsoiBIIhaBx76FB1RZfLEK7FfZcXohjF1eYhk__jaEUukJa_Qr93JuMXODONk90cLQGTucZQf68fq6RLRaC0i2-DHu8k14CEVh-zhQp33dAmZLrfMtFtGh5zOZBmq1HMsqXfbfRNBcXv8PxLvxL0/w640-h404/HBS%20oral%20health_October%202023.jpeg" width="640" /></a></div><p>Did you know that poor oral health can lead to many seemingly unrelated medical conditions? In fact, oral bacteria and oral disease have been linked to a variety of serious illnesses, including heart disease, diabetes, stroke and pregnancy complications. That’s why it’s essential for employers to understand the importance of dental care and how it relates to their employees’ benefits.</p><h2>The importance of oral health<br /></h2><p>The following examples illustrate the relationship between your oral health and general health.</p><ul><li><strong>Tobacco, alcohol and illicit drugs</strong> affect both your overall and oral health.</li><li><strong>Dry mouth, or a lack of saliva</strong> increases your risk of tooth decay.</li><li><strong>Oral pain resulting in an inability to eat properly</strong> prevents you from getting the nutrition your body needs to stay healthy.</li></ul><h2>Periodontal disease<br /></h2><p>Oral health can often be used to diagnose underlying health issues. For example, the advanced form of gum disease, called <a data-cke-saved-href="https://www.cdc.gov/oralhealth/conditions/periodontal-disease.html#:~:text=In%20its%20early%20stage%2C%20called,is%20mostly%20seen%20in%20adults." href="https://www.cdc.gov/oralhealth/conditions/periodontal-disease.html#:~:text=In%20its%20early%20stage%2C%20called,is%20mostly%20seen%20in%20adults." target="_blank">periodontitis</a>, causes tooth loss and is also sometimes associated with cardiovascular disease, stroke and bacterial pneumonia.</p><p>People who are pregnant and have periodontitis are at an increased risk for their baby to be delivered pre-term and/or have low birth weight. People who have diabetes are more likely to develop periodontitis and more severe cases of it. People who smoke or drink alcohol have an increased risk of periodontitis and other conditions, such as oral cancer.</p><h2>How can you improve your oral health and wellness?<br /></h2><p>Given the potential link between periodontitis and systemic health problems, <a data-cke-saved-href="https://www.perio.org/for-patients/gum-disease-information/gum-disease-prevention/" href="https://www.perio.org/for-patients/gum-disease-information/gum-disease-prevention/" target="_blank">preventing periodontitis</a> may turn out to be an important step in maintaining your overall health. In most cases, this can be accomplished by practicing good daily oral hygiene. This includes regularly brushing, flossing and seeing a dentist for cleanings.<br /></p><p>Tell your dentist about changes in your oral health, including any recent illnesses or chronic conditions. Also provide your dentist with an updated health history, including the medication you use — both prescription and over-the-counter. If you smoke, talk to your dentist about options for quitting.</p><h2>Making the connection: How employers can help</h2><p>If you’re currently not offering or want to provide better dental coverage, <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">HANYS Benefit Services</a> can help. We’ll take the time to discuss the best options for your organization while taking your feedback into consideration. <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">Schedule a time</a> to speak with us today or take a deeper look at our <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits</a> offerings. Also, Check out our recent blog, <em><a data-cke-saved-href="http://news.hanysbenefits.com/2023/10/the-importance-of-employer-dental.html" href="http://news.hanysbenefits.com/2023/10/the-importance-of-employer-dental.html" target="_blank">The importance of employer dental benefits: FAQ</a>, </em>to learn how improved dental benefits attract and retain talent.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-19146120519558832572023-10-16T14:12:00.001-07:002023-10-16T14:12:57.339-07:00Main difference between pre-tax and Roth contributions [Bonus SECURE 2.0 Act update inside]<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtGzarNUu0bAn35EM0H9khF3ZDfM26XLE5Q6hYG0_YzmVqq7gqDQLKl98rs2oIwg_yjT02umJtxgUtXD3C8zv6sGeyN4m3ZtYyzLqt9MfREoDhd7Yol2i4l9RiN3m-jM0YO-yB3C0xfDxbbdnN82MtWg7sagP3Hrn9FnmjezOZRKpN6Nk_hASFSIfp8dY/s640/HBS%20Roth_October%202023.jpeg" style="margin-left: 1em; margin-right: 1em;"><img alt="difference between pre tax and roth" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtGzarNUu0bAn35EM0H9khF3ZDfM26XLE5Q6hYG0_YzmVqq7gqDQLKl98rs2oIwg_yjT02umJtxgUtXD3C8zv6sGeyN4m3ZtYyzLqt9MfREoDhd7Yol2i4l9RiN3m-jM0YO-yB3C0xfDxbbdnN82MtWg7sagP3Hrn9FnmjezOZRKpN6Nk_hASFSIfp8dY/w640-h404/HBS%20Roth_October%202023.jpeg" width="640" /></a></div><p>As <a data-cke-saved-href="https://www.cnbc.com/2022/12/16/88percent-of-employers-offer-a-roth-401k-how-to-take-advantage.html" href="https://www.cnbc.com/2022/12/16/88percent-of-employers-offer-a-roth-401k-how-to-take-advantage.html" target="_blank">more employers offer a Roth 401(k)</a>, it’s important that you know the main difference between pre-tax and Roth contributions. In this post, we’ll explain what each contribution is and how to decide the best option. We’ve even included the most recent SECURE 2.0 Act update, so you can stay up-to-date on Roth deferrals.</p><h2>What is the difference between pre-tax and Roth contributions?</h2><p>It can be tricky to choose between a pre-tax contribution vs. Roth 401(k).<br /></p><p>Roth and pre-tax contributions are two different ways to save for retirement in an employer-sponsored retirement account (401(k), 403(b), etc.). Each has its own tax implications and considerations.<br /></p><h3>Pre-tax contributions </h3><p>Pre-tax contributions allow individuals to contribute to retirement savings before taxes are taken out of their paycheck. Since taxes are deferred up front, the contributions and earnings in the account are taxed as ordinary income when the individual withdraws them during retirement.<br /></p><h3>Roth contributions</h3><p>On the other hand, Roth contributions are made with after-tax dollars. This means taxes are paid on the contributions before deposited into the account. The money grows tax-free, and qualified withdrawals during retirement are also tax-free.<br /></p><h2>Employer 401(k) vs. Roth IRA</h2><p>When an employee is allowed to make Roth contributions to their employer-sponsored retirement plan, it does not establish a separate Roth individual retirement account. An IRA is an account that is opened and managed independently by an individual, whereas plans like 401(k) or 403(b) are always employer-sponsored. A 401(k) or 403(b) allow Roth contributions in addition to or in lieu of pre-tax contributions, as mentioned above.<br /></p><h3>Key differences between a Roth IRA and a Roth 401(k)</h3><p>Both a Roth IRA and a Roth 401(k)/403(b) are retirement savings accounts that allow your money to grow tax-free, but there are some key differences between the two:</p><ul><li>A Roth IRA is a retirement account that you open and manage on your own, separate from your employer.</li><li>A Roth IRA does not allow contributions to be automatically deducted from your paycheck; 401(k)/403(b) plans allow contributions to be automatically deducted from your paycheck.</li><li>Roth IRA contributions have income limits, whereas there is no income limit on Roth 401(k)/403(b) contributions.</li><li>While the maximum contribution limit for a Roth IRA is $6,500 (or $7,500 if you're 50 or older), the maximum contribution limit for a Roth 401(k) is higher (currently $22,500 if you're under age 50 and $30,000 if you're 50 or older).*</li></ul><p>There are many <a data-cke-saved-href="https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-prepare-for-retirement.pdf" href="https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-prepare-for-retirement.pdf" target="_blank">ways to save for retirement</a>. It’s important to do your research and make the choice that is best for you.<br /></p><h2>Secure 2.0 Act update</h2><p>A key component of the <a data-cke-saved-href="https://hanysbenefits.com/resources/docs/2023-01_secure_act.pdf" href="https://hanysbenefits.com/resources/docs/2023-01_secure_act.pdf" target="_blank">SECURE 2.0 Act</a> has renewed conversation on Roth deferrals in retirement programs. Originally slated to begin in 2024, catch-up contributions for employees who have exceeded the salary threshold in the prior year will be required to be made as Roth contributions. After the industry raised significant concerns about its ability to effectively implement and administer the provision, the DOL approved a “transition period” until Jan. 1, 2026.<br /></p><p>This applies to all participants who made over a certain dollar amount (to be determined) in the prior year for taxable years starting after Dec. 31, 2025. That limit will be indexed, so it will be updated annually. Plans that don’t currently allow for Roth contributions will need to be amended to allow for Roth deferrals if they wish to continue offering catch-up contributions. Your consultant and/or recordkeeping partners can help you work through these significant changes and their potential downstream effects.<br /></p><p>Have questions about Roth retirement options or the SECURE 2.0 Act? <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">Reach out</a> to HANYS Benefit Services for guidance and to learn how we can <a data-cke-saved-href="https://hanysbenefits.com/services/retirement_plans/" href="https://hanysbenefits.com/services/retirement_plans/" target="_blank">enhance your organization's retirement offering</a>. Also, be sure to check out our two-part SECURE 2.0 Discussion Series, containing SECURE 2.0 Act <a data-cke-saved-href="https://news.hanysbenefits.com/2023/02/secure-20-discussion-series-session-1.html" href="https://news.hanysbenefits.com/2023/02/secure-20-discussion-series-session-1.html" target="_blank">Session 1</a> and SECURE 2.0 Act <a data-cke-saved-href="https://news.hanysbenefits.com/2023/04/secure-20-discussion-series-session-two.html" href="https://news.hanysbenefits.com/2023/04/secure-20-discussion-series-session-two.html" target="_blank">Session 2</a>.<br /></p><p> *Limits for 2023</p><p><br /></p><p><em>HANYS Benefit Services is a marketing name of Healthcare Community Securities Corp., member FINRA/SIPC, and an SEC Registered Investment Advisor. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. The information in this piece is not a recommendation to invest nor should it be relied upon as instruction to invest.</em></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-22814755657950116152023-10-10T07:30:00.002-07:002023-10-10T07:30:00.142-07:00October 2023 Benefits Buzz: Medicare Part D & more! <p><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4tdx_BCiiRsOMpoebFBzXDT6lCF6eR__pXPhiSWPiOXStI81gP2MmhOZhYpL_kVQq8N_IPPhDEzv7SeoTFnUHixi48h5L06x7-0WcQemYiQD5GkCpgocqZZY750iqlFW93w6xsDvhYKJMN_uMkeVt88JiQuhyWkyjAoGnE6glEbLP5MRGRNlYLfp40Po/s1199/Benefits%20Buzz_August%202023%20copy.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="medicare part d notices" border="0" data-original-height="281" data-original-width="1199" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4tdx_BCiiRsOMpoebFBzXDT6lCF6eR__pXPhiSWPiOXStI81gP2MmhOZhYpL_kVQq8N_IPPhDEzv7SeoTFnUHixi48h5L06x7-0WcQemYiQD5GkCpgocqZZY750iqlFW93w6xsDvhYKJMN_uMkeVt88JiQuhyWkyjAoGnE6glEbLP5MRGRNlYLfp40Po/w640-h150/Benefits%20Buzz_August%202023%20copy.jpeg" width="640" /></a></p><h2 style="text-align: left;">Deadline for Medicare Part D notices is Oct. 15</h2><p>Each year, Medicare Part D requires group health plan sponsors to disclose whether the health plan’s prescription drug coverage is creditable to eligible individuals. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15 — the start date of the annual enrollment period for Medicare Part D. The Centers for Medicare and Medicaid Services has provided <a data-cke-saved-href="https://www.cms.gov/medicare/employers-plan-sponsors/creditable-coverage/model-notice-letters" href="https://www.cms.gov/medicare/employers-plan-sponsors/creditable-coverage/model-notice-letters" target="_blank">model disclosure notices</a> for employers to use.</p><h3 style="text-align: left;">Notice requirement</h3><p>Medicare beneficiaries will likely pay higher premiums if they enroll at a later date if they:</p><ul><li>do not have creditable prescription drug coverage; and</li><li>do not enroll in Medicare Part D when first eligible.</li></ul><p>Although no specific penalties are associated with the notice requirement, failing to provide the notice may be detrimental to employees. <strong>Employers should confirm whether their health plans’ prescription drug coverage is creditable or non-creditable and prepare to send their Medicare Part D disclosure notices before Oct. 15</strong>. To make the process easier, employers often include Medicare Part D notices in open enrollment packets they send out prior to Oct. 15.</p><h3 style="text-align: left;">Creditable coverage</h3><p>A group health plan’s prescription drug coverage is considered creditable if its actuarial value equals or exceeds the actuarial value of standard Medicare Part D prescription drug coverage. In general, this actuarial determination measures whether the expected amount of paid claims under the group health plan’s prescription drug coverage is at least as much as the expected amount of paid claims under the Medicare Part D prescription drug benefit.<br /></p><h2 style="text-align: left;">Employer mandate penalties will increase for 2024</h2><p>Applicable large employers that don’t offer affordable, minimum-value health coverage to their full-time employees may be subject to increased penalties under the Affordable Care Act’s employer mandate for 2024. ALEs are employers with 50 or more full-time employees, including full-time equivalent employees, on business days during the preceding calendar year.</p><p>Two separate penalties can apply under the ACA’s employer mandate — the Section 4980H(a) penalty and the Section 4980H(b) penalty.</p><ul><li>The Section 4980H(a) penalty can apply when an ALE does not offer coverage to substantially all full-time employees. The annual Section 4980H(a) penalty is calculated as the ALE’s number of full-time employees (minus 30) x $2,000 (as adjusted). For 2024, the adjusted penalty amount is $2,970.</li><li>The Section 4980H(b) penalty can apply when an ALE does not offer coverage to all full-time employees, or the ALE’s coverage is unaffordable or does not provide minimum value. The annual Section 4980H(b) penalty is calculated as $3,000 (as adjusted) x the number of the ALE’s full-time employees who receive an exchange subsidy. For 2024, the adjusted penalty amount is $4,460. However, the total penalty for an ALE is limited to the Section 4980H(a) penalty amount.</li></ul><h2>Want the latest updates?</h2><p>When it comes to <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits</a>, HANYS Benefit Services is here to help. Visit our <a data-cke-saved-href="https://hanysbenefits.com/resources/" href="https://hanysbenefits.com/resources/" target="_blank">resources</a> page to get the most recent news on employee and retirement benefits.</p><p>If you have questions or need assistance, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact us today</a>! Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> can help you go over your available options.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-84648328325454196942023-10-05T10:30:00.001-07:002023-10-05T10:30:00.140-07:00The importance of employer dental benefits: FAQ <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1HDDSL0BVanPos3w5do1f1Y61K_mC_hgNVXBxChJrD0eE_iEwl0CscLK7ZWTTEVomQwP597_zWJ7Htsgouw88HHrplWHu9BafACMzFKbOztxQp8FGJ67axKrdXyedXf5GNt_7xl_rBqBWSgGt2QcBhuoZYnM0cc3SYl2j-XpIEW1-FZn9_LIY-hJ2WQY/s640/HBS%20dental_October%202023.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="employer dental benefits" border="0" data-original-height="403" data-original-width="640" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1HDDSL0BVanPos3w5do1f1Y61K_mC_hgNVXBxChJrD0eE_iEwl0CscLK7ZWTTEVomQwP597_zWJ7Htsgouw88HHrplWHu9BafACMzFKbOztxQp8FGJ67axKrdXyedXf5GNt_7xl_rBqBWSgGt2QcBhuoZYnM0cc3SYl2j-XpIEW1-FZn9_LIY-hJ2WQY/w640-h404/HBS%20dental_October%202023.jpeg" width="640" /></a></div><p>As the Great Resignation continues, the importance of employer dental benefits has skyrocketed. A <a data-cke-saved-href="https://www.forbes.com/advisor/health-insurance/most-and-least-expensive-states-for-health-care-ranked/" href="https://www.forbes.com/advisor/health-insurance/most-and-least-expensive-states-for-health-care-ranked/" target="_blank">Forbes study</a> found that 8% of respondents with health insurance left a job they liked because they wanted better health coverage. To help you prevent turnover and reinforce the importance of offering robust <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits</a>, we’ve put together answers to frequently asked questions. Consider it a quick refresher on the importance of employer dental benefits.</p><h2>Why should I offer employer dental benefits?</h2><p>It is relatively inexpensive to include dental benefits in an employer’s benefits plan, and it may help the employer attract and retain highly skilled employees. According to the <a data-cke-saved-href="https://www.ebri.org/docs/default-source/pbriefs/ebri_ib_470_wbs2-10jan19.pdf?sfvrsn=c5db3e2f_10" href="https://www.ebri.org/docs/default-source/pbriefs/ebri_ib_470_wbs2-10jan19.pdf?sfvrsn=c5db3e2f_10" target="_blank">Employee Benefit Research Institute</a>, employees made dental or vision insurance the third most important benefit in making a job decision. </p><p>Because dental hygiene is associated with overall health, employees with dental plans are often healthier. Employees without dental benefits may postpone or forgo dentist visits in order to save money, and as a result, they can end up with more severe health problems. This may cost an employer more in the long run than if dental benefits were offered.</p><h2>How do I find the best dental plan?</h2><p>Various types of dental plans are available. An employer should select one that fits their budget and meets their employees’ needs. Traditional dental insurance plans, e.g. managed care and fee-for-service, and consumer-driven dental plans, e.g. dental flexible spending accounts, are becoming more popular.</p><h2>Are there cost-sharing options available?</h2><p>Employers who are concerned about the cost of offering dental benefits may consider sharing the cost with employees through deductibles, coinsurance and setting maximum amounts that the company will pay per individual in a specific time period. When designing a dental insurance plan, aim for a plan that is cost-effective and valuable to the company and its employees.</p><h2>Benefits recap: What’s your next step?</h2><p>The decision to offer dental benefits is a business decision. Employers should consider their culture and values as an organization and whether such benefits can help attract and retain valued employees. While dental benefits are an added expense, offering these benefits may save the employer money over time.</p><p>If you need help designing or reviewing your current dental, vision or health plan offerings, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact HANYS Benefit Services</a> today. Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> can help you review your current or future plan options, providing you with comprehensive solutions that make sense for your organization. </p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-35409124547991707272023-09-28T03:00:00.005-07:002023-09-28T03:00:00.138-07:008 tips for effective 2024 open enrollment communication<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitUI4Z7l3yNxn1q3OzhgtPbFn9HDQohEg5p8_qD6ZOeRMcLAAR7ul72blVSWSYYtSYnSckHj1s6bIGLzmX5duvs8QYpxeNERuKg8Z08DK4Zwztae_ma_EpsyJkht1fXxDEWYoFch7jV31VI-wtV7hVHMMgv3zFUm7utkZicnZQGHuvWs6SyDYnlyMuIK8/s1200/HBS%20open%20enrollment%208%20tips_September%202023.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="open enrollment 2024" border="0" data-original-height="754" data-original-width="1200" height="402" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitUI4Z7l3yNxn1q3OzhgtPbFn9HDQohEg5p8_qD6ZOeRMcLAAR7ul72blVSWSYYtSYnSckHj1s6bIGLzmX5duvs8QYpxeNERuKg8Z08DK4Zwztae_ma_EpsyJkht1fXxDEWYoFch7jV31VI-wtV7hVHMMgv3zFUm7utkZicnZQGHuvWs6SyDYnlyMuIK8/w640-h402/HBS%20open%20enrollment%208%20tips_September%202023.jpeg" width="640" /></a></div><p>Now more than ever, employees are looking to their employers for guidance on navigating available benefits and how to stretch their dollars further. As such, effective communication for open enrollment 2024 is critical.</p><p>According to a <a data-cke-saved-href="https://www.wtwco.com/en-us/insights/2022/07/2023-benefits-enrollment-communication-trends" href="https://www.wtwco.com/en-us/insights/2022/07/2023-benefits-enrollment-communication-trends" target="_blank">Willis Towers Watson report</a>, 84% of employers plan to expand their tools in 2023 to help employees navigate their enrollment decisions, compared with 70% last year. Employees are likely paying more attention this year as they navigate record-high inflation and work to maximize every hard-earned dollar.</p><p>Many of today’s workers want help understanding how much money to put aside for retirement, emergency savings and healthcare expenses. Employers have an opportunity to shine by effectively communicating and guiding employees throughout the enrollment process and the rest of the year.</p><p>As the 2024 open enrollment season approaches, employers are poised to provide their employees with resources and digital tools. Here are eight tips you can use to effectively communicate and distribute these materials so your employees better understand and act with more confidence when making benefits decisions.<br /></p><h2>Communicating with employees</h2><p>Educating and informing employees about their benefits package is an integral part of open enrollment. Effective communication is critical to educate and inform employees about new, returning or expanded benefits options. Consider these eight communication tips:</p><h3>1. Start early</h3><p>Get the word out early about benefits offerings so employees have ample time to understand their benefits, consult with family members and determine their needs for the following year. There’s no such thing as communicating “too soon” about enrollment. Repetitive messaging and reminders increase the odds of an employee seeing enrollment information and understanding the upcoming benefit changes and how they work.<br /></p><h3>2. Develop key messaging</h3><p>After solidifying benefits options, employers need to plan their communication strategies. The first step is figuring out key messaging, focusing on new or updated benefits offerings and developing frequently asked questions to address common concerns.<br /></p><h3>3. Select a mix of appropriate channels</h3><p>Just as many workplaces operate in a hybrid model, successful employee communications can be done in a similar manner. For example, digital channels can help distribute and house information virtually, allowing employees to access it when and where they need it. Chat functionality with benefits vendors can also be a helpful digital tool to assist employees in figuring out which benefits they need.<br /><br />Alternatively, there’s still a time and place for company-wide onsite meetings and mail-to-home print communication. Postcards and other mailers are still relevant and can serve as a reminder to discuss and review benefits options at home. Every workplace is different, so it comes down to selecting various <a data-cke-saved-href="https://www.indeed.com/career-advice/career-development/channels-of-communication" href="https://www.indeed.com/career-advice/career-development/channels-of-communication" target="_blank">communication channels</a> that are relevant and engaging to each organization’s specific employees.</p><h3>4. Keep it simple</h3><p>It’s vital to simplify any benefits information being shared. Employees don’t need to know everything, so employers should highlight what’s necessary to understand about the benefits and information to help them decide if they need it. Links or attachments could explore the benefits further and offer the “fine print.”<br /></p><h3>5. Make it digestible</h3><p>It’s crucial to catch employees’ attention and present the key message immediately before they lose interest. Traditional benefits booklets can be lengthy; instead, employers can deliver bite-sized information to employees through methods such as videos and emails. If all open enrollment information is given at once, it’s easy for employees to become overwhelmed and disengage from employer-provided information. Digestible communication makes it easy for employees to know what to focus and take action on.<br /></p><h3>6. Use real-world examples.</h3><p>When possible, employers can put benefits offerings in context with real-world scenarios. Employees can relate to stories, so find ways to bring the options to life. For example, instead of describing telemedicine as a 24/7 benefit, highlight that an employee could get healthcare answers in the middle of the night when they have a child running a high fever. There is a good chance employees will need to use healthcare benefits during the next year, so it’s important to reiterate the importance of complete coverage.<br /></p><h3>7. Avoid jargon</h3><p>Avoid HR or benefits-related jargon to help make benefits easier to understand. Additionally, many benefits are acronyms, so employers should help decode and explain them to employees.<br /></p><h3>8. Personalize communication</h3><p>A personalized approach can help engage employees with open enrollment information. Employers will likely need to segment their employee audience and tweak messaging so it resonates, depending on the workforce and their working environments. For example, open enrollment methods and communication would look different for remote and onsite employees.<br /></p><h2>Key takeaways for effective benefits communication</h2><p>Benefits can be complicated. Although open enrollment is the most pivotal time to highlight benefits to employees, employers have an opportunity to educate employees throughout the year.</p><p>It’s important to remember that effective employee communication is an ongoing process, but it comes down to helping employees feel well-informed about their benefits options and confident about their choices. This will encourage them to understand and use the benefits available to them.</p><p>If you’d like additional open enrollment support, don’t hesitate to reach out to <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">HANYS Benefit Services today</a>! Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> is happy to assist you in your <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits</a> and open enrollment process.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-58462653882263102312023-09-27T03:00:00.001-07:002023-09-27T03:00:00.129-07:003 open enrollment tips for employers: short video<div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.blogger.com/video.g?token=AD6v5dzaJ92cBzFSI3qSaSSGI6M3vOdm3_7oEZlUUPAveVkLLYh_c_F9Y7xuyh27Wf1jEFAYpz9ExJ2UYOQQKaob5A' class='b-hbp-video b-uploaded' frameborder='0'></iframe></div><p>Open enrollment 2024 starts Nov. 1, 2023. To prepare, use these three open enrollment tips for employers to effectively communicate your <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits</a>. </p><h2>1. Communicate early and often</h2><p>Make sure employees know that open enrollment is coming, when it starts and ends. Varied communication like posters, videos and printed enrollment guides can help grab employees’ attention.</p><h2>2. Don’t overlook the basics</h2><p>Some employees struggle to define important benefit terms like deductible, copay and out-of-pocket max. Help offset this by including open enrollment education before the enrollment period.</p><h2>3. Ask employees to evaluate their healthcare needs</h2><p>It’s important that employees review previous coverage, thinking about key factors including:</p><ol><li>how it worked for them;</li><li>how it compares to current offerings; and</li><li>if any life events will affect them in the short and long term.</li></ol><p></p><p>As the employer, you can help them think about these items while providing support along the way.</p><h2>Want additional tips? Contact us today!</h2><p>To learn more about <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">additional solutions and strategies</a>, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact HANYS Benefits Services today</a>. Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> can help compare your current employee benefits offerings, suggest recommendations and provide assistance preparing for 2024 open enrollment.</p><p></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-89741192547454042852023-09-26T03:00:00.002-07:002023-09-26T03:00:00.133-07:00Employee benefits communication and enrollment audit<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQH-fn6gC_VD9tQ-uFje4bnxH1VJyBSRl2L-8bm5XSlRQeVmYuxt2x6Hx3sy_prgXfHGvP8KD84KofUUtev7_3maVjX6bz4e2pSBuQxjatP_zKh_O2p4dMXSWiwW0zyb-fAsrKleayneG-udd4K_ZNXrvYSf05GohxH3ZMaxqeFUyx3Zqy7S8rwLolXfA/s1200/HBS%20Enrollment%20Audit_September%202023.jpeg" style="margin-left: 1em; margin-right: 1em;"><img alt="employee benefits communication and enrollment" border="0" data-original-height="754" data-original-width="1200" height="402" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQH-fn6gC_VD9tQ-uFje4bnxH1VJyBSRl2L-8bm5XSlRQeVmYuxt2x6Hx3sy_prgXfHGvP8KD84KofUUtev7_3maVjX6bz4e2pSBuQxjatP_zKh_O2p4dMXSWiwW0zyb-fAsrKleayneG-udd4K_ZNXrvYSf05GohxH3ZMaxqeFUyx3Zqy7S8rwLolXfA/w640-h402/HBS%20Enrollment%20Audit_September%202023.jpeg" width="640" /></a></div><p>Getting employees informed, engaged and enrolled in their benefits can seem like an insurmountable feat. Employees sometimes ignore important emails regarding their benefits and wait until the enrollment deadline to ask questions. These 11 guiding employee benefits communication and enrollment questions can help you gauge your current communication efforts to find areas of improvement.</p><h2>11 Employee benefits questions employers should ask themselves</h2><p>When thinking about your communication efforts, know that not every organization is the same. Some organizations may have more bandwidth than others, making it easier to generate materials or assist employees with their questions. Take a moment to reflect on your communication efforts and answer the following questions:</p><ol><li>Does your organization regularly send benefits descriptions to employees at least one month before open enrollment?</li><li>Does your organization conduct in-person or online benefits meetings with employees prior to enrollment?</li><li>Do you provide open enrollment resources and materials to employees? If so, how many and what do they cover?</li><li>Do you provide resources that preempt questions? If so, what do they cover and do employees find them helpful?</li><li>Do you offer health and wellness communications on top of your traditional benefits information? If not, why?</li><li>On a scale from one to ten (with ten being the highest), how well do you think employees understand your benefits?</li><li>What method(s) do you use most to communicate employee benefits, e.g., email, mail, flyers, payroll stuffers, etc.?</li><li>Who is your dedicated point person for benefits questions? Who else can be an additional resource in your organization?</li><li>Do you offer more than one method for answering employee benefits questions, like in-person or online office hours, a designated email address or a distributed questionnaire?</li><li>How often do you refresh your employee benefits resources?</li><li>How often do you review the effectiveness of your benefits communications?</li></ol><h2>Next steps for employers</h2><p>Now that you’ve taken the time to go through these questions, you should have a better understanding of your communication efforts. You may want to take these initial questions a step further by having your team answer these questions as well. From there, you can review your answers and start discussing what’s working, what’s not working, potential goals or new strategies.</p><p>You can also do your own research or reach out to a trusted source, like <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">HANYS Benefit Services</a>, to compare your efforts. This can help you measure current efforts while considering new ideas.</p><p>If you have questions or need help implementing what you brainstormed, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact HANYS Benefits Services today</a>! Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> is more than happy to go through your answers, provide you with potential solutions and generate an employee benefits game plan.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-54954211609357995372023-09-21T06:37:00.000-07:002023-09-21T06:37:41.829-07:002024 open enrollment checklist for employers<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8bANGTxEctBD34jW9N7kHAoNMOtlfwJVXkfDAIh1v62d0-ajaoCsK-9pO75tJsG-IkOiO84uD1S8SSA7dNyzip00x-7hCq2fsZ7fDtz6g0NIe1Bk1e1qE6bcBjeRY0O0Nh6-L_J-Iq33yjutfmRj5zh3-uQhWEIS4a6BRWmYdDCr-e4WFyUQI6MJ7VgI/s1200/HBS%20open%20enrollment_September%202023.jpeg" style="margin-left: 1em; margin-right: 1em;"><img alt="open enrollment checklist for employers" border="0" data-original-height="754" data-original-width="1200" height="402" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8bANGTxEctBD34jW9N7kHAoNMOtlfwJVXkfDAIh1v62d0-ajaoCsK-9pO75tJsG-IkOiO84uD1S8SSA7dNyzip00x-7hCq2fsZ7fDtz6g0NIe1Bk1e1qE6bcBjeRY0O0Nh6-L_J-Iq33yjutfmRj5zh3-uQhWEIS4a6BRWmYdDCr-e4WFyUQI6MJ7VgI/w640-h402/HBS%20open%20enrollment_September%202023.jpeg" width="640" /></a></div><p>Open enrollment can be an extremely positive and rewarding experience for you and your employees, providing you plan for it well in advance. It’s important to review and modify your benefits offerings to enhance your employees’ physical, mental and financial health.</p><p><a href="https://protect-us.mimecast.com/s/fHJ6CBBv8pTVvzv4sjVs2m" target="_blank">Use this 2024 open enrollment checklist</a> to help your organization prepare for a successful open enrollment period, from early planning to follow-up. Then, check out our eight- to 12-week timeline below to see what you need to do in the following months.</p><h2>8-12 weeks before open enrollment</h2><p>The <a data-cke-saved-href="https://www.cms.gov/marketplace/agents-brokers/open-enrollment" href="https://www.cms.gov/marketplace/agents-brokers/open-enrollment" target="_blank">2024 open enrollment period</a> starts Nov. 1, 2023, and ends Jan. 15, 2024. While it may seem far away, you’ll want to start preparing now. By giving yourself plenty of time to gather and develop essential materials, you’ll better overcome end-of-year hurdles, including:</p><ul><li>more people out of the office due to holidays, vacations or illness;</li><li>major end-of-year deadlines, such as annual reports; and</li><li>slower reply rates and project turnarounds.<br /></li></ul><h2>4 weeks before open enrollment</h2><p>If you’ve been following our checklist, you’ve already successfully completed the beginning stages of this project. Now, you’ll need to take the materials you developed and send them out to employees, management and other required parties. You’ll also want to consider creating a toolkit for managers, so they can answer any questions employees may have. For example, something you can put in your toolkit could be a <a data-cke-saved-href="https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/common-health-benefit-terms-glossary.aspx" href="https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/common-health-benefit-terms-glossary.aspx" target="_blank">health benefit terms glossary</a> like the one created by the Society for Human Resources Management.<br /></p><h2>1-2 weeks before open enrollment</h2><p>Over the last few weeks, you’ve started distributing open enrollment information to employees and key personnel. The next step is to ramp up your efforts, making sure you’re doing as much as possible to achieve maximum awareness surrounding open enrollment. <br /></p><h2>During open enrollment</h2><p>It’s go time. You’ve spent months preparing and sending out information. With the open enrollment period beginning, you’ll need set reminders and ensure employees have all the key materials.<br /></p><h2>1-2 weeks after open enrollment</h2><p>Reminders, sent. All materials, created and accessible — phew! You’re in the home stretch. Before the period closes, you’ll want to check enrollment forms and get them submitted. You’ll also need to follow up with employees, making sure they have their ID cards and don’t have any outstanding questions.<br /></p><h2>Future steps: Moving beyond the checklist for 2025</h2><p>Imagine: You’ve made it through open enrollment with no hiccups or snags, checking off every box on our 2024 open enrollment checklist for employers. While you may feel the urge to kick back, there are proactive things to consider well before 2025 preparation.<br /></p><h3>Offer a second off-cycle enrollment period</h3><p>First, consider offering a second off-cycle enrollment period for employees. Feature voluntary benefits that may be overshadowed by medical benefits and retirement options if offered during the typical open enrollment season. This second enrollment time will provide employees the opportunity to focus on other benefits offerings separate from the hectic primary open enrollment season.<br /></p><h3>Get additional assistance to ease the process</h3><p>You don’t have to go through the open enrollment process alone. HANYS Benefit Services offers <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefit services</a> that can help reduce your workload, so you can focus on additional time-sensitive projects. <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">Contact us today</a> to learn about the ways we can assist your organization. Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> can walk you through your options.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-89194937356868318202023-09-21T03:00:00.003-07:002023-09-21T03:00:00.144-07:00Multigenerational workforce benefits toolkit<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuLhHajMcntrZUGFLveOCu9guKiGVVq4N5J_FLPmXU01DyftzM2sYndweI6xjB2el_qR2cUXTo-PWAXCNmGWWI-lCd45YLSAGmybX7MKf5jatsMMSIwqLIZe8vvPd4UkoOArLVebyzDUsvkfqY3v-BwMen0iw3tLh_Gw1cEUNTHI7w57eGPPAuCjnMWqU/s1200/HBS%20multigenerational%20toolkit_September%202023.jpeg" style="margin-left: 1em; margin-right: 1em;"><img alt="multigenerational workforce benefits" border="0" data-original-height="754" data-original-width="1200" height="402" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuLhHajMcntrZUGFLveOCu9guKiGVVq4N5J_FLPmXU01DyftzM2sYndweI6xjB2el_qR2cUXTo-PWAXCNmGWWI-lCd45YLSAGmybX7MKf5jatsMMSIwqLIZe8vvPd4UkoOArLVebyzDUsvkfqY3v-BwMen0iw3tLh_Gw1cEUNTHI7w57eGPPAuCjnMWqU/w640-h402/HBS%20multigenerational%20toolkit_September%202023.jpeg" width="640" /></a></div><p>Today’s multigenerational workforce is the most age-diverse in modern history. It spans four, or sometimes even five, generations. A person’s age influences many of their characteristics over time, including their preferred benefits.</p><p>One of the biggest challenges for employers is finding benefits that suit employees of all generations. A benefit valued by millennials might not be useful for a baby boomer. People in different generational segments have varying expectations about what a benefits program should entail shaped by their own experiences, culture and lifestyle situations. If employers want to provide benefits that their employees will actually use, they must take their varying preferences into account. </p><p><a href="https://hanysbenefits.com/download/blog/2023-09-15_benefits_toolkit_multigenerational_workforce_benefits/" target="_blank">Use our multigenerational workforce benefits toolkit</a> to see which benefits are most valued across different cohorts.<br /></p><h2>How employers can use this toolkit</h2><p>This toolkit will help employers understand employees’ shared concerns and distinct needs. Employers can then tailor their benefits offerings to their employees’ needs.</p><p>Employers may have discretion when structuring their benefits plans and may be able to make distinctions among employee segments regarding access to and the level of benefits offered. However, they cannot do so based purely on <a data-cke-saved-href="https://www.eeoc.gov/employers/small-business/3-who-protected-employment-discrimination#:~:text=Applicants%2C%20employees%20and%20former%20employees,(including%20family%20medical%20history)." href="https://www.eeoc.gov/employers/small-business/3-who-protected-employment-discrimination#:~:text=Applicants%2C%20employees%20and%20former%20employees,(including%20family%20medical%20history)." target="_blank">protected characteristics</a>, such as age.</p><p>Employers may choose to tailor their benefits offerings to employees based on <a data-cke-saved-href="https://webapps.dol.gov/elaws/ebsa/health/employer/1D.asp#:~:text=Bona%20fide%20employment%2Dbased%20classifications%20might%20include%3A%20full%2Dtime,of%20service%3B%20or%20differing%20occupations." href="https://webapps.dol.gov/elaws/ebsa/health/employer/1D.asp#:~:text=Bona%20fide%20employment%2Dbased%20classifications%20might%20include%3A%20full%2Dtime,of%20service%3B%20or%20differing%20occupations." target="_blank">employment-based classifications</a> such as length of service to the company. When structuring your organization’s benefits plan, you are strongly encouraged to consult with legal counsel. In this toolkit, employers will find overviews of each generation, their preferred benefits and tips for creating a multigenerational benefits plan. Be sure to check out the appendix for even more resources.<br /></p><h2>Have questions? Contact us today!</h2><p>Please <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">reach out to HANYS Benefit Services</a> to learn how our <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefit services</a> could help your organization structure its benefits plans. Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> is more than happy to help you go over your available options.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-66780918790743756672023-09-14T03:00:00.003-07:002023-09-14T03:00:00.144-07:00High prescription drug costs cause a negative health impact<p><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlnpRus9qizBJjSf_mbh_rm2761sVi4u0PgQGqoQxbw8idsaA4Em4QHBE_Y1FJL3RYT6B9dg2aFllAA6Lmk9qJ7ccoYDmOYkSpgeEZaxhTCVd6zo7DOTeXtKmnL7jfX4S_9G7B8Bqref1U9c1cJjIZPP9e95VpGV14Wgj8JG5CVhGfsUZMYVzthdDCjrY/s1200/HBS%20Prescription%20drug%20costs_August%202023.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="High prescription drug costs cause a negative health impact" border="0" data-original-height="754" data-original-width="1200" height="402" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlnpRus9qizBJjSf_mbh_rm2761sVi4u0PgQGqoQxbw8idsaA4Em4QHBE_Y1FJL3RYT6B9dg2aFllAA6Lmk9qJ7ccoYDmOYkSpgeEZaxhTCVd6zo7DOTeXtKmnL7jfX4S_9G7B8Bqref1U9c1cJjIZPP9e95VpGV14Wgj8JG5CVhGfsUZMYVzthdDCjrY/w640-h402/HBS%20Prescription%20drug%20costs_August%202023.jpeg" width="640" /></a>A 2021 <a data-cke-saved-href="https://www.cdc.gov/nchs/products/databriefs/db470.htm" href="https://www.cdc.gov/nchs/products/databriefs/db470.htm" target="_blank">CDC study</a> found that 8.2% of Americans aged 18 to 64 skipped, delayed or reduced the amount of their prescription medications because of cost concerns. The <a data-cke-saved-href="https://www.cdc.gov/nchs/nhis/2021nhis.htm" href="https://www.cdc.gov/nchs/nhis/2021nhis.htm" target="_blank">National Health Interview Survey</a> revealed that to reduce expenses, 9.2 million adults were not taking medication as prescribed.</p><p>According to the report, about 60% of adults age 18 and older took at least one prescription medication, with 36% taking three or more. Out-of-pocket costs on retail drugs rose 4.8% to $63 billion. Since high costs limit many Americans’ ability to take their medications as prescribed, these patients may require additional treatment.</p><h2>6 prescription drug cost key takeaways</h2><p>While this study was conducted in 2021, key takeaways are still applicable today due to rising prescription drug costs. Consider the following findings:</p><ul><li>Women (9.1%) were likelier than men (7%) not to take medication as prescribed.</li><li>The percentage of adults not taking medication as prescribed due to cost varied by race and origin: non-Hispanic other or multiple race adults (11.5%), Black adults (10.4%), Hispanic (9.7%), White adults (7.4%) and Asian adults (6.8%).</li><li>Adults with disabilities (20%) were more likely than adults without disabilities (7.1%) to skip, delay or reduce medications as prescribed due to cost.</li><li>Uninsured adults (2.9%) were more likely than adults with Medicaid (8%), private health insurance (6.5%) or other health coverage (11.4%), to not take medications as prescribed due to cost.</li><li>Adults without prescription drug coverage (18.1%) were more likely not to take medication as prescribed to reduce costs compared with adults with public (7.6%) or private (6.6%) prescription drug coverage.</li></ul><h2>How employers can help</h2><p>Many Americans are skipping or cutting back on prescribed medications for financial reasons. This behavior is expected to continue as economic pressures strain Americans’ finances. Unfortunately, it can result in serious negative health outcomes.</p><p>Drug prices vary, so it can pay to encourage employees to shop around. Other common strategies for reducing prescription drug costs include choosing generic drug or <a data-cke-saved-href="http://news.hanysbenefits.com/2023/08/what-you-should-know-about-biosimilars.html" href="http://news.hanysbenefits.com/2023/08/what-you-should-know-about-biosimilars.html" target="_blank">biosimilars</a> versions, comparing prices and using a preferred pharmacy.</p><p>Employers can also help by monitoring <a data-cke-saved-href="http://news.hanysbenefits.com/2023/08/prescription-drug-pricing-trends.html" href="http://news.hanysbenefits.com/2023/08/prescription-drug-pricing-trends.html" target="_blank">prescription drug pricing trends</a>, utilization and spending. It’s a huge advantage to offer employees benefits options that help them better manage their health. If you need assistance finding the best solution for your organization, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact HANYS Benefits Services today</a>. Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> is more than happy to help you find better strategies to save.</p><p><em><span style="font-size: x-small;">The content of this News Brief is of general interest and is not intended to apply to specific circumstances. It should not be regarded as legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice. © 2023 Zywave, Inc. All rights reserved.</span></em></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-33075252355590698992023-09-13T10:47:00.000-07:002023-09-13T10:47:15.674-07:00How to improve your self-discipline<p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.blogger.com/video.g?token=AD6v5dznI4Pqa85RLOT3kdPEBR9PUCMTfqkMzFeZQcbTby9muat_FZ-2Km-DDWOlKU-2SoWXuRpD5n9_5WaZhHOoSg' class='b-hbp-video b-uploaded' frameborder='0'></iframe></div><div class="separator" style="clear: both; text-align: center;"><br /></div>Self-discipline is an important skill that can help you reach your personal and professional goals. It can enable you to push forward, stay motivated and take action, regardless of how you feel physically or emotionally. It also allows you to focus on your goals and control yourself and your reactions. So, what steps can you take to learn how to improve your self-discipline?<p></p><p>Like any skill, self-discipline can be refined with practice, and you may only sometimes be successful. Persevering, even when you fail, is crucial to reaching your goals.</p><h2>6 simple steps you can take to improve self-discipline</h2><p><a data-cke-saved-href="https://www.masterclass.com/articles/how-to-build-a-habit" href="https://www.masterclass.com/articles/how-to-build-a-habit" target="_blank">Habit building</a> is essential when improving self-discipline. Consider integrating these simple habits to improve your self-discipline:</p><ul><li>Start with small goals and outline a strategy or plan to achieve them.</li><li>Put your goals in a place where you can see them every day.</li><li>Practice prioritization and eliminate distractions or temptations that may take you off course.</li><li>Hold yourself accountable and enlist the assistance of others to do so.</li><li>Talk to a licensed therapy provider if you need immediate help.</li><li>Try wearable healthcare tech for fitness or health-related goals.</li></ul><h2>Wearable healthcare tech and you</h2><p>Technology has advanced significantly over the years. You can now use it to improve your self-discipline and keep yourself motivated.</p><p>According to <a data-cke-saved-href="https://www.statista.com/forecasts/1314613/worldwide-fitness-or-activity-tracking-wrist-wear-users" href="https://www.statista.com/forecasts/1314613/worldwide-fitness-or-activity-tracking-wrist-wear-users" target="_blank">Statista</a>, the number of users of fitness/activity tracking wristwear devices has continuously increased from 2018 to now. The number is projected to continue to rise 34.13% by 2027, totaling 84.7 million users worldwide. Given their rising popularity, you may wonder if wearable technology would do any good for you and your health. </p><p>These devices can monitor your progress with a new exercise routine or weight loss program. They can also count steps, monitor your heart rate, count calories and track sleep. Whether you’re just starting on a healthy living journey or are well on your way, using a wearable device may help. Learn more about <a data-cke-saved-href="https://healthnews.com/family-health/healthy-living/wearable-medical-devices-used-in-healthcare/#:~:text=Wearable%20medical%20technology%20is%20used,and%20store%20patient%20health%20information." href="https://healthnews.com/family-health/healthy-living/wearable-medical-devices-used-in-healthcare/#:~:text=Wearable%20medical%20technology%20is%20used,and%20store%20patient%20health%20information." target="_blank">the top wearable medical devices used in healthcare</a>.<br /></p><h2>Wrap up: Next steps</h2><p>These tips can be applied to your personal or work life. If you’re an employer looking for other ways to encourage employees to boost their health and better achieve work-life balance, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact HANYS Benefit Services</a> today. Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> can talk you through solutions and even look at your <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefit offerings</a> to determine helpful strategies. </p><p></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-7520511123468512272023-09-07T02:30:00.001-07:002023-09-07T02:30:00.135-07:00Live Well, Work Well Video - September 2023<div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.blogger.com/video.g?token=AD6v5dyg5pRPuAyJ-KwN8fpVRMxA7h2XEeF6WzpjezybWLdoEfSPvlhHqLqlZ295R9_8TwPQhxoZWpoqzD0DSrewBg' class='b-hbp-video b-uploaded' frameborder='0'></iframe></div><h2 style="text-align: left;">The link between health and happiness</h2><p>In the pursuit of a fulfilling life, happiness is a common goal. However, happiness is not an isolated concept; it’s complex and connected to your overall physical and mental health.</p><p>By understanding and nurturing the links between your health and happiness, you can be on your way to an enriched and balanced life.</p><p>Physical health forms the foundation upon which happiness thrives. When your body functions optimally, so can your overall sense of well-being. As such, prioritizing physical health through regular exercise, a balanced diet and adequate sleep sets the stage for a happier mood and healthy life.</p><p>Mental health is equally important to your happiness. When you nurture your mind, happiness can flourish.</p><p>Supporting your mental health through self-care, stress management and relationship-building can improve your emotional resilience and a positive mindset.</p><p>By embracing a holistic approach to health, you can unlock the potential for a life filled with happiness, purpose and fulfillment. Contact a health professional if you have any questions about your well-being.<br /></p><h2>Anxiety screenings recommended for most Americans</h2><p>The U.S. Preventive Services Task Force now recommends adults under age 65 be regularly screened for anxiety. This is especially true for pregnant women or those who have given birth within the past year, who don’t have a diagnosed mental health disorder or related symptoms.</p><p>Last year, the Task Force recommended screening children age eight to 17 for anxiety. This means all Americans age eight to 64 should be screened.</p><p>The new recommendation is to help primary care clinicians identify early signs of anxiety, which can go undetected for years. Contact a doctor if you have any concerns.<br /></p><h2>Key takeaways</h2><p>Your overall health is made up of several parts. It’s important that you take the steps to take care of each of these areas to improve your quality of life. If you’re an employer looking to offer better employee benefits for your organization, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact HANYS Benefit Services today</a>. Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> can walk you through <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefit plans</a> aimed at improving the overall health of your employees.</p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.comtag:blogger.com,1999:blog-7850771541423727279.post-44222600783258756762023-09-05T03:00:00.003-07:002023-09-05T03:00:00.156-07:00Benefits Breakdown - September 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZs41Q3GEsfdp5pgyX2nmA93qCWSPGar3I6NWutxY266fRya-asd5T6nnRE-JKZGzbB_VcheLEjTWVtkWYHvse4TqXaqAD3XOZIEfjUSxV2DycgL31KuXZ2pah5V93Qu9faDbz8xNlztAW3wsAo1jR4li3X084qBBVtrNudIVxP7FtmKkImqPB7qqrUj0/s640/Untitled.jpeg" style="margin-left: 1em; margin-right: 1em;"><img alt="Benefits Breakdown - September 2023" border="0" data-original-height="150" data-original-width="640" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZs41Q3GEsfdp5pgyX2nmA93qCWSPGar3I6NWutxY266fRya-asd5T6nnRE-JKZGzbB_VcheLEjTWVtkWYHvse4TqXaqAD3XOZIEfjUSxV2DycgL31KuXZ2pah5V93Qu9faDbz8xNlztAW3wsAo1jR4li3X084qBBVtrNudIVxP7FtmKkImqPB7qqrUj0/w640-h150/Untitled.jpeg" width="640" /></a></div><h2 style="text-align: left;">2024 Open Enrollment: 3 Preparation Strategies</h2><p>With the 2024 open enrollment season fast approaching, employers have an opportunity to develop attractive benefits offerings and proactively communicate with employees. Early preparation can help show employees they’re valued, convince top performers to stay in their current positions and attract new talent. Consider these three strategies to prepare for 2024 open enrollment:</p><h3 style="text-align: left;">1. Tailor benefits offerings</h3><p>Benefits offerings are one of the top reasons employees join companies and stay at their jobs. That’s why it’s critical for employers to speak with employees about which perks provide the most value. Adding or tweaking a few benefits options could be the difference between retaining and losing top performers.</p><h3 style="text-align: left;">2. Determine key messaging</h3><p>Benefits communications should account for employees’ desire to feel safe. Thus, key messaging should demonstrate how workplace offerings can protect employees. Outlining different benefits offerings can help employees understand which benefits they need and use. It will also incentivize them to stay.</p><h3>3. Communicate employee benefits</h3><p>Surveys show that employees want more help understanding their benefits options. Starting early, providing ample educational resources and using multiple channels can help employers spread the word about open enrollment and their benefits offerings.</p><p>Employers will have sufficient time to tailor their benefits offerings and thoughtfully showcase perks by starting open enrollment efforts early. This can help employers educate their current workforce, boost retention efforts and win more talent in the ever-challenging labor market.<br /></p><h2 style="text-align: left;">What Employers Should Know About Popular Weight Loss Drugs</h2><p>Popular weight loss drugs have the potential to transform the health of millions of Americans. These drugs are types of glucagon-like peptide 1 (GLP-1) receptor agonists — medications that were originally prescribed to treat diabetes but have been shown to be effective in helping individuals lose weight. While GLP-1 drugs like Ozempic and Mounjaro are currently only approved to treat diabetes, Wegovy was approved for weight loss by the U.S. Food and Drug Administration.</p><p>Using GLP-1 drugs to manage weight loss is extremely expensive, costing more than $1,000 per person each month. Since these drugs were not originally designed to treat weight loss, they may not be effective long term. Additionally, most insurers will not cover GLP-1 drugs for weight loss because they haven’t been approved for that purpose. Moreover, since using GLP-1 drugs for weight loss is relatively new, there’s uncertainty surrounding their effectiveness for weight loss and management.</p><p>While it’s still uncertain whether GLP-1 drugs are effective in treating obesity, employers should monitor any developments closely and find ways to holistically improve employee wellness.</p><p>If you have questions or need assistance, <a data-cke-saved-href="https://hanysbenefits.com/contact/" href="https://hanysbenefits.com/contact/" target="_blank">contact us today</a>. Our <a data-cke-saved-href="https://hanysbenefits.com/about/" href="https://hanysbenefits.com/about/" target="_blank">dedicated team of experts</a> is ready to answer all of your questions to ensure you have the optimal <a data-cke-saved-href="https://hanysbenefits.com/services/employee_benefits/" href="https://hanysbenefits.com/services/employee_benefits/" target="_blank">employee benefits solution</a>.</p><p><em><span style="font-size: x-small;">The information in this newsletter is intended for informational use only and should not be construed as professional advice. © 2023 Zywave, Inc. All rights reserved.</span></em></p>Courtney Yulehttp://www.blogger.com/profile/15321700369247409594noreply@blogger.com