Benefits Breakdown Newsletter

Benefits Breakdown Newsletter - September 2022

Early preparation is crucial for 2023 open enrollment

The job market is still dealing with the after-effects of the COVID-19 pandemic. Workers are taking stock of their circumstances and considering which employment perks matter the most. Specifically, employees are more concerned now about their physical and mental health, financial security and work-life balance than before the pandemic.

Many employers have enhanced benefits offerings to support their employees, but providing the right options for a specific workforce is vital. Beginning open enrollment efforts early in 2023 will enable employers to tailor benefits offerings and showcase all the perks they can provide for their employees.

Employers can prepare early for open enrollment by:

surveying employees to determine which benefits are essential to them;
revamping benefits offerings to meet workforce needs;
strategizing employee messaging; and
effectively communicating benefits offerings.

Early preparation can help show employees they are valued and convince top performers who may be seeking job changes to stay in their current positions. It can also help employers educate their workers, bolster retention efforts and get a leg up on the competition in this challenging employment market.

Tips for mitigating the costs of deferred medical care

For employers, early detection of health issues can reduce the amount of time employees are absent from work for medical appointments and recovery. Employer-offered health plans have traditionally focused on preventive medical care. However, the pandemic changed the way individuals access healthcare. Many deferred elective or in-person care during 2020 and 2021 to reduce the risk of contracting the virus. Now, they are starting to address their deferred care and employers must respond to a surge in employee healthcare usage.

Employers can prepare for increased healthcare costs using these strategies to address deferred medical care:

guide employees to cost-effective care;
improve employee healthcare literacy;
leverage technology; and
expand access to second opinions.

Increased medical costs due to deferred care will likely continue to impact employers for the foreseeable future. Employers who proactively implement strategies to address the costs of deferred healthcare will be better positioned to meet employee needs.

For more information about employee benefits, our services and products, contact HANYS Benefit Services by email or call 800.388.1963.

SECURE 2.0 Discussion Series: Session Two

The retirement industry has been buzzing since the SECURE 2.0 Act was signed into law last December. This new, comprehensive legislation has sparked a lot of discussion. As with any major reform, it will take time for the industry to fully adapt and understand all its implications. Following our April 11 webinar on the first three months of the industry’s response, our team reconvened to discuss some of what we have heard from our client and vendor partners and to respond to some of the great questions we heard from attendees. Panel participants included the following HBS team members: Noah Buck, Christina Bauer-Dobias, Sean Bayne, Vincent Bocchinfuso and Kathleen Coonan. The Discussion SB – Throughout the webinar, I wanted to stress two things: 1) confusion about where to start and what is expected from plan sponsors is normal; and 2) even more than three months in, this is a developing situation and people should expect changes as time goes on. With those in mind, engagement through

SECURE 2.0 Discussion Series: Session One

SECURE 2.0 provisions: What we know and what’s still up in the air The SECURE 2.0 Act, signed into law in late December 2022, has factored heavily in retirement industry discourse since the final legislation was published. As with any legislation of this depth and breadth, there’s a lot to digest and the industry takes time to adjust. Our team of experienced advisors recently met to discuss some of the more nuanced provisions of the legislation, such as changes to Roth contributions, and what they could mean for plan sponsors. Panel participants included the following HBS team members: Noah Buck, Christina Bauer-Dobias, Sean Bayne, Vincent Bocchinfuso and Kathleen Coonan. Highlights of our panel’s conversation below should serve to help guide plan sponsor thinking. On Roth employer contributions NB – In addition to deferring pre-tax or Roth, plan sponsors can now allow employer contributions to be classified as Roth, is that right? VB – Correct. This is immediately available to plan s

What you should know about biosimilars

Rapidly increasing healthcare costs will likely continue to impact employers for the foreseeable future. As a result, many employers are considering strategies to manage these costs, including rising prescription drug costs. The introduction of biosimilar drugs as an alternative to biologics may bring value to healthcare by offering cost savings and increasing employee access to necessary medications. While biosimilars can potentially combat rising prescription drug costs, employers will need to learn more about them before considering how their health plans can accommodate these newer drugs. This article explores biosimilar drugs and ways employers can promote or manage their use. What are biosimilars? The European Medicines Agency defines a biosimilar as “a biological medicine highly similar to another already approved biological medicine.” It is produced from living organisms — humans, animals or microorganisms, meaning they aren’t created from synthesized chemicals. They are also

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