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It’s common for employee benefits renewals and analysis to sit at the bottom of business leaders’ to-do lists until the deadline approaches. And most brokers agree that this is the best time to start drilling into the data and gathering information from the carriers.
Recently Food and Drug Administration Commissioner Scott Gottlieb gave a speech blowing the whistle on rigged payment schemes in the pharmaceutical industry.
On Monday, March 5, 2018, the IRS announced that the maximum family contribution limit to a Health Savings Account (HSA) has been reduced from $6,900 to $6,850 for 2018.
Do you review your employee benefits plan during each renewal?
It’s a great practice to annually review which benefits are valued most by your employees and why, but by the time you’re approaching your renewal period, it’s too late.
Experiencing personal health problems ranks near the top of the list of life's stressors. During difficult times, the Family Medical Leave Act often creates confusion and questions for employers and employees.
The Internal Revenue Service (IRS) has increased the annual dollar limits for various welfare and retirement plan limits for 2018, including HDHPs, HSAs, FSAs and 401(k) plans.
The late comedy legend Joan Rivers used the catchphrase “Can we talk?” in discussing various topics. She explained her use of the phrase, saying "I always try to be very honest. My humor is truly stripping everything. Bam!” she explained. She went on to describe her approach: “Let’s stop the nonsense."
One area of Corporate America that could use a similar approach is the area of employee benefits. Insurance companies and consultants would like to talk trends, utilization, probabilities and the like. But what is missing from the conversation is the person. Not “employees," but the individual person. How the person thinks, what he or she fears, how and what he or she will choose and why.
Self-funding has been used as a tool to maintain the cost of health-related employee benefits for many years.
Historically, this approach has been utilized by groups of 100 or more employees.
However, due to the Affordable Care Act (ACA), a new market is being created for smaller groups allowing them to take advantage of self-funding health care plans to save money and gain control over costs. As an employee benefits administration company, we're here to help you understand the different approaches to health care.