Benefits and Me: Maximizing Your Open Enrollment (November)
Did you know that nearly 7 in 10 employees spend 30 minutes or fewer reviewing their open enrollment benefits options?
Unfortunately, that’s far less than most Americans’ daily social media time. Open enrollment is crucial for making informed decisions about your health care and benefits. To maximize this period, start by thoroughly reviewing all available plan options and understanding the specifics. This includes examining coverage details, costs and any changes from the previous year. It’s also important to consider your current and anticipated health care needs by reflecting on any health changes, upcoming medical procedures and new medications. Furthermore, utilize available resources such as plan comparison tools,informational webinars and consultations with benefits advisors. Dedicate time to research and ask questions so you can ensure that you select the plan that best meets your and your family’s needs.
Benefits and Me: Flexible Spending Accounts (October)
A flexible spending account (FSA) is a beneficial tool for saving money on health care because it contains pre-tax dollars contributed each pay period to pay for qualified medical and dental expenses.
An important provision of an FSA is that most of the money contributed within a calendar year (and any applicable grace period) must be spent within the same year, or it will be lost. Toward the end of the year, it’s common for many people to rush to use up leftover funds in their FSAs while they still can. Many people stock up on over-the-counter (OTC) drugs; others may concentrate on using those funds for medical expenses they’ve been putting off. For example, you could schedule a teeth cleaning if you haven’t been to the dentist all year. If there is a screening or procedure you’ve been putting off, use FSA funds for that. The goal is to use that money to keep yourself healthy.
Benefits and Me: What You Need to Know About Medical Credit Cards (July)
Medical credit cards may be appealing as a short-term solution to high healthcare costs. However, high interest rates can cause you to overpay for services and result in debt. Additionally, you may incur unexpected fees if you don’t fully understand the terms of your medical credit card.
Benefits and Me: Improving Your Well-being May Help Lower Your Health Costs
It can feel like there’s nothing you can do to combat rising health care costs; however, taking control of your overall well-being can greatly lower your expenses. According to the National Institutes of Health, 86% of the nation’s health care costs go to treating chronic conditions. Obesity, heart disease and Type 2 diabetes are some of the most common conditions.
Benefits and Me: What are Speciality Drug Benefits?
Specialty drugs, also known as specialty pharmaceuticals, are some of the most expensive prescriptions you can buy—costing up to $2,000 or more per month. Unfortunately, they may also be the only option for many people with complex and untreatable conditions. Specialty drugs are expensive prescription medications used to treat chronic, complex conditions. Individuals who have cancer, multiple sclerosis or rheumatoid arthritis might be prescribed a specialty drug. Special handling, such as refrigeration and supervised injections, is often required for these medications, contributing to the high costs.
Employee Takeaways for President Biden’s COVID-19 Vaccine Mandate
Many health experts and business leaders agree that vaccination is likely the most effective way to limit the spread of COVID-19 and maintain uninterrupted operations. While more than 175 million Americans are fully vaccinated, nearly 80 million eligible people have yet to get their first shot.
Mandate Overview
- Company qualification
- Remote staff
Employee Takeaways
Legal battles over the ETS are expected. However, regardless of courtroom challenges, applicable employers will still be preparing to comply with the ETS. After all, it’s possible that employers could be penalized for noncompliance while lawsuits work their way through the courts.
Who is at a higher risk for severe coronavirus-related illness?
While an estimated 80% of those who get sick with coronavirus disease 2019 (COVID-19) will experience mild symptoms, 20% will experience severe and sometimes life-threatening symptoms and complications.
According to the Centers for Disease Control and Prevention, the following individual.s may be at a higher risk for severe illness and complications related to COVID-19:
- Individuals who are 65 years old or older
- Individuals who live in a long-term care facility or nursing home
- Individuals who are immuno-compromised, including cancer patients, those who have had a bone marrow or organ transplant and those with immune deficiencies or disorders
- Individuals with underlying health conditions, including:
- Chronic lung disease
- Moderate to severe asthma
- Heart disease with complications
- Severe obesity
The Benefit of Benefits
Remaining competitive in the hunt for the right job candidates who will propel your business to success is a struggle.
Benefits packages offer value to your employees and help you boost productivity and retention in a cost-effective manner. Here are a few of the advantages of offering employee benefits as part of your compensation package.
Client and Employee Resources
The more your employees understand your benefit plans the more they become educated, empowered consumers. The programs you provide will also gain an enhanced value.
As your strategic partners in employee benefits, we can provide multiple avenues of ongoing support, including:
- Employee Meetings (English and Spanish)
- Webcasts
- Payroll Stuffers
- Poster Campaigns
- Newsletters
Carrier Directories
E-Verify is a web-based system that allows enrolled employers to confirm the eligibility of their employees to work in the United States. Click the image below to begin.
