How AI is Reshaping the Benefits Space
Alexa, grow my workforce. Artificial Intelligence (AI) no longer belongs to futuristic fantasies—it’s here, and it’s changing the way we do just about everything. Human Resources and employee benefits are among the most recent things to be revolutionized by AI. While most employees no longer fear having their jobs replaced by robots, the reality is […]
Taking A Strategic Approach to Lowering Healthcare Costs
Healthcare costs have skyrocketed in recent years, with 2019 being no exception. Healthcare costs have risen at a rate faster than inflation and the expansion of the U.S. economy. The Office of the Actuary at the Centers for Medicare and Medicaid Services estimated that health care spending will grow 5.8% between 2015-2025, which is 1.3 […]
Student Loan Debt Impacts Your Employees More than You Think: What Employers Can Do
Today’s level of student debt is at an all-time record high, and it’s causing tremendous stress within the workforce. A PwC survey revealed that 80% of millennials believe that their student loan debt has gotten in the way of other financial goals, including buying a house and saving for retirement. Employers should note that just […]
Benefits through Generations: How to Approach Each Age Group About Benefits
Employers have recently started to face a unique challenge: providing support to four different generations of workers. Boomers are retiring later in life, Gen X-ers are following closely behind them, Millennials are still somewhat new to the workforce, and Gen Z-ers are just entering it. With such a vast age range of individuals in the […]
Common Employee Benefit Compliance “Gotcha” Moments
When it comes to employee benefits compliance, complex regulations and intricate requirements can create difficult, unforeseen issues—and, in turn, possible fines and penalties. Employers can take steps to protect themselves by being diligent and staying up-to-date on important regulation changes and compliance requirements, and knowing the most common issues employers tend to face. […]
What Generation Z is Looking for in Employee Benefits
Employers have been spending the past few years trying to understand the millennial generation and design employee benefits programs specifically for them. But now, Generation Z (born in 1995 or later) is entering the workforce with a whole new set of expectations, and employers have to adjust their strategies to fulfill the needs of these […]
Add Value to Your Benefits Package with These 4 Voluntary Perks
Employee benefits have become an important tool for employers. They are not only vital to recruitment of top talent, they are also an essential engagement and productivity tool. According to a recent Randstad study, more than 70% of employees agreed that additional voluntary benefits in their program would be a key consideration in evaluating future […]
The Benefits Administration Checklist You Need to Avoid Eligibility Errors
To attract and retain top talent, employers have to provide quality benefits packages and ensure they’re creating the best, most streamlined benefits administration experience for their employees. However, many employers find aspects of self-administering their benefits plans to be challenging—especially tracking eligibility criteria and enrolling employees throughout the year. So naturally, most administrative pitfalls are […]
Strategies for Successfully Managing Benefits Renewals
The time of year for benefits renewals is here which means, as a broker, you’re busy reviewing your clients’ current benefits packages and making improvements for 2019. Although technology has made this task much easier, it’s still a lot for brokers to manage. Changing rates, plans, and regulations make each year a unique challenge. And […]
IRS Announces 2019 Adjustments
The IRS recently announced Revenue Procedure 2018-57, which provides the cost-of-living increases and inflation adjustments for certain items. The notable items for 2019 are: Annual healthcare Flexible Spending Account (FSA) contribution limits will increase $50 from the current amount of $2,650 to $2,700. Monthly limit for transit and parking will increase from $5 from the […]