With the COVID-19 pandemic weighing on employers and employees alike, businesses can help their staff by leveraging health savings accounts to pay for out-of-pocket expenses.
Between the COVID-19 pandemic and an ongoing political debate over the Affordable Care Act (ACA), health care was a core element of Joe Biden’s campaign for the U.S. presidency.
Employee benefits aren’t always simple. In fact, for many young employees, they’re downright confusing. Look at basic health insurance term knowledge, for example. Only 7% of individuals can define terms like premium, deductible and coinsurance, according to UnitedHealthcare. And that limited understanding can result in significant—and often unnecessary—expenses for both employees and employers. To put it monetarily, low health literacy is estimated to cost between $106 billion and $238 billion annually, according to the National Library of Medicine.
Employers are responsible for educating their employees about the health coverage options they offer. Now, amid massive uncertainty caused by events such as the COVID-19 pandemic, the upcoming presidential election and the impending court case over the constitutionality of the Affordable Care Act (ACA), employees may be more stressed than ever about the status of their employee benefits. That’s why it’s so critical to provide transparent and effective communication to employees about their benefits.
Did you know that one third of all households would feel adverse financial impacts within one month if a primary wage earner died?
Life insurance isn’t a fun thing to think about, and it may seem like an unnecessary expense. But if you have people who depend on you for financial support, then life insurance is really about protecting them in case something happens to you – your designated beneficiary would collect a financial benefit upon your death. Life insurance can be confusing, so here’s a rundown of the basics.
According to recent estimates from the University of Maryland, there is a cyberattack every 39 seconds. Data breaches and cyberattacks are daily headlines—and employee benefits plans are no exception to that threat
The presence of unemployment-related scams has grown in the wake of the coronavirus (COVID-19) pandemic. Current unemployment scams include both fraudulent claims and unemployment-related phishing attempts. As many employers are currently dealing with the reality of a high amount of unemployment claims, organizations can take steps to prepare for fraudulent activity and to accurately identify legitimate requests. By taking proactive steps and preventive measures, your organization can be best prepared to identify and, if necessary, respond to fraudulent activity.
Open enrollment following the COVID-19 pandemic will be unlike any other in recent memory. Many organizations are still trying to recover from extended closures and maintain safe working environments—open enrollment is the last thing on their minds. Yet, procrastinating on enrollment planning can actually cause more issues than it solves. This article explains what employers can expect this enrollment period and how to prepare.
While most business owners and executives have been fretting about the COVID-19 pandemic and the effects on the economy and the survival of their business, now is a good time to conduct a review of group health plans in light of changes and new rules for 2021.
As we look into what the workplace will look like post-coronavirus, the reality for many employers may involve supporting a geographically distant workforce. Some employees may be returning to an on-site work location, while others will be working remotely longer-term, or even permanently.