A focus on managing chronic conditions, and education to improve health care utilization can help employers manage cost increases.
Employers need to focus on getting employees into the right plans for them and maximizing the use of their benefits.
For one thing, many wellness program incentives are geared to those who are already healthy.
Taking advantage of preventive care, health savings accounts (HSAs) and employer-provided physical wellness programs are some of the ways employees can get a handle on health care costs now an for the future.
It is also important to fund accounts right away.
Separating the amount of premiums and out-of-pocket expenses can help employees see more realistic expenses to plan for than a huge lump-sum number.
Research found low engagement levels with health benefit programs, and one problem it identifies is employees are often required to access multiple disparate systems to learn about and access their full range of health benefits.
A report suggests the move to self-fund health benefits, especially among small employers, is reversing, but other data doesn’t, and sources say self-funding can still be a good choice.
Retirement industry sources, during a webcast, discussed ways to strengthen national retirement policy.
Plan sponsors are considering changes to health plan design as well as health care delivery models, with strategies to address high-cost claims in mind.
Incorporating sound measures of the effectiveness of financial wellness programs will allow plan sponsors to adjust them to address the varying needs of their workforce.
Mercer has published a list of 10 top compliance-related priorities for 2020 health and fringe benefit planning.
The bill would permit American workers enrolled in Medicare to open and contribute to a health savings account (HSA), without changing their coverage.
Many employees don’t understand health benefits—including that most insurance covers preventive care. Better education can lead employees to use benefits correctly and become healthier.
PwC says its survey findings should prompt employers to revisit their financial wellness programs to ensure they are addressing the challenges employees are facing and motivating them to make improvements to their overall financial well-being and retirement readiness.
Employers can lower their health benefits spend, as well as costs for employees, by moving away from preferred provider organizations (PPOs), utilizing value-based care and using benefits consultants instead of traditional brokers.
Among those that include physical, social, financial, community and mental health, employee productivity is higher.
Findings of a Commonwealth study provide support for retirement plan sponsors to time employee deferral increases with raises and for employers to offer sidecar savings accounts for emergency funds.
In the meantime, many are satisfied that qualified small employer health reimbursement arrangements (QSEHRAs) meet employees’ needs.