Category: Employee Benefits
Compliance Risks in Open Enrollment: 5 Mistakes and How to Avoid Them
Open enrollment is a hectic and critical period for employers that often brings a risk of compliance errors. These mistakes can confuse employees and cause missed benefits, while also exposing employers to legal risks. This article highlights five common compliance pitfalls to avoid during open enrollment: Ineffective Communication of Benefit Changes – Benefit offerings often change…
The Rising Cost of Prescription Drugs: Smart Ways to Save
No doubt about it, prescriptions are expensive. While this may not be a big worry when you’re young and healthy, the costs can add up quickly if you’re diagnosed with a chronic condition or need an expensive drug. Whether you take medications regularly or for an occasional illness, it pays to know how to save…
Empowering the Next Generation: Making Benefits “Easy” for Young Employees
Health Insurance today is significantly more complex for young workers than it was just a decade ago. This complexity is driven in large part by healthcare costs that have outpaced inflation, pushing premiums, copays, and other out-of-pocket expenses to comprise substantial portions of their budgets. For many younger employees, navigating this landscape is confusing –…
Benefits 101: A Guide to PPO Plans
When navigating the world of health insurance, you will likely encounter the term PPO (Preferred Provider Organization). A PPO plan – whether medical or dental – is about balancing the cost and convenience of care. With a PPO plan, you get the flexibility to see a wide range of doctors. You’ll save money by staying…
Mastering Open Enrollment: A Step-by-Step Guide
Open enrollment doesn’t have to be a stressful administrative task. When planned well in advance, it becomes a valuable opportunity to review and enhance your benefits offerings, demonstrating your commitment to your team’s physical, mental, and financial well-being. A well-executed open enrollment can boost employee morale, improve retention, and ensure your workforce is supported. Use…
Upcoming Changes for Employee Benefits
Employers will see several changes to their health and welfare benefits due to comprehensive new tax and spending legislation. This includes notable improvements to Health Savings Accounts (HSAs), Dependent Care Flexible Spending Arrangements (DCFSAs), and employer-provided student loan payments, as well as the introduction of some new fringe benefit choices. These updates introduce significant changes…
Navigating Your Health Plan: A Guide to Your Explanation of Benefits (EOB)
Ever found a confusing document in your mailbox after a doctor’s visit, wondering if it’s a bill, especially with an “amount you owe” at the bottom? You’re not alone! That document is most likely an Explanation of Benefits (EOB) from your health insurance company. It’s crucial to remember: an EOB is NOT a bill. Think…
The Truth About FSAs: Facts, Myths, and Tips
Flexible Spending Accounts (FSAs) offer unique advantages for managing health and dependent care expenses, but they operate differently from standard savings or spending accounts. Below are five essential facts about FSAs, along with common myths and clarifications to help you make the most of this benefit. Key FSA Facts: Tax Advantages: A major perk of…
Breaking Down Your Benefits: Understanding Key Terms
Selecting the right health insurance plans for your family is a critical process that requires careful attention from start to finish. Navigating health insurance becomes much simpler when you understand its terminology. Making sense of these terms empowers you to better understand your costs, benefits, and even estimate the price of a doctor’s visit. Premium:…
Supporting Your Workforce: The Value of Dependent Care Assistance Programs (DCAPs)
Want to attract and keep top talent? Your benefits package is crucial! Think beyond just health and retirement. Fringe benefits like Dependent Care Assistance Programs (DCAPs) offer real, meaningful support, especially for employees caring for kids or dependent adults. What is A DCAP? A DCAP – also known as a dependent care flexible spending account…