Skip to main content

Benefits Breakdown Newsletter - September 2022

Early preparation is crucial for 2023 open enrollment

The job market is still dealing with the after-effects of the COVID-19 pandemic. Workers are taking stock of their circumstances and considering which employment perks matter the most. Specifically, employees are more concerned now about their physical and mental health, financial security and work-life balance than before the pandemic.

Many employers have enhanced benefits offerings to support their employees, but providing the right options for a specific workforce is vital. Beginning open enrollment efforts early in 2023 will enable employers to tailor benefits offerings and showcase all the perks they can provide for their employees.

Employers can prepare early for open enrollment by:

  • surveying employees to determine which benefits are essential to them;
  • revamping benefits offerings to meet workforce needs;
  • strategizing employee messaging; and
  • effectively communicating benefits offerings.

Early preparation can help show employees they are valued and convince top performers who may be seeking job changes to stay in their current positions. It can also help employers educate their workers, bolster retention efforts and get a leg up on the competition in this challenging employment market.

Tips for mitigating the costs of deferred medical care

For employers, early detection of health issues can reduce the amount of time employees are absent from work for medical appointments and recovery. Employer-offered health plans have traditionally focused on preventive medical care. However, the pandemic changed the way individuals access healthcare. Many deferred elective or in-person care during 2020 and 2021 to reduce the risk of contracting the virus. Now, they are starting to address their deferred care and employers must respond to a surge in employee healthcare usage.   

Employers can prepare for increased healthcare costs using these strategies to address deferred medical care:

  • guide employees to cost-effective care;
  • improve employee healthcare literacy;
  • leverage technology; and
  • expand access to second opinions.

Increased medical costs due to deferred care will likely continue to impact employers for the foreseeable future. Employers who proactively implement strategies to address the costs of deferred healthcare will be better positioned to meet employee needs.

For more information about employee benefits, our services and products, contact HANYS Benefit Services by email or call 800.388.1963.


The information in this newsletter is intended for informational use only and should not be construed as professional advice. ©2022 Zywave, Inc. All rights reserved.

Popular posts from this blog

Employee Benefits Offerings: What Perks Can You Add?

Employee benefits can play a crucial role in attracting and retaining top talent. Beyond compensation and bonuses, offering a variety of perks can significantly enhance employee satisfaction and productivity. But what should you include in your employee benefits offerings?   What are employee benefits?   Employee benefits encompass compensation, bonuses and various perks outside an employee's wage. By offering flexible employee benefits, you can improve employee productivity and loyalty while attracting and retaining talented candidates.   Personalized benefits examples   The type of benefits offered can vary by industry. We've compiled some of the most popular options to help you explore possible employee benefits strategies .  1. Social opportunities   Employee perks don't always have to be tied to a benefits package. Sometimes, the best way to engage your employees can be through social opportunities. Group activities can help im...

What is Risk Management? 4 Key Topics to Know

Understanding risk management in retirement programs  Managing a retirement program is complex, with multiple layers of risk. For organizations and their leadership, understanding and mitigating these risks is crucial to ensuring the long-term success and reliability of these programs.   It often leaves human resource professionals, employers and program administrators questioning, "What is risk management, and how can we excel at it?"  This blog post explores the various aspects of risk management in retirement program administration and provides actionable insights to help organizations better manage these risks.  The importance of risk management  Retirement programs are designed to benefit participants and beneficiaries, but they come with their own set of risks. These risks can be broadly categorized into four main topics:  Fees  Administration  Investments  Cybersecurity  Each of these topics requires meticulous attention and ...

Innovative employee retention strategies: 9 fresh ideas

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods.  Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams."  In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin...