In fast-paced and demanding work environments, the importance of employee mental health benefits cannot be overstated. Employees who are mentally well are more productive, engaged and satisfied with their jobs. Mental health treatment, including therapy, medication and self-care, can help people who are experiencing mental illness. However, taking that first step toward recovery or seeking help can be challenging. The National Alliance on Mental Illness’ Mental Health By the Numbers finds that the average delay between the onset of mental health symptoms and treatment is 11 years. Factors such as cost, access and stigma can hold workers back from receiving the mental health support and treatment they need. However, there are employer solutions that can help employees overcome these barriers, understand available treatment options and start their recovery journey. This article explores barriers to mental healthcare and ways employers can help break them down to support employees holist...

IRS Announces Employee Benefit Plan Limits for 2024 On Nov. 9, 2023, the 2024 IRS employee benefit plan limits were released. Employers should review the increase in annual dollar limits, as many employee benefits are subject to annual dollar limits that are updated for inflation before the beginning of each calendar year. Note that some benefit limits are not adjusted for inflation, such as the contribution limit for dependent care flexible spending accounts and the catch-up contribution limit for health savings accounts. Employers should confirm that payroll systems are updated for the 2024 limits and that the new limits are communicated to employees. The following benefit limits apply for 2024: HSA Contributions Single coverage: $4,150 (up $300 from 2023) Family coverage: $8,300 (up $550 from 2023) Catch-up contributions: $1,000 (not adjusted for inflation) Health FSA Limits Employee pre-tax contributions: $3,200 (up $150 from 2023) Carryover of unused funds: $640 (up $30 from 202...

With 2024 right around the corner, ongoing inflation will likely mean higher employer healthcare costs in the new year. A report released by Aon , a global professional services firm, predicted 2024 employer healthcare costs will grow by 8.5%, totaling more than $15,000 per employee. This figure nearly doubles what Aon reported in 2023. Meanwhile, the Business Group on Health’s 2024 Large Employer Health Care Strategy Survey predicted a 6% increase . While this is 2.5% less than Aon’s report, both predict a potentially sizable increase in healthcare costs. In this article, we’ll explore the four primary drivers of healthcare costs and ways that employers plan to manage them. Driver #1: Mental health challenges The COVID-19 pandemic’s impact on mental health continues. Many employees still have symptoms related to depression, anxiety and substance use disorders. This is echoed in the findings from the Business Group on Health survey: Three-quarters of employers (77%) reported an increa...

Americans have reported nearly 560,000 cases of identity theft nationwide so far in 2023 according to the Federal Trade Commission. Identity theft victims can be impacted in various ways, including not being able to use their credit cards or obtain a new loan — or, in more severe cases, becoming subject to criminal investigations. ID theft is one of the fastest-growing crimes in America and it can cost a victim a significant amount of time and money to recover their information and repair their credit. As business increasingly moves toward e-commerce and away from face-to-face transactions, the risk of ID theft will only continue to grow. What is identity theft? ID theft occurs when personal information such as Social Security numbers, credit card or bank account information are obtained without permission. Once thieves have this information, they can use existing credit cards or open new ones to make purchases in the victim’s name, write bad checks or take out loans. If the theft is ...

Studies reveal that employees suffering from legal problems are typically absent from work five times more than average. These absences harm their productivity. Group legal plans can alleviate stress and reduce the time it takes for employees to resolve legal issues, enabling them to focus on their jobs. What are legal plan benefits? Group legal plans are voluntary benefits employers can offer to give their employees better access to legal services. Employees pay into the program through payroll deductions so that when they need legal assistance, they have access to an attorney to help them, without the usual high cost of legal fees. Legal plan benefits can help employees in a variety of situations, from phone consultations to courtroom appearances. Common service categories used by employees with group legal plans include: telephone advice and office consultations with an attorney; estate planning documents, including wills, trusts, living wills and powers of attorney; real estate ma...

The Attraction and Retention newsletter provides valuable insights into the employment market each quarter. It includes statistics on the current job landscape, expert tips for securing top talent and innovative strategies for attracting and retaining workers. The  fourth quarter edition  explores: the easing labor market; employee wellness as a recruitment factor; winning over Generation Z; and a workplace outlook. This July marked the U.S. economy’s lowest number of job openings since 2021, decreasing to 8.8 million. While the employment rate rose from 3.5% to 3.8% in the same month, a large labor supply helped ease the tight labor market. However, all eyes are on the Fed as another possible rate hike could disrupt what seems to be a resilient market. Employers should take note of this and continue to monitor employment trends in quarter four. Employers should also consider investing time in retention strategies to stay competitive. Download your copy   of  Attrac...

The IRS released the final 2023 forms and instructions for reporting under Internal Revenue Code Sections 6055 and 6056: 2023 Forms 1094-B and 1095-B (and instructions ) will be used by those offering minimum essential coverage, including self-insured plan sponsors that are not applicable to large employers, to report under Section 6055. 2023 Forms 1094-C and 1095-C (and instructions ) will be used by applicable large employers to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs that sponsor self-insured plans. No major substantive changes were made to the final forms and instructions for 2023 reporting. However, the 2023 instructions include information on the new electronic filing threshold for information returns required to be filed on or after Jan. 1, 2024, which has been decreased to 10 or more returns (originally, the threshold was 250 or more returns). Employers should become familiar with these forms and instructions for 2023 calen...

The first half of 2023 saw a red-hot rally in the stock market. However, this came to a halt in the third quarter due to concerns over inflation and central bank policy, leading to higher interest rates. The decline in consumer confidence, unrest among unions, weaker consumer pockets and mounting credit card defaults also contributed to a potentially volatile market in the final months of the year. The high-growth technology sector could be immediately impacted, as it faces pressure from higher discount rates impacting future cash flow. There appears to be a bearish trend forming around technology. Corporate earnings are expected to decline for the third quarter in a row, with many S&P 500 companies issuing negative earnings per share guidance. The American consumer is also sharing a dim outlook, as consumer confidence has dropped for the second straight month. Fixed income struggled in Q3 after experiencing a 2.09% gain in the first half of the year. The growing expectation that r...

Oral health problems — ranging from cavities to cancer — are painful and costly, affecting millions of people each year. This is alarming because almost all oral diseases can be avoided with proper oral hygiene. Tooth decay Cavities are a common problem for children. Untreated cavities can cause pain and infection, which can lead to difficulty eating, speaking, playing and learning. Tooth decay is also a problem for adults, especially for the increasing number who retain most of their teeth throughout their lives. Tooth loss can become an issue as adults get older — affecting self-esteem and contributing to nutrition problems by limiting the types of food that someone can eat. In addition, poor oral hygiene can lead to a number of diseases and conditions, including gum disease and oral cancer. Prevention Keep your oral health in good shape by practicing the following: Drink fluoridated water and use fluoride toothpaste. Take care of your teeth and gums. Thoroughly brushing and flossin...

“Employees still are not getting the information they need to make informed choices about their healthcare coverage or how to use that coverage effectively.” - Optavise's 2023 Healthcare Literacy Report. In 2023, fewer employees were confident they understood how their healthcare plans work compared to last year, according to Optavise’s 2023 Healthcare Literacy Report . This is a concerning statistic for employers who strive to improve healthcare literacy. Notably, understanding of healthcare plans is linked to satisfaction. The 90% of employees who said they were extremely confident in understanding their plan reported more plan satisfaction. This is in comparison to the 13%-14% of employees who weren’t confident at all. These findings illustrate that investing in employees’ benefits education can reduce healthcare costs for employers and employees and increase employee satisfaction and engagement. Additional healthcare literacy survey observations   Of more than 1,000 surveyed U....

Did you know that poor oral health can lead to many seemingly unrelated medical conditions? In fact, oral bacteria and oral disease have been linked to a variety of serious illnesses, including heart disease, diabetes, stroke and pregnancy complications. That’s why it’s essential for employers to understand the importance of dental care and how it relates to their employees’ benefits. The importance of oral health The following examples illustrate the relationship between your oral health and general health. Tobacco, alcohol and illicit drugs affect both your overall and oral health. Dry mouth, or a lack of saliva increases your risk of tooth decay. Oral pain resulting in an inability to eat properly prevents you from getting the nutrition your body needs to stay healthy. Periodontal disease Oral health can often be used to diagnose underlying health issues. For example, the advanced form of gum disease, called periodontitis , causes tooth loss and is also sometimes associated with ...

As more employers offer a Roth 401(k) , it’s important that you know the main difference between pre-tax and Roth contributions. In this post, we’ll explain what each contribution is and how to decide the best option. We’ve even included the most recent SECURE 2.0 Act update, so you can stay up-to-date on Roth deferrals. What is the difference between pre-tax and Roth contributions? It can be tricky to choose between a pre-tax contribution vs. Roth 401(k). Roth and pre-tax contributions are two different ways to save for retirement in an employer-sponsored retirement account (401(k), 403(b), etc.). Each has its own tax implications and considerations. Pre-tax contributions  Pre-tax contributions allow individuals to contribute to retirement savings before taxes are taken out of their paycheck. Since taxes are deferred up front, the contributions and earnings in the account are taxed as ordinary income when the individual withdraws them during retirement. Roth contributions On the o...

Deadline for Medicare Part D notices is Oct. 15 Each year, Medicare Part D requires group health plan sponsors to disclose whether the health plan’s prescription drug coverage is creditable to eligible individuals. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15 — the start date of the annual enrollment period for Medicare Part D. The Centers for Medicare and Medicaid Services has provided model disclosure notices for employers to use. Notice requirement Medicare beneficiaries will likely pay higher premiums if they enroll at a later date if they: do not have creditable prescription drug coverage; and do not enroll in Medicare Part D when first eligible. Although no specific penalties are associated with the notice requirement, failing to provide the notice may be detrimental to employees. Employers should confirm whether their health plans’ prescription drug coverage is creditable or non-creditable and prepare to send their Medi...

As the Great Resignation continues, the importance of employer dental benefits has skyrocketed. A  Forbes study  found that 8% of respondents with health insurance left a job they liked because they wanted better health coverage. To help you prevent turnover and reinforce the importance of offering robust  employee benefits , we’ve put together answers to frequently asked questions. Consider it a quick refresher on the importance of employer dental benefits. Why should I offer employer dental benefits? It is relatively inexpensive to include dental benefits in an employer’s benefits plan, and it may help the employer attract and retain highly skilled employees. According to the  Employee Benefit Research Institute , employees made dental or vision insurance the third most important benefit in making a job decision.  Because dental hygiene is associated with overall health, employees with dental plans are often healthier. Employees without dental benefits may pos...

To prepare, use these three open enrollment tips for employers to effectively communicate your employee benefits .  1. Communicate early and often Make sure employees know that open enrollment is coming, when it starts and ends. Varied communication like posters, videos and printed enrollment guides can help grab employees’ attention. 2. Don’t overlook the basics Some employees struggle to define important benefit terms like deductible, copay and out-of-pocket max. Help offset this by including open enrollment education before the enrollment period. 3. Ask employees to evaluate their healthcare needs It’s important that employees review previous coverage, thinking about key factors including: how it worked for them; how it compares to current offerings; and if any life events will affect them in the short and long term. As the employer, you can help them think about these items while providing support along the way. Want additional tips? Contact us today! To learn more about additi...

Getting employees informed, engaged and enrolled in their benefits can seem like an insurmountable feat. Employees sometimes ignore important emails regarding their benefits and wait until the enrollment deadline to ask questions. These 11 guiding employee benefits communication and enrollment questions can help you gauge your current communication efforts to find areas of improvement. 11 Employee benefits questions employers should ask themselves When thinking about your communication efforts, know that not every organization is the same. Some organizations may have more bandwidth than others, making it easier to generate materials or assist employees with their questions. Take a moment to reflect on your communication efforts and answer the following questions: Does your organization regularly send benefits descriptions to employees at least one month before open enrollment? Does your organization conduct in-person or online benefits meetings with employees prior to enrollment? Do yo...

Open enrollment can be an extremely positive and rewarding experience for you and your employees, providing you plan for it well in advance. It’s important to review and modify your benefits offerings to enhance your employees’ physical, mental and financial health. Use this 2024 open enrollment checklist to help your organization prepare for a successful open enrollment period, from early planning to follow-up. Then, check out our eight- to 12-week timeline below to see what you need to do in the following months. 8-12 weeks before open enrollment The 2024 open enrollment period starts Nov. 1, 2023, and ends Jan. 15, 2024. While it may seem far away, you’ll want to start preparing now. By giving yourself plenty of time to gather and develop essential materials, you’ll better overcome end-of-year hurdles, including: more people out of the office due to holidays, vacations or illness; major end-of-year deadlines, such as annual reports; and slower reply rates and project turnarounds. ...

Today’s multigenerational workforce is the most age-diverse in modern history. It spans four, or sometimes even five, generations. A person’s age influences many of their characteristics over time, including their preferred benefits. One of the biggest challenges for employers is finding benefits that suit employees of all generations. A benefit valued by millennials might not be useful for a baby boomer. People in different generational segments have varying expectations about what a benefits program should entail shaped by their own experiences, culture and lifestyle situations.  If employers want to provide benefits that their employees will actually use, they must take their varying preferences into account.   Use our multigenerational workforce benefits toolkit  to see which benefits are most valued across different cohorts. How employers can use this toolkit This toolkit will help employers understand employees’ shared concerns and distinct needs. Employers can then...

A 2021 CDC study found that 8.2% of Americans aged 18 to 64 skipped, delayed or reduced the amount of their prescription medications because of cost concerns. The National Health Interview Survey revealed that to reduce expenses, 9.2 million adults were not taking medication as prescribed. According to the report, about 60% of adults age 18 and older took at least one prescription medication, with 36% taking three or more. Out-of-pocket costs on retail drugs rose 4.8% to $63 billion. Since high costs limit many Americans’ ability to take their medications as prescribed, these patients may require additional treatment. 6 prescription drug cost key takeaways While this study was conducted in 2021, key takeaways are still applicable today due to rising prescription drug costs. Consider the following findings: Women (9.1%) were likelier than men (7%) not to take medication as prescribed. The percentage of adults not taking medication as prescribed due to cost varied by race and origin: n...

Self-discipline is an important skill that can help you reach your personal and professional goals. It can enable you to push forward, stay motivated and take action, regardless of how you feel physically or emotionally. It also allows you to focus on your goals and control yourself and your reactions. So, what steps can you take to learn how to improve your self-discipline? Like any skill, self-discipline can be refined with practice, and you may only sometimes be successful. Persevering, even when you fail, is crucial to reaching your goals. 6 simple steps you can take to improve self-discipline Habit building is essential when improving self-discipline. Consider integrating these simple habits to improve your self-discipline: Start with small goals and outline a strategy or plan to achieve them. Put your goals in a place where you can see them every day. Practice prioritization and eliminate distractions or temptations that may take you off course. Hold yourself accountable and enl...