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Benefits Breakdown - February 2023

 

The Trendiest Benefits for 2023

There’s no denying that employees’ needs have changed in recent years. Employers are striving to offer benefits to meet evolving worker needs shaped by the lingering effects of the COVID-19 pandemic, a tight labor market and rising inflation.  

Benefits have always been crucial for attracting and retaining top performers. In 2023, many employers are looking to offer more than just a healthcare plan. With workers paying more attention to their benefits and wondering how to stretch their dollars further, the following benefits could be popular offerings in 2023:

  • voluntary benefits, such as accident and critical illness insurance;
  • financial wellness benefits, including health savings and flexible spending account contributions and financial planning assistance;
  • healthcare full premium coverage; and
  • family-friendly benefits.

Organizations can start optimizing benefits packages by evaluating employee preferences through surveys and thinking about ways to improve offerings and how to tailor them for their workforce. It’s important to keep a pulse on employees and see what they find most valuable and necessary for their overall well-being.

Encouraging employee healthcare shopping

The rise in healthcare costs isn’t slowing down any time soon, and paying more for healthcare doesn’t necessarily mean the consumer receives a higher quality service or outcome.

Comparison shopping offers employers an opportunity to take a proactive approach to reduce costs and empower employees to take charge of their healthcare. Shopping around for healthcare can result in savings for both employees and employers. Employers are well positioned to provide data and information to help employees understand the saving potential of healthcare comparison shopping.

The information in this newsletter is intended for informational use only and should not be construed as professional advice. © 2023 Zywave, Inc. All rights reserved.

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