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Benefits Breakdown - September 2023

Benefits Breakdown - September 2023

2024 Open Enrollment: 3 Preparation Strategies

With the 2024 open enrollment season fast approaching, employers have an opportunity to develop attractive benefits offerings and proactively communicate with employees. Early preparation can help show employees they’re valued, convince top performers to stay in their current positions and attract new talent. Consider these three strategies to prepare for 2024 open enrollment:

1. Tailor benefits offerings

Benefits offerings are one of the top reasons employees join companies and stay at their jobs. That’s why it’s critical for employers to speak with employees about which perks provide the most value. Adding or tweaking a few benefits options could be the difference between retaining and losing top performers.

2. Determine key messaging

Benefits communications should account for employees’ desire to feel safe. Thus, key messaging should demonstrate how workplace offerings can protect employees. Outlining different benefits offerings can help employees understand which benefits they need and use. It will also incentivize them to stay.

3. Communicate employee benefits

Surveys show that employees want more help understanding their benefits options. Starting early, providing ample educational resources and using multiple channels can help employers spread the word about open enrollment and their benefits offerings.

Employers will have sufficient time to tailor their benefits offerings and thoughtfully showcase perks by starting open enrollment efforts early. This can help employers educate their current workforce, boost retention efforts and win more talent in the ever-challenging labor market.

What Employers Should Know About Popular Weight Loss Drugs

Popular weight loss drugs have the potential to transform the health of millions of Americans. These drugs are types of glucagon-like peptide 1 (GLP-1) receptor agonists — medications that were originally prescribed to treat diabetes but have been shown to be effective in helping individuals lose weight. While GLP-1 drugs like Ozempic and Mounjaro are currently only approved to treat diabetes, Wegovy was approved for weight loss by the U.S. Food and Drug Administration.

Using GLP-1 drugs to manage weight loss is extremely expensive, costing more than $1,000 per person each month. Since these drugs were not originally designed to treat weight loss, they may not be effective long term. Additionally, most insurers will not cover GLP-1 drugs for weight loss because they haven’t been approved for that purpose. Moreover, since using GLP-1 drugs for weight loss is relatively new, there’s uncertainty surrounding their effectiveness for weight loss and management.

While it’s still uncertain whether GLP-1 drugs are effective in treating obesity, employers should monitor any developments closely and find ways to holistically improve employee wellness.

If you have questions or need assistance, contact us today. Our dedicated team of experts is ready to answer all of your questions to ensure you have the optimal employee benefits solution.

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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