Voluntary benefits are becoming increasingly important to employees as they focus on their physical, mental, social and financial health. As a result, many employers have expanded their voluntary benefits offerings to address employees’ needs and improve their attraction and retention efforts.  Because some of these offerings are disability benefits, it’s more important than ever to understand the differences between short- and long-term disability insurance and COBRA. What are disability benefits? Disability benefits provide guaranteed income or job protection to employees who are unable to work due to serious illness or injury. The most common disability benefits are STD and LTD insurance. However, understanding the differences between short- and long-term benefits and other laws, such as the Consolidated Omnibus Budget Reconciliation Act , can be complicated and difficult for employers to navigate. This article provides a general overview of STD, LTD and COBRA and explores how b...

Mentoring in the workplace is often an overlooked strategy to attract and retain top talent. Over the years, it’s becoming clearer that employers who promote and facilitate strong mentorships may experience improved employee retention, morale and engagement. In this article, you’ll learn about workplace mentorship and how to get started. 3 Statistics that Enforce the Importance of Mentorship Before we take a deep dive into mentorship, you may be wondering, “Why do I need a workplace mentorship program?” We’ve gathered three key statistics that identify the importance of creating a mentorship program at work. According to a study from the University of Phoenix, more than half of employees are looking for a new job or expect to be looking for a new job in the next six months. A LinkedIn Workforce study found that 94% of employees would stay at their jobs longer if their employers invested in their career development. According to a study from consulting firm Randstad, employees are 49% ...

The  Pregnant Workers Fairness Act , which was signed into law on Dec. 29, 2022, will take effect June 27, 2023. Under this law, employers with at least 15 employees must provide reasonable accommodations to workers with known limitations related to pregnancy, childbirth or related medical conditions unless the accommodation will cause the employer an “undue hardship.” The U.S. Equal Employment Opportunity Commission will accept complaints under the PWFA starting June 27, 2023, — the day the law goes into effect — for situations occurring on or after that date. However, according to a recent survey by AbsenceSoft, a leave and accommodation management solutions provider, 43% of human resources leaders are either not at all or only somewhat familiar with the PWFA. Nearly half said their HR department is not at all prepared or just starting to prepare for the June 27 deadline. To help prepare for the PWFA, here are some steps employers should take to ensure compliance. What is the PWF...

  HSA/HDHP limits increase for 2024 On May 16, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts and high-deductible health plans for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: the maximum HSA contribution limit; the minimum deductible amount for HDHPs; and the maximum out-of-pocket expense limit for HDHPs. These limits vary based on whether an individual has self-only or family coverage under an HDHP. Eligible individuals with self-only HDHP coverage will be able to contribute $4,150 to their HSAs in 2024, up from $3,850 in 2023. Eligible individuals with family HDHP coverage will be able to contribute $8,300  to their HSAs in 2024, up from $7,750 in 2023. Individuals aged 55 or older may make an additional $1,000 “catch-up” contribution to their HSAs. The minimum deductible amount for HDHPs increases to $1,600 for self-only coverage and $3,200 for family cov...

Health reimbursement arrangements are employer-funded accounts that reimburse employees for their eligible out-of-pocket medical expenses on a tax-favored basis. This allows employees to enjoy significant tax benefits while covering their healthcare expenses. Although HRAs provide significant tax benefits, they are subject to strict plan design rules. The different types of available HRA plan designs are: HRAs integrated with group health plans; Individual coverage HRAs; Excepted benefit HRAs; Qualified small employer HRAs; HRAs that only pay excepted benefits; and Retiree-only HRAs. For a complete overview and comparison of the types of HRAs, view our Compliance Overview . For more information about  employee benefits, our services and products , contact HANYS Benefit Services by  email  or call 800.388.1963. This is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2023 Zywave, Inc. All rights reserved.

If you are an employer considering implementing health reimbursement accounts or high deductible health plans with HRAs, you should consider several things first, including your objectives and possible plan designs. Below are questions to think about. Determining company objectives Evaluate your objectives for your benefits package and how HDHP/HRAs contribute to your goals. Is your primary goal to save money on health costs or to move toward employee-driven healthcare decisions? What is your strategic timeline for making these changes? Do you have existing educational resources to help employees understand the effects of healthcare premium costs on your business? How will your choice of healthcare plans affect your employee recruitment and retention efforts? What is your corporate culture today and how well does your organization embrace change? Company characteristics that influence the ability to introduce HRAs include a paternalistic culture, high turnover, communication ability an...

Each quarter, the  Attraction and Retention newsletter offers statistics about the employment market, suggestions on securing top talent and insight to attract and retain workers. The  second quarter edition explores: the labor, attraction and retention challenges expected in 2023; how to build an employee value proposition; and how to use skills-based hiring. Employers are increasingly recognizing and responding to a competitive labor market with strategies that attract top talent. As we move into the future of work, some industries may have more pronounced talent recruitment challenges than others. Corroborated by Willis Towers Watson research, 40% of businesses anticipate attraction difficulties in 2023 — significantly less than the 95% that faced similar challenges just one year earlier. To stay ahead in this race for skilled professionals, employers are exploring strategies such as competitive compensation, benefits to meet the needs of workers, pay transparency and...