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5 Ways CorpStrat Outshines Other Benefits Brokers

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As the Fall season approaches, we’re excited to present you with five compelling reasons to continue partnering with CorpStrat for your Fall benefits. Your benefits plan is a crucial aspect of your company’s well-being, and our dedication to excellence ensures that you receive the best service possible.

1. Expertise that Shines: Unveiling the Brilliance of CorpStrat’s Cutting-Edge Brokerage

Our reputation within the industry is a testament to our expertise. Recognized as a top-tier broker by reputable carriers such as Anthem and Blue Shield, we possess the insights needed to optimize your benefits offerings. Let’s discuss strategies that can lead to substantial savings, like the Anthem plan, potentially reducing costs by 20% or more annually.

2. A Human-Centered Approach: CorpStrat, Where Your Team’s Well-Being is Paramount

At CorpStrat, you’ll never be met with automated responses. Our commitment to personalized interactions ensures that you receive tailored solutions that align with your specific requirements. Navigating the complexities of healthcare and insurance is seamless with our engaged and attentive team.

3. Streamlined Digital Enrollment: A Paperless and Convenient Future

Transitioning to digital enrollment eliminates administrative hurdles. Our Ease platform offers a user-friendly experience, making enrollment hassle-free and environmentally responsible. Bid farewell to paper-based processes and embrace streamlined digital solutions.

4. Unleashing Creativity: Innovative Benefits to Elevate Your Team

Our commitment to your success means thinking outside the box. Imagine the potential of providing your key team members with guaranteed acceptance Life Insurance, all without the hassle of underwriting or setting up a private company foundation. Our creative ideas and strategic planning aim to elevate your benefits program to new heights.

5. Compliance Excellence: Staying Ahead of Regulations

Navigating complex compliance requirements is a challenge we’re well-prepared for. We keep you updated with cutting-edge compliance solutions, including ERISA, COBRA, and various pre-tax programs, ensuring your peace of mind.

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Your continued trust is vital to us. With a client retention rate exceeding 95%, our track record speaks for itself. We’re here to ensure your benefits experience is second to none.

Let’s continue our journey together. Should you have any questions or wish to discuss your Fall benefits strategy, please don’t hesitate to reach out.

Introducing VIVITY: Revolutionizing Healthcare for SoCal Small Groups

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Are you ready for a game-changing healthcare experience that puts affordable, high-quality care within reach? Look no further than VIVITY, the groundbreaking health insurance product brought to you by Anthem Blue Cross. We are thrilled to unveil this innovative solution that offers premium savings of up to 22% compared to Anthem’s FULL HMO plans on average. With VIVITY, your journey to exceptional care begins now!

What is VIVITY?

VIVITY brings together the expertise of Anthem along with seven world-class healthcare systems, forging a unique partnership with one mission in mind: delivering outstanding healthcare. Say goodbye to compromise and hello to a seamless and engaging member experience. VIVITY is designed to provide affordable, top-notch care with concierge coordinated service, making healthcare accessible and convenient for Southern California Small Groups. And guess what? This means significant savings for your company!

Why choose VIVITY?

Let us tell you about the exciting benefits that await:

1. Affordable Savings

VIVITY takes the lead when it comes to cost advantage. You can expect savings of up to 22% compared to Anthem’s FULL HMO plans on average. Plus, your employees can enjoy high-quality healthcare without breaking the bank. It’s a win-win for everyone!

2. Exceptional Care

VIVITY is not your ordinary health insurance plan. It’s a joint venture with seven renowned healthcare systems that are globally recognized for their exceptional care. With this powerful partnership, you can rest assured knowing that you’ll receive the highest standard of medical services and treatments, all under one comprehensive plan.

3. Regional Focus

VIVITY is tailor-made to cater to the needs of Southern California Small Groups. They understand the unique challenges and requirements of this region, and have strategically focused their efforts to provide you with the best possible care at an affordable price. Prepare to witness significant savings for your business!

What sets VIVITY apart?

This is not just another run-of-the-mill insurance plan. VIVITY represents a true breakthrough in pricing, offering one of the first significant premium reductions in many years. It’s time to take advantage of this game-changing opportunity and put your healthcare savings into high gear.

VIVITY is all about creating a seamless and engaging member experience, ensuring that you receive affordable, high-quality care with concierge coordinated service. It is designed to make healthcare accessible and convenient for Southern California Small Groups, because we believe that exceptional care should be available to everyone, regardless of their budget.

To showcase the strength and expertise behind VIVITY, we proudly introduce our seven award-winning partners:

  • Cedars Sinai
  • Huntington Hospital
  • Providence
  • Memorial Care
  • PIH Health
  • Torrance Memorial
  • UCLA Health

These renowned healthcare systems have joined forces to deliver an unparalleled healthcare experience that sets a new standard in the industry. They’re breaking barriers and transforming the way you think about health insurance.

Ready to learn more about how VIVITY can significantly reduce your healthcare insurance premiums? Don’t hesitate to reach out to us at marketing@corpstrat.com or call us at 818-377-7260. We’re here to answer any questions and guide you through the exciting possibilities that await with VIVITY.

Trend Spotter: Employers Are Prioritizing Holistic Well-Being

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Many employers enhanced their mental health and well-being benefits during the COVID-19 pandemic and are expected to build on that in 2023. Americans struggled with mental health and substance misuse before the pandemic, but these struggles were exacerbated during the pandemic and persist today. Today we’re talking about what employers have been doing to ensure their team has the support they need to maintain their mental health and strike a good work/life balance.

Americans are struggling to maintain their mental health.

According to a recent survey by the Kaiser Family Foundation, mental health is a serious concern for the majority of American adults. The findings revealed that an alarming 90% of adults feel the nation is experiencing a mental health crisis. Furthermore, 1 in 5 adults rated their mental health as “only fair” or “poor.” Most adults cited stressors, including finances, politics and current events, relationships with family and friends, and work. There are also many barriers that prevent people from accessing mental health services including cost, scheduling (e.g., couldn’t get time off work) and the stigma associated with mental health.

Since the average American will spend 90,000 hours at work over their lifetime, employers are uniquely poised to help address or eliminate these hurdles.

Employee burnt out is at an all-time high and could affect retention.

Another critical component of employee well-being revolves around work-life balance. As remote and hybrid work arrangements become the norm workers’ lines between work and life remain blurred. This lack of clarity can cause employees to never feel they they can “switch off”, quickly leading to burn out. Organizations will need to take greater responsibility for workers’ burnout and actively seek ways to help avoid it. To address burnout and other well-being challenges, employers may consider offering or expanding their employee assistance programs, behavioral health anti-stigma campaigns, and training for recognizing employee and peer behavioral health issues. Many workers will be looking to their employers for guidance as well as the education and support they need.

A new framework to ensure optimal employee physical and mental wellness.

Here are the U.S. Surgeon General’s new five-part framework for employers. It outlines how the workplace can promote employee mental health and well-being:

1. Protection from harm.

Physical and psychological safety is critical for ensuring employees’ mental health and well-being.

2. Connection and community.

Positive social interactions and relationships in the workplace can support employee well-being.

3. Work-life harmony.

Work-life harmony involves employees incorporating work into the rest of their lives in a way that promotes happiness during and outside of the workday.

4. Mattering at work.

Employees want to know that the work they do matters and contributes to the success of the overall company.

5. Opportunities for growth.

Employees may be more optimistic about their abilities and contributions when there are more opportunities to achieve goals based on their growth.

Conclusion

All signs indicate that employee well-being will become a primary focus for employers in 2023. Many workers have experienced elevated stress, burnout, and poor mental health in the past few years. Having holistic benefits offerings can alleviate many of these issues. These benefits will make employees feel recognized, appreciated, and safe. When an employee is thriving, you can expect increased job performance, better stress management, and less chance of burnout. This year, successful organizations will lead with humanity as employee well-being continues to be challenged by social and economic pressures.

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Need help implementing holistic benefits? Contact us at marketing@corpstrat.com.

4 Attraction and Retention Trends to Monitor in 2023

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Last year’s labor market was a roller coaster and we believe 2023 will be no different. A lot is uncertain but one thing is clear: employers will struggle to compete for top talent.  Labor metrics indicate that though the market has slightly improved over last year, it’s still a tight labor market, numbers remain historically high. While most employers project an increase in salaries in 2023, many will look beyond pay alone to help attract and retain current and prospective employees.

While some companies have been offering higher compensation and better benefits packages, many organizations also are looking for other ways to optimize their offerings and enhance employee experience. As they compete for talent, many may take a total rewards approach to fulfill employees’ workplace desires. Today, we’re talking about four attraction and retention trends to watch in 2023.

1. Redesigned Flexibility

Remote work exploded at the height of the pandemic and many organizations shifted to a flexible work model out of necessity. Nearly three years later, having flexible and remote work models has shifted from a perk to a given. Employees want the flexibility to work when and where they want.

For employers, it’s essential to balance organizational goals with employee desires. It’s important to adapt to employee expectations around flexible work models while also keeping an eye on business priorities that might call for having employees back in the office. While workplace flexibility is not always feasible, employers can evaluate their own situations and consider ways to develop flexible arrangements. The goal is to focus on output and productivity rather than time spent online or in the workplace.

2. Mental Health Support

Between the pandemic, inflation and job duties, more employees feel burnt out or are battling mental health challenges. More employers will be considering how to take a proactive approach towards employee mental well-being and resilience. A survey from the employee wellness platform, Gympass, revealed that nearly half of employees (48%) say their well-being declined in 2022. In addition, 28% say they are miserable at work. Health experts predict that employees’ mental health will continue to decline amid economic uncertainty, which means the demand for mental health care will increase in 2023.<

Employers can offer benefits, perks, and wellness programs designed to support mental well-being. To address burnout, many employers will offer or expand their employee assistance programs, behavioral health anti-stigma campaigns, and training for recognizing employee and peer behavioral health issues. Employers are poised to offer the education and support that today’s workers need and are looking for.

3. Learning and Development Opportunities

Learning and developing efforts have been on the rise in recent years. Not only are workers looking for professional growth opportunities at an employer, but many organizations are upskilling or reskilling workers, as it’s often less expensive to reskill a current employee than hire a new one. On the flip side, employees who receive learning and development opportunities are more likely to stay with the company and grow into different roles. Therefore, learning and development initiatives prove to be a win-win situation for employers and employees.

As employers go head-to-head in the competitive race for talent in 2023, upskilling their current workforces could be a solution to finding workers for their in-demand roles. Furthermore, organizations are prioritizing internal mobility to address skills gaps and strengthen employee retention.

4. Increased Focus on Belonging

Nurturing a sense of belonging is a critical component of company culture. At work, belonging is the experience of employees feeling accepted and included by those around them. While belonging doesn’t necessarily come with a price tag, employers can invest efforts and resources into ensuring their workplaces are inclusive, collaborative, and connected. Employees are looking for a work environment that’s authentic and accepting. A focus on belonging can play a crucial role in improving workplace culture.

Many workplace factors can impact employees’ sense of belonging, including company culture, benefits offerings, communication methods, learning and development resources and mental health support. Any day-to-day interactions among co-workers and managers or companywide initiatives may impact workplace culture and the overall employee experience. When an organization develops reputation for being an inclusive and supportive workplace, new talent is eager to join. Employers can elevate employee experiences by creating workplaces where employees feel they belong and can be their authentic selves.

Summary

Employers can get ahead of the game in 2023 by monitoring the trends shaping the ever-evolving labor market and driving current and prospective employees’ needs and wants. While attraction and retention challenges are likely to continue this year, these trends demonstrate ways employers can elevate and strengthen their talent strategies to win and keep more workers.

Reach out to CorpStrat for more guidance on these topics and other employee attraction and retention trends.

Employee Benefit Plan Limit for 2023

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Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered Employee Benefits are subject to these limits:

  • High deductible health plans (HDHPs) and health savings accounts (HSAs)
  • Health flexible spending accounts (FSAs)
  • 401(k) plans
  • Transportation fringe benefit plans.

DOWNLOAD OUR FREE PDF DETAILING 2023 LIMIT INCREASES:

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The IRS typically announces the dollar limits that will apply for the next calendar year well before the beginning of that year. This gives employers time to update their plan designs and make sure their plan administration is consistent with the new limits.

This Compliance Overview includes a chart of the inflation-adjusted limits for 2023. Due to high rates of inflation, all of these limits will substantially increase for 2023. Note that there are some benefit limits that are not indexed for inflation, such as the dependent care FSA limit and the catch-up contribution limit for HSAs.

Increased Limits

  • HSA contributions
  • HDHP limits for minimum deductibles and out-of-pocket maximums
  • Health FSA pre-tax contribution limit
  • Health FSA carryover limit
  • Monthly limits for transportation fringe benefit plans
  • Employees’ elective deferrals to 401(k) plans, pre-tax and Roth
  • Tax exclusion for adoption assistance benefits

Unchanged Limits

The following limits stay the same from year to year because they are not indexed for inflation:

  • Tax exclusion for dependent care FSA benefits
  • Catch-up contributions to an HSA

LINKS AND RESOURCES

DOWNLOAD OUR FREE PDF DETAILING 2023 LIMIT INCREASES

In connection with the increased limits for 2023, employers should review and revise participant communications and election forms, amend plan documents and summary plan descriptions, and update all payroll and/or human resources systems with the new dollar amount limitations.