Category Archives: Employee Health

Trump Signs Executive Order Amending ACA – Will it Help?

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October 12, 2017  – Today,  President Trump issued an executive order allowing the purchase health insurance across state lines. From the White House:

EXPANDING ACCESS TO MORE AFFORDABLE OPTIONS 

President Donald J. Trump is taking action to increase the healthcare choices for millions of Americans, potentially allowing some employers to join together across State lines to offer coverage.

* President Trump signed an Executive Order to reform the United States healthcare system to take the first steps to expand choices and alternatives to Obamacare plans and increase competition to bring down costs for consumers.

* The order directs the Secretary of Labor to consider expanding access to Association Health Plans (AHPs), which could potentially allow American employers to form groups across State lines.

o A broader interpretation of the Employee Retirement Income Security Act (ERISA) could potentially allow employers in the same line of business anywhere in the country to join together to offer healthcare coverage to their employees.

  • It could potentially allow employers to form AHPs through existing organizations, or create new ones for the express purpose of offering group insurance.

o By potentially making it easier for employers to band together, workers could have access to a broader range of insurance options at lower rates in the large group market.

o Employers participating in an AHP cannot exclude any employee from joining the plan and cannot develop premiums based on health conditions.

* The order directs the Departments of the Treasury, Labor, and Health and Human Services to consider expanding coverage through low cost short-term limited duration insurance (STLDI).

o STLDI is not subject to costly Obamacare mandates and rules. One study found that on average STLDI costs one-third the price of the cheapest Obamacare plans.

o Despite its low cost, STLDI typically features broad provider networks and high coverage limits.

o The main groups who benefit from STLDI are people between jobs, people in counties with only a single insurer offering exchange plans, people with limited coverage networks, and people who missed the open enrollment period but still want insurance.

* The order directs the Departments of the Treasury, Labor, and Health and Human Services to consider changes to Health Reimbursement Arrangements (HRAs) so employers can make better use of them for their employees.

o HRAs are employer-funded accounts that reimburse employees for healthcare expenses, including deductibles and copayments.

o The IRS does not count funds contributed to an HRA as taxable income.

o Expanded HRAs could potentially give American workers greater flexibility and control over how to finance their healthcare needs.

OBAMACARE IS FAILING: The status quo is not delivering quality healthcare options for the American people, who are facing higher premiums and fewer options.

* The percentage of workers at small firms receiving coverage through their employer has declined from nearly half in 2010 to about one-third in 2017.

* In 2018, more than 1,500 counties (nearly 50 percent of all counties) are projected to have only one option on their individual insurance exchanges, according to the Centers for Medicare and Medicaid Services.

o This means 2.6 million Americans, or nearly 30 percent of exchange participants, will be left without a choice of insurers.

* From 2013 to 2017, average premiums for individual health insurance plans have doubled, increasing by $2,928 according to the Department of Health and Human Services.

o During this period, every State using www.healthcare.gov saw individual insurance premiums increase.

* Americans are departing the Obamacare exchanges and millions are choosing to pay the law’s penalty instead.

o 500,000 fewer Americans enrolled in an Obamacare plan in 2017 compared to the prior year.

o Current exchange enrollment is 60% below what the Congressional Budget Office expected when the law took effect.

o 6.7 million Americans chose to pay the Obamacare penalty in 2015 rather than purchase insurance on the exchanges. 37% of penalized households made less than $25,000, and 79% of penalized households made less than $50,000

The Benefits of Employee Benefits

Remaining competitive in the hunt for the right job candidates who will propel your business to success is a struggle. Once you find the people you need, you have to convince them that your company is a better place to work than your competitors. A strategic, quality benefits package can help you attract and retain your top employees.

Employees value a well-rounded selection of benefits, and health insurance, a 401(k) plan, life insurance and dental coverage are a few of the plans that you can consider offering.

Employee Benefits Plan Examples

Benefits packages offer value to your employees and help you boost productivity and retention in a cost-effective manner. Here are a few of the advantages of offering employee benefits as part of your compensation package.

Talent Attraction and Retention

Employees highly value a good benefits package. Developing a strategic benefits package that targets specific types of employees can help attract the right job candidates to keep your organization running at peak efficiency.

Once you have these top-performing employees at your company, providing a tailored employee benefits package will serve as a barrier to them leaving—a great benefits package can be a huge advantage when looking at retention strategies because it holds more than just monetary value for the employee. A bigger salary at another company likely won’t be as strong a pull for an employee tempted to leave if the other company’s benefits package isn’t as attractive as yours.

Healthy, Productive Employees

When your benefits package includes a combination of health insurance and dental and vision coverage, you will have employees who are able to take a proactive role in managing their health. They will have easy, affordable access to health care, reducing absenteeism due to illness.

When they are on the job, healthy employees are more productive than sick ones. It’s beneficial for your company’s productivity and your employees when they have access to medical coverage and time off when they are sick.

Satisfaction

A good benefits package leads to satisfied employees with higher morale. Employees who find value in their benefits are typically more willing to commit to their company because it helps make them feel valued—which leads to increased productivity and decreased absenteeism.

Efficient Use of Resources

Offering valuable benefits can help lower top employees’ expectations for salary. Many employees are willing to accept good benefits in lieu of a slightly higher salary.

This is an advantage to your budget because the value you present to employees with benefits, especially health insurance plans, can be monetarily equal to a raise in salary for them, while costing you less due to group rates and lower payroll taxes. Employers can avoid the hidden cost of paying extra payroll taxes on higher salary by instead offering benefits to provide similar value to employees.

Thinking Long-term

Even if you think you can save a little money in the short term by skimping on employee benefits, you will eventually face the consequences through a lowered ability to attract high-achieving employees, increased difficulty retaining your top performers, and lowered morale and productivity.

Offering a quality array of employee benefits will pay off through a stronger, more productive workforce with employees committed to your company.

Working with CorpStrat will help you develop a strategic benefits package that works for your budget and offers attractive options to your employees. We can also give you access to educational materials for your employees as you launch your new or improved benefits package. Contact us at 800-914-3564 or send an email today.

Employee Self-Service: Why Employees Care

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In the 20th century, there was a clearer delineation between work and life: there was what you did to earn income, and there was everything else. But with the advent of mobile technology — which allows employees to be  “on” anytime, anywhere — work is no longer confined to the office.

While this mobility offers great advantages, it also allows work to infiltrate employees’ lives. It’s a challenge for employers, large and small!

Today, life is pushing back! The enjoyment of life is beginning to take back its rightful place in the lives of employees. Today’s employees put increased focus on happiness at work—they change jobs more often, their careers take unexpected twists and turns, and personal satisfaction can be as important as the numbers on their paycheck.

Employers are recognizing these changing priorities, by investing in employee engagement, culture, and team development. Technology is the key.

Using Technology to Put Your Employees First

This employee-first focus is shaping everything from office floor plans to vacation policies and management styles, making the workplace a more dynamic and expressive place.

With so much change in the workplace, employees are looking for more stability, protection, and a safeguard against disruption. If they can find it in their employer, they’ll show their appreciation through loyalty.

Between work and life, employees want harmony—not just balance. With this new blended experience, they expect their employers to keep up with current trends and proactively provide solutions for their changing  needs. Specifically, employees are seeking a sense of financial and emotional wellbeing.

Today’s employee experience needs to be more complete.

Here are 5 ways to meet employees where they are:

  1. Offering a breadth of employee benefit options helps to alleviate the anxiety that comes with the integration of work-life and home-life.
  1. When employers deliver digital and tailored HR solutions, they help an increasingly diverse workforce find the assurance and security it’s looking for.
  1. When employees have access to the right information on their terms,  it ensures they can get the info they need to meet their lifestyle objectives.
  1. By providing clearer information about workplace policies and procedures, employers can empower employees and minimize areas of exposure.
  1. Lastly, when communication is simplified, employees are able to discover the immense value of their workplace and benefits.

This appreciation results in engagement, loyalty, and commitment to the company.

Companies that embrace technology to help employees bridge the gap between “old school”  and full-service digital employee engagement will thrive in a changing business world.

CorpStrat’s 21st Century HR Solution helps companies change the game and change the ways employees engage.

 

What Are Employee Assistance Programs?

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For many Americans, admitting to having an ongoing health problem or mental illness is a source of embarrassment and discomfort – even if it is the result of a very stressful crisis situation. Many people would rather handle these challenges individually, and never bring them up with their leadership at the office.

The issue that leaders face, then, is that they are managing employees who are being negatively impacted by a solvable problem, and they can’t do anything about it. Continue reading

How Can Organizations Manage Open Enrollment?

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It’s open enrollment season again, and you know what that means: The HR department is frazzled, your managers are hunting down wayward employees in the hallway, admins are bracing for a paperwork blizzard, and nobody can really explain what’s supposed to be going on.

With the proper preparation, open enrollment can leave your employees feeling better served by your HR department, and HR can act strategically to create new benefits opportunities for the employees that need them most. Moving from a traditional paper brochure open enrollment to a technology-centric benefits enrollment period can make all the difference.

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