The COVID-19 pandemic was a wake-up call for HR departments in 2020. Suddenly, employees were looking to HR teams for guidance in areas not typically considered their responsibility. This was a turning point for many workplaces—now, HR is expected to understand public health challenges swiftly and manage them efficiently.
There are new Summary of Benefits and Coverage notice requirements for health plans starting with the 2021 coverage year.
Many Americans see unmet needs outside of their health insurance, more and more workers are increasingly signing up for the voluntary benefits their employers offer.
With the COVID-19 pandemic weighing on employers and employees alike, businesses can help their staff by leveraging health savings accounts to pay for out-of-pocket expenses.
Between the COVID-19 pandemic and an ongoing political debate over the Affordable Care Act (ACA), health care was a core element of Joe Biden’s campaign for the U.S. presidency.
Employee benefits aren’t always simple. In fact, for many young employees, they’re downright confusing. Look at basic health insurance term knowledge, for example. Only 7% of individuals can define terms like premium, deductible and coinsurance, according to UnitedHealthcare. And that limited understanding can result in significant—and often unnecessary—expenses for both employees and employers. To put it monetarily, low health literacy is estimated to cost between $106 billion and $238 billion annually, according to the National Library of Medicine.
Employers are responsible for educating their employees about the health coverage options they offer. Now, amid massive uncertainty caused by events such as the COVID-19 pandemic, the upcoming presidential election and the impending court case over the constitutionality of the Affordable Care Act (ACA), employees may be more stressed than ever about the status of their employee benefits. That’s why it’s so critical to provide transparent and effective communication to employees about their benefits.
According to recent estimates from the University of Maryland, there is a cyberattack every 39 seconds. Data breaches and cyberattacks are daily headlines—and employee benefits plans are no exception to that threat.
Open enrollment following the COVID-19 pandemic will be unlike any other in recent memory. Many organizations are still trying to recover from extended closures and maintain safe working environments—open enrollment is the last thing on their minds. Yet, procrastinating on enrollment planning can actually cause more issues than it solves. This article explains what employers can expect this enrollment period and how to prepare.