One of the biggest issues with health insurance today is that it’s nearly impossible to figure out what is covered due to the overly complicated language being used. Unless you are working on interpreting these plans every day, it can be difficult to understand what your plan summary or SBC means and that’s if you know what those are! Many of our Filice clients benefit from our benefit booklets, which include a list of key terms. However, booklets can be lost and many companies are now opting for the eco-friendly option and choosing not to have booklets. Google is a fantastic tool, but they often don’t have the insurance-specific definition for many terms common to health insurance.
Wellness programs are becoming more and more common these days and employees are asking for them. One of the most common wellness topics we hear about is mental wellness, and more specifically: managing stress. According to The American Institute of Stress (AIS), workload is the most common source of stress, followed closely by people issues, juggling work & personal life, and a lack of job security. With so much of stress being linked to work, it’s not surprising that many employers are offering some assistance when it comes to handling stress in healthy ways. However, what are some ways that we can take charge of our own health and manage stress better?
Employers subject to the San Francisco Health Care Security Ordinance (HCSO) must complete and submit the online 2018 Annual Reporting Form by April 30, 2019. Covered employers who fail to make this required submission by the deadline will be subject to penalties for non-compliance: Up to $100 per employee per quarter for failure to make expenditures and up to $500 per quarter if annual reporting is not submitted.
Many companies offer FSA plans to help with rising medical costs. We discussed the basics of an FSA and the differences between other similar plans in our post: What is an HRA, FSA & HSA? An FSA is an account that you are able to put pre-tax dollars from your paycheck into that can be used (without being taxed) on eligible health and dependent care expenses. But how exactly do you use your FSA?
Employees often come to us throughout the year asking if they can change their plan, cancel their insurance, join a plan they aren’t on, etc. Insurance carriers are very strict regarding when you are allowed to enter, exit, or make changes to the group plan. Other than open enrollment (which is different for every company) or when you are first hired, you are only allowed to make changes if you have a qualifying event.
According to the Fidelity Plan Sponsor Attitude Survey, employers are most concerned with ensuring their retirement plan is effectively preparing employees for retirement.