Each April we celebrate National Employee Benefits Day to recognize all the people who play a role in providing quality benefits and prioritizing your people’s health: administrators, benefits practitioners, advisors and employers (you!). This year, the focus of the celebration is on resilience and mental health. A theme that has likely hit close to home for you and your employees over the last year.
Let’s take a moment to recognize your challenges, big decisions and wins from this past year. A global pandemic changed the world as you know it. But, it also took a global pandemic to expose opportunities to improve the way we work and achieve success. Can you say silver lining?
You relied on First Person Advisors when it came to figuring out the tough stuff and when you simply needed a friend. As we reflect on employee benefits this past year, a few themes are evident: COVID-19, containing healthcare costs, benefits compliance and digital communication. In honor of National Employee Benefits Day, we’ve rounded up the top 10 benefits blogs from the last year.
1. Three Cost Containment Strategies in Healthcare Benefits
Healthcare consumers and employers who sponsor benefits plans continue to battle rising costs. As a percent of GDP, we currently spend 17% on healthcare, and most economists expect this number to be 25% or higher by 2025. To combat this, advisor Paul Ashley says you must look to new and creative cost containment strategies.
2. What Employers Need to Know about Coronavirus Vaccine Updates
Three COVID-19 vaccines received emergency use approval by the United States Food and Drug Administration and are currently being administered around the country. Do you have a clear vaccine strategy for your people? How will you communicate about it? Katy Stowers outlines what you need to know about the vaccine and ideas for crafting your organization’s vaccine strategy here.
3. Reporting Requirements for Employers with a High Deductible Health Plan
If your organization sponsored a high deductible health plan (HDHP), you’re responsible for several reporting requirements under the Affordable Care Act. Kelly Eckman explains here what your requirements are, get reporting guidance for your employees, and access resources to complete your forms.
4. Understanding the COBRA Subsidy in the American Rescue Plan Stimulus Package
The American Rescue Plan Act (ARPA) was signed into law by President Biden on March 11, 2021. And, it includes sweeping modifications to COBRA that likely have the greatest impact on employers. Our benefits compliance experts Kelly Eckman and Katy Stowers weighed in on the impact and what you need to do to remain in compliance.
5. 7 Predictions: How COVID-19 Accelerates Healthcare Change
Last fall, when we were still evaluating the impact of COVID-19 on healthcare and benefits, we made a few predictions. Paul Ashley outlines seven trends that will shape the future of healthcare and how it might impact your organization.
6. Five Reasons Your Open Enrollment Should Go Digital Now
COVID-19 threw a wrench into Open Enrollment last year – as if that season isn’t tough enough already. For our clients, digital communications proved to be an effective way to engage employees. If you’re not already using a digital strategy, our communication strategist Kara Hooley gives you five reasons you should now.
7. Weighing the Decision of Self-Funding Your Group Health Plan
Did you know that healthcare spend rose nearly a trillion dollars between 1996 and 2015? One. Trillion. Dollars. Containing healthcare costs is one of the top challenges of organizations today. Learn from advisor Paul Ashley how self-funding your group health plan can help and what factors you should weigh into your decision.
8. Changes in Work Life and Healthcare Are Here to Stay
Last year, First Person CEO and founder Bryan Brenner was joined by top executives, including our partners Delta Dental of Indiana and Springbuk, for a discussion on how the COVID-19 pandemic is changing work life and healthcare benefits. Get his thoughts on healthcare delivery and telemedicine, the impact of COVID-19 on benefits plans, changes to work environments, leadership through the pandemic, and other topics.
9. Implementing Mental Well-Being in the Workplace: Getting Started
Sixty-nine percent of members with a mental health condition also have a chronic disease, and they’re twice as likely to classify as high claimants. Without a doubt mental health will continue to be a challenge. Dr. Ryan Bojrab offers guidance on how you can get started implementing a mental well-being program at your organization.
10. What is an ICHRA and How Can It Work for You?
Insurance rate increase. The thought of these three words often gives HR and org leaders a visceral cringe. But, what if you could control costs and alleviate the burdens of your health plan administration? Advisor A.J Hacker discusses the Individual Coverage Health Reimbursement Arrangement (ICHRA) as a potential solution to help your organization contain healthcare costs.
As Nelson Mandela said, “Do not judge me by my success; judge me by how many times I fell down and got back up again.” You’ve been through a lot, and First Person is on that journey by your side. If you have any questions or just want to chat, feel free to reach out to our advisory team, drop us a line here or tweet at us!
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