This is the third in a four-part series on building benefits packages to resonate with the diverse generations in today’s workforce. Today, we focus on effective strategies and engagement recommendations for Millennials. Generation Y, more commonly called Millennials, were born between 1981 and 1996. Millennials experienced rapid technological changes and grew up in an era of Microsoft and Apple, a 24-hour news cycle, and the rise of social media. In their formative years, they witnessed

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This is the second in a four-part series on building benefits packages to resonate with the different generations. This article focuses on effective strategies for Generation X, including engagement recommendations.  Born between 1965 and 1980, Generation Xers are known for an entrepreneurial mindset, working hard, and playing hard. As enrollment season nears, let’s review this generation’s motivations, which benefits they find most important, and how they learn and communicate. The Gen X Profile Gen Xers

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Healthcare costs in America have risen significantly since the 1970s, leading many employers to expect modest yearly cost increases in the benefits they offer. However, the combination of current economic conditions, increased costs related to managing chronic conditions, and an aging population are leading to less manageable increases for many employers. Here are five ways TPAs can help employers continue offering high-value benefits while working to control rising benefits costs. #1 Ask Participants What They Need

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Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), help individuals and families pay for medical expenses. They also provide more control over how and where to pay for those expenses. One frequently asked question is, “Can a person have an HRA and HSA simultaneously?”. The answer is yes; you can have an HRA and HSA simultaneously under specific circumstances. However, to understand the advantages of having both accounts, let’s first look

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Healthcare consumerism is a movement to make healthcare services more efficient and cost-effective. It transforms an employer’s health benefit plan, putting the economic purchasing power and decision-making in participants’ hands. Consumerism aims to enable patients to become wholly involved in their healthcare decisions. What drives healthcare consumerism? Customers can access features, benefits, and cost comparisons in most industries to guide their purchasing decisions. In contrast, the healthcare industry presents many choices, contact points, and service

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On January 11, 2023, the COVID-19 National Public Health Emergency (PHE) was extended for 90 days. The PHE was scheduled to expire on April 11, 2023. Update: On January 31, 2023, the Biden Administration announced their intent to end the Public Health Emergency on May 11. Effects of the PHE Extension With the extension, the temporary rule changes regarding COBRA, HIPAA, and group health plans (including FSAs and HSAs) continue. (Click here for more detailed

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Welcome to 2023! The new year brings a renewed focus on losing weight, staying healthy, and becoming financially healthier. Across the country, millions of us have set goals of increasing our health and wealth. However, inflation, supply chain issues, continued mental health challenges, and more can make tackling these goals even harder than usual. Financial Health Resolutions Many Americans are examining their spending and saving habits. Fidelity Investment found that when asked about financial concerns,

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HRA BasicsWhat is an HRA? Health Reimbursement Arrangements (HRAs) are tax-advantaged arrangements that reimburse individuals for qualified healthcare costs. HRAs were first acknowledged by the IRS in 2002 as benefits that employers could offer current and former employees, including retirees.  Legislative and regulatory activity has since modified some of the rules about HRAs and created new types, including Group Benefit HRAs, Individual Coverage HRAs (ICHRAs), Qualified Small Employer HRAs (QSEHRAs), and Excepted Benefit HRAs (EBHRAs).FundingEmployers fund HRAs to reimburse

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A new year is upon us, and with it, the end of many temporary, COVID-related regulatory and legislative provisions. Mercer’s U.S. Health Law and Policy team has selected the top healthcare compliance priorities for 2023. Below are highlights of 10 areas considered most likely to impact employee benefits plans. For more context and discussion, see the Mercer site and consult your qualified benefits counsel. Prescription Drugs In light of recent presidential directives, Congress and federal

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