Alvin Lim’s Post

At a virtual conference this morning on work and health, there was discussion about the role of SME’s in how they should support their employees’ health and wellbeing. In my conversations on the subject the issue of cost of any has been coming up on a regular basis. A couple of speakers talked about the need to reform statutory sick pay, one talked about the role of insurance industry and the products they provide on sickness absence and what tax benefits could be put in place as a way of mitigating the cost. If you run an SME,  Would having a higher rate of SSP motivate SME’s to provide more support for employees and take a more preventative approach? Would a tax break be an incentive? Here is some background from UK insurers point of view. https://lnkd.in/eqy8fm9r  

The average employee takes a whopping 8 days off sick per year 😲 This article explores ways businesses can help reduce sickness absence by introducing health insurance and promoting wellbeing. #sicknessabsence #employeewellbeing #hr #humanresources #leadership #management #business #sme

The temperature is hot and so is the debate around Self-Funded Group Health Plans. Michaela Taylor, JD, MHA gives insight into the latest regulations, court rulings, and what employers need to consider in this Benefits Insights Blog! https://ow.ly/4YQq50SGjUT #Employer #Employee #Benefits #HR

Benefits are top priority for younger workers, research reveals. More than half of 18 – 34-year-olds believe a good benefits package is the most important thing they look for when searching for a job, according to research. People Management magazine reports on a mismatch between the benefits offered and what workers want, with private medical insurance at the top of the list for employees. https://buff.ly/3RNggo4 #benefits #workplacewellness #employeebenefits

Happy #OpenEnrollment season! Medical costs for employers keep climbing year after year, with an expected increase of 7.8% next year according to a BGH survey. Employers are working their hardest not to pass these costs onto employees, but we might have reached a breaking point. A new survey suggests that employees might see these costs impact them in different ways in the coming year.   “These uncontrolled costs directly lead to smaller raises, lost jobs, and the inability of working families to afford care, and is perhaps the primary driver of health inequity," Gremminger said. "And for employers, it’s no longer just about cost control. It’s about survival.” We're digging into what the future holds for #healthinsurance as costs remain unsustainable for employers, insurers, and consumers. We're exploring the models and big ideas that can help turn things around, the technology needed to execute, and so much more. Are you working on a big new idea to #bendthecostcurve? Send me a message! We'd love to learn more and talk to you for our research on The Future of Health Insurance. #futureofhealthinsurance #valuebasedcare #primarycare #employeebenefits #benefitdesign #workplacehealth

Your team's peace of mind isn't just important; it's the heartbeat of business success. 💙 Employee Benefit News shares that employers can "help employees prepare for unexpected medical events, providing support, resources, and benefits that can help them prepare financially and cushion the blow." Providing MASA for your team protects them from costly surprise ambulance bills, allowing them to focus on what matters. Read the full article here: https://bit.ly/3tD0uUL See how MASA could fit into your employee benefits plan: https://lnkd.in/g_M3mu6u #MASAAccess #EmergencyAmbulanceCoverage #ConnectionsWithCare #ProtectedByMASA

Healthcare costs and wage growth continue to tango in a challenging dance for businesses and employees. With the average healthcare premiums soaring by 22% over the past five years, closely shadowing wage growth at 27%, the financial strain is palpable. Particularly hard-hit are smaller firms and their lower-wage employees. Read more here: #healthcarecosts #employersponsoredplans  

KFF 2023 Summary of Employee Benefits Workers and employer contribution cost trends are not sustainable at this rate. Please take a look at the KFF summary. A Star Benefits Level Funded plan may be your solution to end this problem. https://lnkd.in/eYiTippJ #grouphealthinsurance #healthinsurancebroker #healthinsuranceagent #employeebenefits #employeehealth #dsos #adso #groupdental #grouppractices

COBRA mandates that eligible employees can continue their health coverage after leaving a job. Most private-sector employers with 20+ employees must comply, while small employers, churches, and certain plans are exempt. State laws may impose additional requirements. It’s crucial to understand these rules to ensure compliance and provide necessary coverage. https://lnkd.in/ge3QTqsQ #COBRA #EmployeeBenefits #HRCompliance #Healthcare

Employees prioritize better health benefits over higher salary, survey key findings: * 75% would accept slightly lower pay for better healthcare coverage * 59% prefer employer contributions to health savings accounts over higher salary * 54% value access to voluntary benefits like critical illness and disability insurance * 51% say healthcare costs significantly impact retirement savings * Over 50% more likely to stay with employers offering health accounts, voluntary benefits, and mental health resources Employers take note: Comprehensive benefits packages are crucial for attracting and retaining talent in today's competitive job market. #EmployeeBenefits #HealthcareCosts #TalentRetention #WorkplaceWellness #HRTrends Marcus Primavera, MBA