Kathy Alves’ Post

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

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

A recent survey by Voya Financial found that nearly 75% of employees would prioritize better health benefits, such as lower premiums and out-of-pocket costs, over higher salaries. Rising healthcare costs are making employees more focused on benefits like Health Savings Accounts (HSAs) and voluntary options like critical illness or accident insurance. In fact, 51% of respondents said healthcare expenses significantly impact their ability to save for retirement, showing how crucial comprehensive benefits are for both health and financial security. For more insights, check out the full article here: https://lnkd.in/g_4BzUUK

💡 I had no idea when I asked this question that the results would be so high: When asked "Did having the Paytient card lower your overall financial stress?"— * 77% responded, "Yes, significantly" * 21% said, "Yes, somewhat" * Only 2% said no. If you're exploring financial wellness solutions for your team for 2025, we should talk. Paytient's HPA can be implemented alongside any health plan, any time of year. When implemented during Open Enrollment, clients see lower health plan costs through voluntary plan migration plus employee experience, equity, productivity and retention gains. And thank you Tamra Lair for the inspo to get a quantitative measurement of what we hear all the time in our reviews. 💖

NEW STUDY: 98% of Paytient members reported less financial stress with access to our Health Payment Account giving them the confidence to get care without the worry of unexpected bills. 40% of workplace-insured Americans are delaying care due to cost but employers are recognizing the health hazard of health plans that leave care funding uncertain, and they’re embracing solutions that provide certainty of affordability.  It’s not just a healthcare issue—it’s a productivity and well-being issue, too. Delayed care leads to more stress, missed workdays, and bigger health problems down the road. But as an employer, you can help change that. Want to learn how you can help your employees stress less and stay healthier? Check out our latest article for practical solutions. 📖 Working Americans are Stressed About Medical Bills—Here’s How Employers Can Help #EmployeeBenefits #FinancialWellness #HRLeaders #WorkplaceHealth

Health Costs and Flat Raises Are Set to Squeeze Paychecks As expected, the cost of company-sponsored health insurance is increasing next year, again. Unfortunately, the raises employees may get might not keep up with those increases. As employers are struggling to absorb the costs, experts suggest looking for other ways to make up for less pay. Some strategies to consider: ·        When considering a new job, ask pointed questions about what benefits are offered ·        Know the true cost of your company’s health insurance ·        Look for perks to offset a drop in pay The landscape is getting more complicated in the world of employee benefits. If you’re not sure how your company compares, I would be glad to sit with you and discuss it. #Deductables #employerhealthinsurance #takehomepay https://lnkd.in/eZZ6wtw2

Everyone is different, and you might not always know exactly what kind of support each of your employees needs. Adding a Health Spending Account (HSA) gives your business a flexible way to be there for them. Learn more: https://buff.ly/3FcAbpG #healthspendingaccount #benefits #employeebenefits

https://lnkd.in/eMY5j-6f More anxiety for employees with the rising costs and no real solutions on the horizon.  This article highlights a recent survey that about 60% of U.S. employees are concerned about potential cuts to their benefits in the near future, amid economic challenges and rising inflation. Workers are especially worried about reductions in healthcare coverage, retirement plans, and paid time off. Many also reported they feel their benefits packages are not keeping pace with inflation, which is leading to increased stress and financial pressure. Companies may face a growing need to balance cost-cutting with maintaining attractive benefits to retain employees. We attack this anxiety through our Total Care Option (TCO), a solution that allows employers to pay for the health costs of families that enroll in their spouse’s plan. Employees can use the account to pay for out-of-pocket health costs or premium contributions on their spouse or partner’s plan. This allows employees and their families to save, on average, thousands of dollars a year. This also limits the company’s financial exposure to the family’s out-of-pocket annual expenses and will save the company, on average, $10K per year per family enrolled in the TCO.  The rare win/win during challenging times. If you’re an employer or broker/consultant and want to learn more, message us on LinkedIn to schedule a demo! 👍 #employeebenefits #healthcarecosts #healthbenefits #healthinsurance #planselection #benefitdecisionsupport #totalcareoption

In this informative piece by Fisher Phillips, they highlight 10 Best Practices Employers should implement as Fiduciaries managing a Group Health Plan. Of particular interest is point #4, which underscores the importance of benchmarking Employee Benefit broker fees, the core focus of Broker Benchmark. As the pioneer consulting firm dedicated to this task, we offer data-driven reporting to assist Boards, Executives, and HR Departments in meeting their ERISA obligations while overseeing their Group Health Plan. The guidance emphasizes the necessity of establishing a robust process to review and monitor group health plan fees, ensuring their reasonableness and alignment with industry standards. Conducting benchmark analyses on vendors is a key step in this direction. #ERISA #EmployeeBenefits Read more here: https://lnkd.in/e9w87TKE

A survey by Inspira Financial examined how four generations are using health savings accounts (HSAs), finding that the youngest age cohort is the least likely to know that they would need to make a co-payment towards their HSA. This compared to 20% of Gen Xers and 10% of Baby Boomers and senior patients who were unaware. https://lnkd.in/ePdsAA4F #healthsavingsaccount #HSA #healthinsurance #GenZ