Have you recently changed employers? Or are you considering making a change? Fortunately, when you participate in a health savings account (HSA) through your employer, your HSA stays with you. There are plenty of myths about HSAs, so let’s tackle what really happens to your HSA when you change employers. You Have Options HSA...
As we enter another season of open enrollment, one crucial topic is top of mind for many employees: HSA and FSA compliance. Health savings accounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer HSA...
When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. In this blog we explore all the unknown voluntary benefits terms and bring clarity of information to first-time...
The IRS released 2025 contribution limits for medical flexible spending accounts (medical FSAs), commuter benefits and more as part of Revenue Procedure 2024-40. These limits undergo annual adjustments to account for inflation. 2025 Medical FSA Contribution Limits (including limited and combination FSAs) 2024: $3,200 per year 2025: $3,300 per year 2025 Medical FSA...
If you’re an employer, is your in-house benefits administration team struggling to juggle the multitude of complexities behind running a successful benefits administration program? Are you spending too much time and resources trying to keep up to date with compliance changes and providing the technology and services your employees need for a positive benefits experience?...
Whether you’re transitioning from your parents’ insurance, landed your first full-time job or are simply obtaining coverage for the first time, choosing health plans and employee benefits can be overwhelming. You’ll likely hear a lot of terms and acronyms that you’ve never heard before. For starters, let’s look at a few considerations when evaluating health...
According to the Bureau of Labor Statistics, employers typically pay around 80% of traditional employer-sponsored healthcare plans on behalf of employees. With rising healthcare costs, your business is most likely struggling to solve this key problem: how to maintain financial stability while providing robust benefits to your employees. But what solutions can actually provide benefits...
The concept of work-life balance has become more than just a buzzword; it’s a necessity for employee satisfaction and retention. According to WorkLife.news, employers are increasingly recognizing the importance of providing ample time off to their employees with more than 80% of U.S. employers planning to change their leave policies over the next two years....
Did you know employers can enhance their benefits offerings by incorporating voluntary benefits? What exactly are voluntary benefits and how can employers design an effective plan? We sat down with Hugh McDaniel, manager of channel partnerships at WEX, to get his insights on crafting voluntary benefits plans that meet the diverse needs of employees. ...
According to the Bureau of Labor Statistics, employers typically pay around 80% of traditional employer-sponsored healthcare plans on behalf of employees. With rising healthcare costs, your business is most likely struggling to solve this key problem: how to maintain financial stability while providing robust benefits to your employees. But what solutions can actually provide benefits to your business? By implementing measures that prioritize preventive care, leverage innovative healthcare delivery methods and optimize benefits utilization, employers can achieve a balance between fiscal responsibility and employee well-being. Let’s explore benefit cost containment strategies.
Preventative Care
One of the most effective strategies in containing benefits costs is a shift towards preventive care. By focusing on early intervention and wellness initiatives, employers can address health concerns before they escalate into costly medical interventions. Encouraging regular health screenings, promoting healthy lifestyle choices and providing access to wellness programs can all contribute to reducing healthcare expenses in the long run.
Telemedicine
Telemedicine solutions offer a convenient and cost-effective alternative to traditional healthcare options. By allowing employees to consult with healthcare professionals remotely, telemedicine reduces the inconveniences associated with in-person healthcare and encourages early intervention. This not only saves time and resources but also prevents minor health issues from escalating into major medical expenses.
Incentivizing Care
Employers can further contain costs by incentivizing employees to seek cost-effective care. Offering rewards or discounts for utilizing in-network providers, generic medications or preventive services can encourage employees to make informed healthcare decisions that benefit both their health and the company’s bottom line. This can also help employees become more engaged with their health, providing a further reward for preventative care.
Tighter Networks and Cost-Sharing
Implementing tighter provider networks and cost-sharing incentives can help drive down benefit costs. By negotiating with preferred providers and encouraging employees to share in the cost of their healthcare expenses, employers can reduce overall healthcare spending without compromising the quality of care.
Optimizing Enrollment and Eligibility
Ensuring accurate enrollment and eligibility is another crucial strategy for benefit cost containment. By verifying dependents’ eligibility and eliminating unnecessary coverage, employers can avoid unnecessary expenses and optimize benefits utilization. Regular audits and updates to enrollment processes can help identify any of these discrepancies, ultimately leading to significant cost savings.
The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel. To stay up to date on benefits trends and insights, subscribe to our blog.
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