Medicare 2022 Open Enrollment

Medicare 2022 Open Enrollment

Medicare 2022 Open Enrollment

Full Information

 

Medicare Supplemental Plan F phased out for newly Medicare eligible? With the new 2022 open enrollment changes, it’s time to get the facts. Considering making changes to your coverage this fall or just want to learn more about this enrollment period?

During the Medicare open enrollment period – which runs from October 15 through December 7 – you can make a variety of changes (none of which involve medical underwriting):

  • Switch from Medicare Advantage to Original Medicare or vice versa.
  • Switch from one Medicare Advantage plan to another.
  • Switch from one Part D prescription plan to another.
  • Join a Medicare Part D plan.
  • Drop your Part D coverage altogether.

1. Medicare Supplement Plans F and C are still available

While the Centers for Medicare and Medicaid (CMS) will no longer allow newly eligible Medicare beneficiaries to enroll in Medigap plans F and C, these plans aren’t disappearing completely. If you become eligible for Medicare before January 1, 2021 (and that’s everyone who can use the 2021 fall Medicare Open Enrollment Period), you can apply for these plans now and in the future—even if you aren’t already enrolled in Medigap.

If you become eligible for Medicare on or after January 1, 2020, you won’t be able to enroll in Plans F or C now or in the future.

 

2. The Part D ‘donut hole’ will close

In 2022, you’ll enter the donut hole when your spending + your plan’s spending reaches $4,430. And you leave the donut hole — and enter the catastrophic coverage level — when your spending + manufacturer discounts reach $7,050. Both of these amounts are higher than they were in 2021, and generally increase each year.  Learn more about Part D.

3. Changes in Medicare Advantage and Part D plans

Every year, insurers make small changes to their Medicare Advantage and Part D plans. Typically, these changes include changes in premiums, deductibles, and other costs. Keep in mind, the Medicare program may not finalize these changes until right before fall Open Enrollment.

See the latest Medicare premiums and deductibles now or come back in October. We’ll share finalized changes as soon as they become available.

Refresh your general Medicare knowledge

While the Medicare program changes a bit each year, much of it stays the same. It never hurts to refresh your Medicare knowledge. We recommend starting with an Overview of Medicare. This Medicare Glossary could come in handy, too, as you read through insurance documents.  See 

CMS Releases 2022 Projected Medicare Part D Average Premium

 

4. Medicare B Increases 

Medicare Part B premiums increased this year by about 2.7% or $4 per month and high-income surcharges also rose modestly in 2021. For 2022 the Standard Part B premiums are projected to be $158.50/month from $148.50/month in 2021 or a 6.7% increase.

The wealthiest senior couples will be paying more than $12,000 a year in Medicare Part B premiums. Part B (the base and the surcharge) covers doctors’ and outpatient services. Medicare Part B Income-Related Monthly Adjustment Amounts.

5. Part B deductible also increased for 2021, and will increase again in 2022

Medicare B also has a deductible, which increased to $203 in 2021, up from $198 in 2020. For 2022, the Part B deductible is projected to be $217. The Medicare Part B deductible only has to be paid once per year, unlike the Part A deductible, which has to be paid once per benefit period.

 

 Do you have to renew your plan?

If you’re happy with your Medicare coverage, there’s no need to do anything during Medicare Open Enrollment. Provided your current plan is available next year, your coverage will auto-renew.

Although you could let Open Enrollment pass right on by without having to lift a finger, we recommend doing two things this fall to optimize your Medicare coverage.

1. Read Medicare Mailers

If your plan is discontinued next year, you’ll receive a notice in the mail. If you miss this notice and fail to enroll in other coverage, you could lose your coverage.

If your plan continues in the following year, your insurer will send you an Annual Notice of Change (ANOC). Look over your ANOC carefully to make sure your plan will still meet your needs next year. If not, its time to consider other options.

 

No matter how you feel about your current plan, it’s usually a good idea to do a little shopping around during Open Enrollment. Since plans and premiums change annually, options that fit your situation even better than your current coverage could pop up. But if you don’t check, you’ll never know.

Know These Dates

OCT 15 - DEC 7

OPEN ENROLLMENT PERIOD for Medicare Advanatage and Medicare Part D Prescription Drug coverage.  All individuals with Medicare can change their Medicare health plan and prescription drug coevrage for the next year. 

JAN 1 - FEB 14

MEDICARE ADVANTAGE DISENROLLMENT PERIOD. Those with MA plans (Part C) can leave the plan and switch to original Medicare.

JAN 1 - DEC 31

MEDICARE SUPPLEMENT (Medigap) plans can be purchaded year-round but may require answering health questions to determine eligibility.  

Total Number of Million Medicare Beneficiaries. Source: Kaiser Family Foundation

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2022 Open Enrollment Checklist

2022 Open Enrollment Checklist

2022 Open Enrollment Checklist

To download this entire document as a PDF, click here: Open Enrollment eBook

This Compliance Overview is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice.  Readers should contact legal counsel for legal advice. 

In preparation for open enrollment, Employers should review their plan documents in light of changes for the plan year beginning Jan 1, 2021. Below is an Employer 2 Open Enrollment Checklist including some administrative items to prepare for in 2020. 

Health plan sponsors should also confirm that their open enrollment materials contain certain required participant notices, when applicable—for example, the summary of benefits and coverage (SBC). There are also some participant notices that must be provided annually or upon initial enrollment. To minimize costs and streamline administration, employers should consider including these notices in their open enrollment materials.

PLAN DESIGN CHANGES

Out-of-pocket Maximum

Effective for plan years beginning on or after Jan. 1, 2014, non-grandfathered health plans are subject to limits on cost-sharing for essential health benefits (EHB). The ACA’s out-of-pocket maximum applies to all non-grandfathered group health plans, including self-insured health plans and insured plans.

  • $8,700 for self-only coverage and $17,400 for family coverage out-of-pocket maximum.
  •  $7,050 for self-only coverage and $14,100 for family coverage HSA Maximum. For 2021 plan years, the out-of-pocket maximum limit for HDHPs is $7,000 for self-only coverage and $14,000 for family coverage. 

Preventive Care Benefits 

The ACA requires non-grandfathered health plans to cover certain preventive health services without imposing cost-sharing requirements (that is, deductibles, copayments or coinsurance) for the services. Health plans are required to adjust their first-dollar coverage of preventive care services based on the latest preventive care recommendations. If you have a non-grandfathered plan, you should confirm that your plan covers the latest recommended preventive care services without imposing any cost-sharing.  

More information on the recommended preventive care services is available through the U.S. Preventive Services Task Force and www.HealthCare.gov.

Health FSA Contributions

The ACA imposes a dollar limit on employees’ salary reduction contributions to a health flexible spending account (FSA) offered under a cafeteria plan. An employer may impose its own dollar limit on employees’ salary reduction contributions to a health FSA, as long as the employer’s limit does not exceed the ACA’s maximum limit in effect for the plan year. 

The ACA set the health FSA contribution limit at $2,500. For years after 2013, the dollar limit is indexed for cost-of-living adjustments. For 2022 plan years, the health FSA limit is $2,850. The DFSA Rollover Maximum is $570. 

  • Communicate the health FSA limit to employees as part of the open enrollment process.

HDHP and HSA Limits for 2022

If you offer an HDHP to your employees that is compatible with an HSA, you should confirm that the HDHP’s minimum deductible and out-of-pocket maximum comply with the 2020 limits. The IRS limits for HSA contributions and HDHP cost-sharing increase for 2022. The HSA contribution limits will increase effective Jan. 1, 2022, while the HDHP limits will increase effective for plan years beginning on or after Jan. 1, 2022.

  • Check whether your HDHP’s cost-sharing limits need to be adjusted for the 2022 limits.
  • If you communicate the HSA contribution limits to employees as part of the enrollment process, these enrollment materials should be updated to reflect the increased limits that apply for 2022.

The following table contains the HDHP and HSA limits for 2022 as compared to 2021. It also includes the catch-up contribution limit that applies to HSA-eligible individuals who are age 55 or older, which is not adjusted for inflation and stays the same from year to year.

Type of Limit20212022Change
HSA Contribution LimitSelf-only$3,600$3,650Up $50
Family$7,200$7,300Up $100
HSA Catch-up Contributions (not subject to adjustment for inflation)Age 55 or older$1,000$1,000No change
HDHP Minimum DeductibleSelf-only$1,400$1,400No change
Family$2,800$2,800No change
HDHP Maximum Out-of-pocket Expense Limit (deductibles, copayments and other amounts, but not premiums)Self-only$7,000$7,050Up $50
Family$14,000$14,100Up $100

 

ACA EMPLOYER MANDATE AND OTHER REQUIREMENTS 

 

Applicable Large Employer Status (ALE)

Under the ACA’s employer penalty rules, applicable large employers (ALEs) that do not offer health coverage to their full-time employees (and dependent children) that is affordable and provides minimum value will be subject to penalties if any full-time employee receives a government subsidy for health coverage through an Exchange.

To qualify as an ALE, an employer must employ, on average, at least 50 full-time employees, including full-time equivalent employees (FTEs), on business days during the preceding calendar year. All employers that employ at least 50 full-time employees, including FTEs, are subject to the ACA’s pay or play rules.

  • Determine your ALE status for 2022
  • Calculate the number of full-time employees for all 12 calendar months of 2020. A full-time employee is an employee who is employed on average for at least 30 hours of service per week.
  • Calculate the number of FTEs for all 12 calendar months of 2021 by calculating the aggregate number of hours of service (but not more than 120 hours of service for any employee) for all employees who were not full-time employees for that month and dividing the total hours of service by 120.
  • Add the number of full-time employees and FTEs (including fractions) calculated above for all 12 calendar months of 2021.
  • Add up the monthly numbers from the preceding step and divide the sum by 12. Disregard fractions.
  • If your result is 50 or more, you are likely an ALE for 2022.

Identify Full-time Employees

All full-time employees must be offered affordable minimum value coverage.  A full-time employee is an employee who was employed on average at least 30 hours of service per week. The final regulations generally treat 130 hours of service in a calendar month as the monthly equivalent of 30 hours of service per week. The IRS has provided two methods for determining full-time employee status—the monthly measurement method and the look-back measurement method.

  • Determine which method you are going to use to determine full-time status
  • The monthly measurement method involves a month-to-month analysis where full-time employees are identified based on their hours of service for each month. This method is not based on averaging hours of service over a prior measurement method. Month-to-month measuring may cause practical difficulties for employers, particularly if there are employees with varying hours or employment schedules, and could result in employees moving in and out of employer coverage on a monthly
  • The look-back measurement method allows an employer to determine full-time status based on average hours worked by an employee in a prior period. This method involves a measurement period for counting/averaging hours of service, an administrative period that allows time for enrollment and disenrollment, and a stability period when coverage may need to be provided, depending on an employee’s average hours of service during the measurement 

Audit FTEs for FMLA Compliance

Audit your FTEs to determine if you have reached or exceeded 50 employees and are required to comply with the Family Medical Leave Act (FMLA) in 2022. Employers covered by the FMLA are obligated to provide their employees with certain important FMLA notices, so both employees and the employer have a shared understanding of the terms of the FMLA leave. Note that FMLA compliance requirements are different from ACA compliance. 

Offer of Coverage 

An ALE may be liable for a penalty under the pay or play rules if it does not offer coverage to “substantially all” (95%) full-time employees (and dependents) and any one of its full-time employees receives a premium tax credit or cost-sharing reduction for coverage purchased through an Exchange. For employees who are offered health coverage that is affordable and provides minimum value are generally not eligible for these Exchange subsidies.  The IRS lowered the 2022 employer health plan affordability threshold, or cost-sharing limit, to 9.61% of an employee’s income. The threshold in 2021 was 9.83%. 

  • Offer minimum essential coverage to all full-time employees
  • Ensure that at least one of those plans provides minimum value (60% actuarial value)
  • Ensure that the minimum value plan offered is affordable to all full-time employees by ensuring that the employee contribution for the lowest cost single minimum value plan does not exceed 78% of an employee’s earnings based on the employee’s W-2 wages, the employee’s rate of pay, or the federal poverty level for a single individual.

Reporting of Coverage

The ACA requires ALEs to report information to the IRS and to employees regarding the employer-sponsored health coverage on Form 1095-C. The IRS will use the information that ALEs report to verify employer-sponsored coverage and to administer the employer shared responsibility provisions (Code Section 6056).

In addition, the ACA requires every health insurance issuer, sponsor of a self-insured health plan, a government agency that administers government-sponsored health insurance programs and any other entity that provides minimum essential coverage (MEC) to file an annual return with the IRS and individuals reporting information for each individual who is provided with this coverage (Code Section 6055). 

  • Determine which reporting requirements apply to you and your health plans
  • Determine the information you will need for reporting and coordinate internal and external resources to help compile the required data for the   1094-C and 1095-C
  • Complete the appropriate forms for the 2020 reporting year. Furnish statements to individuals on or before January 31, 2021 has been extended to March 2, 2021 IRS Notice 2020-76., and file returns with the IRS on or before February 28, 2020 (March 31, 2020, if filing electronically).
ACA RequirementDeadline
1095 forms delivered to employeesJan. 31 (extended to March 2)
Paper filing with IRS*Feb. 28
Electronic filing with IRSMarch 31

Comparative Effectiveness Research Fee (PCORI)

Sponsors of self-funded plans and health insurance issuers of fully insured plans are required to pay a fee each year, by July 31st, to fund comparative effectiveness research. Fees will increase to $2.45 per covered life in 2020 and are next due July 31, 2021.

W-2 Reporting

Healthcare Reform requires employers to report the aggregate cost of employer-sponsored group health plan coverage on their employees’ Forms W-2. This reporting requirement was originally effective for the 2011 tax year. However, the IRS later made reporting optional for 2011 for all employers.

The IRS further delayed the reporting requirement for small employers (those that file fewer than 250 Forms W-2) by making it optional for these employers until further guidance is issued. For the larger employers, the reporting requirement was mandatory for the 2012 Forms W-2 and continues.

ACA DISCLOSURE REQUIREMENTS

Summary of Benefits and Coverage 

The ACA requires health plans and health insurance issuers to provide an SBC to applicants and enrollees to help them understand their coverage and make coverage decisions. Plans and issuers must provide the SBC to participants and beneficiaries who enroll or re-enroll during an open enrollment period. The SBC also must be provided to participants and beneficiaries who enroll other than through an open enrollment period (including those who are newly eligible for coverage and special enrollees).

The SBC template and related materials are available from the Department of Labor (DOL).

  • In connection with a plan’s 2020 open enrollment period, the SBC should be included with the plan’s application materials. If coverage automatically renews for current participants, the SBC must generally be provided no later than 30 days before the beginning of the new plan year.
  • For self-funded plans, the plan administrator is responsible for providing the SBC. For insured plans, both the plan and the issuer are obligated to provide the SBC, although this obligation is satisfied for both parties if either one provides the SBC. Thus, if you have an insured plan, you should confirm that your health insurance issuer will assume responsibility for providing the SBCs.

Grandfathered Plan Notice

If you have a grandfathered plan, make sure to include information about the plan’s grandfathered status in plan materials describing the coverage under the plan, such as SPDs and open enrollment materials. Model language is available from the DOL. 

Notice of Patient Protections

Under the ACA, non-grandfathered group health plans and issuers that require designation of a participating primary care provider must permit each participant, beneficiary and enrollee to designate any available participating primary care provider (including a pediatrician for children). Also, plans and issuers that provide obstetrical/gynecological care and require a designation of a participating primary care provider may not require preauthorization or referral for obstetrical/gynecological care.

If a non-grandfathered plan requires participants to designate a participating primary care provider, the plan or issuer must provide a notice of these patient protections whenever the SPD or similar description of benefits is provided to a participant. If your plan is subject to this notice requirement, you should confirm that it is included in the plan’s open enrollment materials. Model language is available from the DOL.

 

OTHER NOTICES 

Group health plan sponsors should consider including the following enrollment and annual notices with the plan’s open enrollment materials. 

  • Initial COBRA Notice 

The Consolidated Omnibus Budget Reconciliation Act (COBRA) applies to employers with 20 or more employees that sponsor group health plans.  Plan administrators must provide an initial COBRA notice to new participants and certain dependents within 90 days after plan coverage begins. The initial COBRA notice may be incorporated into the plan’s SPD.  A model initial COBRA notice is available from the DOL.

  • Notice of HIPAA Special Enrollment Rights

At or prior to the time of enrollment, a group health plan must provide each eligible employee with a notice of his or her special enrollment rights under HIPAA.  This notice may be included in the plan’s SPD.   Model language for this disclosure is available on the DOL’s website.

  • Annual CHIPRA Notice

Group health plans covering residents in a state that provides a premium subsidy to low-income children and their families to help pay for employer-sponsored coverage must send an annual  notice about the available assistance to all employees residing in that state. The DOL has provided a model notice.

  • WHCRA Notice

Plans and issuers must provide notice of participants’ rights to mastectomy-related benefits under the Women’s Health and Cancer Rights Act (WHCRA) at the time of enrollment and on an annual basis.  Model language for this disclosure is available on the DOL’s website.

  • NMHPA Notice

Plan administrators must include a statement within the Summary Plan Description (SPD) timeframe describing requirements relating to any hospital length of stay in connection with childbirth for a mother or newborn child under the Newborns’ and Mothers’ Health Protections Act. Model language for this disclosure is available on the DOL’s website.

  • Medicare Part D Notices

Group health plan sponsors must provide a notice of creditable or non-creditable prescription drug coverage to Medicare Part D eligible individuals who are covered by, or who apply for, prescription drug coverage under the health plan. This creditable coverage notice alerts the individuals as to whether or not their prescription drug coverage is at least as good as the Medicare Part D coverage. The notice generally must be provided at various times, including when an individual enrolls in the plan and each year before Oct. 15th (when the Medicare annual open enrollment period begins).  Model notices are available on the Centers for Medicare and Medicaid Services’ website.

  • HIPAA Privacy Notice

The HIPAA Privacy Rule requires covered entities (including group health plans and issuers) to provide a Notice of Privacy Practices (or Privacy Notice) to each individual who is the subject of protected health information (PHI). Health plans are required to send the Privacy Notice at certain times, including to new enrollees at the time of enrollment. Also, at least once every three years, health plans must either redistribute the Privacy Notice or notify participants that the Privacy Notice is available and explain how to obtain a copy.

Self-insured health plans are required to maintain and provide their own Privacy Notices. Special rules, however, apply for fully insured plans. Under these rules, the health insurance issuer, and not the health plan itself, is primarily responsible for the Privacy Notice.

Model Privacy Notices are available through the Department of Health and Human Services

  • Summary Plan Description (SPD)

Plan administrators must provide an SPD to new participants within 90 days after plan coverage begins. Any changes that are made to the plan should be reflected in an updated SPD booklet or described to participants through a summary of material modifications (SMM).

Also, an updated SPD must be furnished every five years if changes are made to SPD information or the plan is amended. Otherwise, a new SPD must be provided every 10 years. 

Summary Annual Report

Plan administrators that are required to file a Form 5500 (> 100 participants in plan) must provide participants with a narrative summary of the information in the Form 5500, called a summary annual report (SAR). The plan administrator generally must provide the SAR within nine months of the close of the plan year. If an extension of time to file the Form 5500 is obtained, the plan administrator must furnish the SAR within two months after the close of the extension period.

Wellness Program Notices 

Group health plans that include wellness programs may be required to provide certain notices regarding the program’s design. As a general rule, these notices should be provided when the wellness program is communicated to employees and before employees provide any health-related information or undergo medical examinations.

  • HIPAA Wellness Program Notice—HIPAA imposes a notice requirement on health-contingent wellness programs that are offered under group health plans. Health-contingent wellness plans require individuals to satisfy standards related to health factors (for example, not smoking) in order to obtain rewards. The notice must disclose the availability of a reasonable alternative standard to qualify for the reward (and, if applicable, the possibility of waiver of the otherwise applicable standard) in all plan materials describing the terms of a health-contingent wellness program. Final regulations provide sample language that can be used to satisfy this requirement.
  • ADA Wellness Program Notice—Employers with 15 or more employees are subject to the Americans with Disabilities Act (ADA). Wellness programs that include health-related questions or medical examinations must comply with the ADA’s requirements, including an employee notice requirement. Employers must give participating employees a notice that tells them what information will be collected as part of the wellness program, with whom it will be shared and for what purpose, the limits on disclosure and the way information will be kept confidential. The Equal Employment Opportunity Commission (EEOC) has provided a sample notice to help employers comply with this ADA requirement.

 

 

 

Enhance Your Employee Benefits Package.  A competitive benefits package is key to keeping and attracting top talent.  Assess your current benefits package and consider making necessary adjustments to include options, such as expanded mental health support, for example. 

GENERAL HR  

Review Employee Records.  The fourth quarter is a good time to review your employee records and check record retention guidelines. Don’t forget to dispose of outdated termination and outdated job applications properly. With W2s around the corner, make sure all addresses and information are updated.

Develop and Distribute Your 2022 Calendar.  Create and distribute a calendar outlining important dates, vacation time, pay dates, and company-observed holidays for 2022. 

Review and Update Employee Handbook. Review your employee handbook to make sure it is up-to-date and addresses areas, such as employment law mandates, new COVID-related policies, guidelines for remote working, privacy policies, compensation and performance reviews, social media policies, attendance, and time-off, break periods, benefits, and procedures for termination, discipline, workplace safety, and emergency procedures.

PLEASE NOTE: This information is for general reference purposes only. Because laws, regulations, and filing deadlines are likely to change, please check with the appropriate organizations or government agencies for the latest information and consult your employment attorney and/or benefits advisor regarding your responsibilities. In addition, your business may be exempt from certain requirements and/or be subject to different requirements under the laws of your state. (Updated Oct. 3, 2021)

Contact us at (855) 667-4621 or email us at info@medicalsolutionscorp.com

 

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President Issues Health Care Plan Executive Order

President Issues Health Care Plan Executive Order

On Sept. 24, 2020, President Donald Trump issued an executive order outlining his health care plan, called the America First Health Care Plan. This Legal Update video explains further.

For information about transparency providers and new tech tools contact us at info@medicalsolutionscorp.com or (855)667-4621.

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BREAKING: HIT and Cadillac Tax Repealed

Congress has voted to fully repeal the Cadillac Tax and Health Insurance Tax  effective January 1, 2021. This means the Health Insurance Tax will still be in place for 2020 and will be gone in 2021.
 
Both unpopular taxes with bipartisan approval delayed the Cadillac Tax but put the Health Insurance Tax(HIT) back in for 2020 earlier this summer. See Cadillac Tax Out Health Insurance Tax (HIT) Back In. Below are summaries of these two taxes that are now fully repealed.
 

Whats is the Health Insurance Tax (HIT)?

Health Insurance Tax: This tax included in the Affordable Care Act (ACA) increased the cost of health care coverage for consumers and employers in every state. The ACA imposed a new sales tax on health insurance that started at $8 billion in 2014, increased to $14.3 billion by 2018, and continued to increase each year.
 
The HIT costing an estimated 2.5%-3% added surcharge or an estimated $500/family annually and $241 for Seniors. Website Stop The Hit calculates $5,000 as the average tax for a 10 man small business for example.
 

Whats is the Cadillac Tax?

The Cadillac Tax was to take effect in 2022 and had been twice delayed since its original inception scheduled for Jan 2014. This tax called for a 40% excise tax on the amount of the aggregate monthly premium of each primary insured individual that exceeds the year’s applicable dollar limit, which will be adjusted annually to the Consumer Price Index plus 1%.
 
The 40% excise tax applies to the cost of employer health plan coverage exceeding certain threshold amounts, which were originally set for 2018 at $10,200 for individuals or $27,500 for families.
 
 
Originally, the Cadillac Tax was pushed back by the behest of Unions to 2018 from the original proposed 2014 date. Most Unions with generous health care packages would not be complaint within that time frame. For average Gold Plans in regions such as NY, the widely unpopular Cadilac Tax would have been felt.
 
Learn more about how we are successfully helping navigate SMB for 20+ years. If you have any questions or would like additional information, please contact us at 855-667-4621 or info@medicalsolutionscorp.com.

For information about transparency providers and new tech tools contact us at info@medicalsolutionscorp.com or (855)667-4621.

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HSA 2021 Limits

HSA 2021 Limits

The IRS has released the 2021  Health Savings Account (HSA) inflation adjustments. To be eligible to make HSA contributions, an individual must be covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements.

New HSA 2021 limits are as follows:

 

2021

2020

HSA Annual Contribution Limit
$3,600;  $7,200
$3,550 – Single; $7,100 – Family
HDHP Minimum Annual Deductible
$1,400;  $2,800
$1,400 – Single; $2,800 – Family
HDHP Out-of-Pocket Maximum
$7,000;  $14,000
$6,900 – Single; $13,800 – Family
Age 55+ Catch-Up Provision
$1,000;  $2,000
$1,000- Single; $2,000 – Husband/Wife

Age 55 Catch Up Contribution

As in 401k and IRA contributions, you are allowed to contribute extra if you are above a certain age. If you are age 55 or older by the end of the year, you can contribute an additional $1,000 to your HSA. If you are married, and both of you are age 55, each of you can contribute an additional $1,000. A savvy strategy for high-income earners is to invest the money in your HSA for the long haul. Once you’re 65, you can take out tax-free distributions to cover Medicare premiums. If you withdraw money at that point for non-medical uses, you pay the same tax as you would on withdrawals from a pretax 401(k). But you can also take money out tax-free to reimburse yourself for prior years’ out-of-pocket medical expenses if you have the old receipts.


COVId-19 Update: 

You can even use an HSA to save on a typical trip to the CVS. Thanks to a tax relief provision tucked in the last Covid-19 stimulus package, you can use the money you stash in an HSA or FSA (more on those later) for over-the-counter medications like Tylenol or Flonase as well as menstrual products like tampons and pads. That reverses Obamacare restrictions on OTC meds requiring a doctor’s prescription for them to be eligible for reimbursement.

 

HSA/HDHP Market Growth

HSA holders own the assets in the accounts and can build up substantial sums over time.  Enrollment in HSA-compatible insurance plans has increased to 10 million earlier this year, from 1 million in March 2005, according to, America’s Health Insurance Plans (AHIP), a trade group.

FSA Store

HSAs were authorized starting in January 2004. Since then, AHIP has conducted a periodic census of health plans participating in the HSA/HDHP market.

  • The number of people with HSA/HDHP coverage rose to more than 11.4 in January 2011, up from 10.0 million in January 2010, 8.0 million in January 2009, and 6.1 million in January 2008.
  • 30 percent of individuals covered by an HSA plan were in the small group market, 50 percent were in the large-group market, and the remaining 20 percent were in the individual market.
  •  14% of all workers in the private sector have access to a Health Savings Account acc. to the Bureau of Labor Statistics.
  • States with the highest levels of HSA/HDHP enrollment were California, Ohio, Florida, Texas, Illinois, and Minnesota.

HSA Advantages:

  • Opportunity to build savings – Unused money stays in your account from year to year and earns tax-free interest. The HSA also gives you an investment opportunity.
  • Tax-free contributions and earnings – You don’t pay taxes on contributions or earnings.
  • Tax-Free Money allowed for non-traditional Medical coverage– As per IRS Publication 502, unused money can be used for dental, vision, Lasik eye surgery, acupuncture, yoga, infertility, etc.  Popular Examples
  • Portability – The funds belong to you, so you keep the funds if you change jobs or retire.

Our overall experience with HSAs has been positive when employer funding is at a minimum 50% using either the HSA or an HRA (Health Reimbursement Account-employer keeps unspent money).  Traditional plans trend of higher copays and new in-network deductibles has also led to the popularity of an HSA.

Next Steps

Plan sponsors should update payroll and plan administration systems for the 2021 cost-of-living adjustments and should incorporate the new limits in relevant participant communications, such as open enrollment and communication materials, plan documents, and summary plan descriptions.

RESOURCE:

Is your HSA compliant?  Which pre-tax qualified HSAFSAHRA spending card is right for you? Please contact our team at Millennium Medical Solutions Corp (855)667-4621 for immediate answers.  Stay tuned for updates as more information gets released.  Sign up for the latest news updates.

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Top Five Employee Wellness Program for 2019

Top Five Employee Wellness Program for 2019

All businesses today are aware that a healthy workforce translates to a happier and more productive employees.  Nearly a quarter of participants in SHRM’s latest benefits survey plan to increase their Health & Wellness benefits, whose percentage was a higher than other categories such as professional and career development, flexible work schedules, retirement and family-friendly policies. One unusual offering, workstations that allow people to stand, soared to 44% from just 13% in 2013 when the data was first tracked.

Helping your employees strive towards physical, emotional, mental, and even spiritual well-being can lead to increased productivity and employee longevity. But how can you offer wellness programs that your employees will actually use and find beneficial? There’s no one size fits all solution, and the best way to get started is to invite employee input. Need some inspiration? Here are 5 employee wellness programs that might be the right fit for your company this coming year:

1. Online Wellness/Health Screening

Did you know many health nurses today pay your employees to take an online health risk assessment? Covered members receive a lump sum benefit payment once a year if they complete certain health-related activities (i.e. routine screenings, programs like smoking cessation and weight reduction, and more). Payment options range from $50 to $150. Empire Blue Cross, for example, pays up to $300 for this including smoking cessation online questionnaire and a flu vaccination.

2. Gym Reimbursements

You might not be able to build a gym at the office, but that doesn’t mean you can’t take advantage of your neighborhood businesses. Did you know most health care compare today offer up to $400 annual gym reimbursement? Most include a $200 spousal gym reimbursement as well.

3. Start a Walking Group

This solution is easy, free, and can be employee-driven. Failing to take breaks leads to burnout and eventually employee resentment. Encourage employees to take frequent breaks, but not just to the break room for more artificial lighting and a caffeine boost. Rally eager employees to lead morning, lunch, and/or after-work walking groups. The fresh air is energizing, boosts creativity, and helps feed social wellness needs, too.

4. Create a Healthy Challenge That Isn’t Based on Numbers

Although some businesses have success with Biggest Loser-style in-office challenges, it can also trigger disordered eating. Instead of focusing on numbers, focus on more subjective goals—like how many consecutive days fresh, local fresh vegetables can be part of a lunch. Kicking off these challenges with a brief intro to the importance of a healthy diet for life can help employees re-think their choices.

5. Seek Help from Outside Resources

There are several organizations that employers can turn to for information, research and guidance on wellness programs. Below are just a few for you to explore for helpful ideas on how to develop a culture of health in your organization.

HERO is a national non-profit dedicated to identifying and sharing best practices in the field of workplace health and well-being (HWB). Their mission is to improve the health and well-being of workers, their spouses, dependents and retirees. Check out the wealth of information on their site, including research studies and a blog.

The Health Project is a tax-exempt not-for-profit corporation formed to bring about critical attitudinal and behavioral changes in addressing the health and well-being of Americans. The Health Project focuses on improving personal health care practices and supporting population health by reaching adults where they spend most of their waking hours: at work. Many organizations have adopted health promotion (wellness) programs that encourage good health habits and improved understanding of how individual workers and their families can more effectively use health services.

Harvard Health Newsletters are free newsletters targeted to individuals with the purpose of providing educational information to help them invest in their own health or the health of their families.

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2018 Top Employee Benefits and Perks

2018 Top Employee Benefits and Perks

2018 Top Employee Benefits and Perks

This article was originally published on the BambooHR blog.At BambooHR, we believe in people.

We believe that the most valuable resources an organization has are its human resources. And we believe in showing employees how valuable they are to the organization. That’s why we encourage offering valuable benefits and perks to employees, and it’s why we have created a culture of appreciation within our own company.

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It’s a philosophy that’s not necessarily new—the idea that employees who are treated better perform better—but it’s starting to gain momentum in the professional world. Around the world, companies are beginning to realize that offering major benefits like flexible work schedules, unlimited PTO, and unique perks like a vacation reimbursement program can do wonders for morale and productivity.

Unfortunately, despite the growing body of evidence in favor of this philosophy, many employers are still skeptical and reluctant to offer much beyond a steady paycheck. To help convince naysayers that pampering employees promotes productivity, we asked industry professionals about their experiences with offering benefits and perks. The response was overwhelming, and each CEO, COO, and HR professional that responded was in favor of them.

Here, we share with you their insights, experiences and advice. We hope it will inspire you to go and do likewise. It’s our firm belief that as you use benefits and perks to show your workforce that their contributions are appreciated and that they are valued as individuals, you will see engagement levels increase, retention rates improve, and your organization will become more attractive to prospective employees.

The Impact of Benefits and Perks on Employee Engagement and Retention

It’s been a decade since the 2008 economic recession, and as the economy continues to recover, it’s increasingly an employee’s market. This is a fact that’s not lost on those in charge of hiring and retaining employees. Patrick Colvin, Strategic HR Business Partner at the USA Today Network, put it this way:

“Due to the improved economic and job market conditions, the advantage has shifted from the employer to the job seeker, and organizations need to recognize the correlation between benefits and employee retention. In today’s hiring market, a generous benefits package is essential for engaging and retaining your talent.”

It’s becoming harder and harder for employers to ignore: the healthier the job market, the easier it is for employees to jump ship when they find something better. Attracting and keeping employees takes offering them a position at a company where their work is seen as a valuable contribution.

“Benefits and perks are a huge part of employee engagement and retention,” says Mary Pharris of Fairygodboss. “For companies to attract top talent and retain them, competitive benefit packages are essential. Employees rely on a variety of benefits from employers, so making sure you’re offering competitive and desired benefits will help you in attracting talent.”

While not everyone agrees that attracting talent is the goal of perks and benefits, the belief in its power to boost engagement and retention is both ubiquitous and unanimous. “While benefits are not a large driver of talent acquisition,” says Jody Ordioni, Founder of Brandemix, “they have a tremendous positive impact on engagement and retention, especially now that millennials represent 30+ percent of today’s workforce.”

Most importantly, offering a generous benefits package has a non-trivial impact, observable by many businesses. According to Lee Fisher, HR manager at Blinds Direct,  “For us, these perks are tremendously important, from the moment an applicant sees a job ad and applies for a job here. Five or six years down the line, employee benefits continue to play a major role in keeping our valuable team members happy.”

Five or six years down the line, employee benefits continue to play a major role in keeping our valuable team members happy.Click To Tweet

It seems every company that’s putting this philosophy into practice is noticing a difference. “Company benefits play a huge role in employee retention,” says Steve Pritchard, founder of Cuuver. “It’s a two-way street; if an employer is flexible and offers great benefits, staff are generally more likely to want to stay working for them and appreciate the perks they are being offered that they may not get at another company.”

Is There a Downside to Benefits and Perks?

Finding Balance

Despite the growing evidence, some businesses are still skeptical. The high price of some benefits may intimidate a cost-conscious professional. Some even believe their workforce can’t be trusted with the freedom and responsibility of benefits like flexible work schedules. Some don’t think they need or deserve such luxuries.

Giving people more stuff won’t make them happier, but perks that support the company’s values, mission, and purpose will.Click To Tweet

It may even be a simple lack of thinking outside the box on the part of the employer. Whatever the reason, each employer may be overlooking an important fact—that without their team, they don’t have a business. Benefits and perks are investments in your workforce, and they pay dividends in the form of loyalty and dedication to the company. Lisa Oyler, HR director at Access Perks, agrees:

We always say that no company has ever suffered from trying to be more empathetic to their customers and employees. The cost and effort are worth it when you consider the huge advantages of employee engagement and retention and the costs of turnover and disengagement.

Stretching-Woman

Steve Pritchard of Cuuver put it this way:

In my experience, employees are very appreciative of the perks they are given and do not abuse them. I can’t say this will be the same in every business, but because these benefits are there to make them happier, employees generally make the most of them and perform better. Some companies believe that having strict rules and no extra benefits is the way to go – which is why they don’t hold on to their best staff members for very long.

There are several strategies—which can be implemented simultaneously—for achieving a balance between keeping costs in check and offering a generous benefits package.

Mollie Delp, HR specialist at Workshop Digital proposes one way: “Everyone has to be mindful that you still have to get your work done and that client needs will always come first.”

Wayne Sleight, COO of 97th Floor proposes another strategy: “Giving people more stuff won’t make them happier, but perks that support the company’s values, mission, and purpose will.”

Lisa Oyler offers us a third reason: “And as long as managers are setting clear expectations for employees, there shouldn’t be many issues with over-abuse of benefits. After all, benefits are only going to pay off for the company when employees use them.”

Obstacles on the Path

Even if you decide that your employees are worth the investment, there are hurdles to clear on the road to successfully implementing your benefits and perks. The biggest is friction between the previous company culture and the new policies, as pointed out by Jody Ordioni, founder of Brandemix:

The one negative I’ve become aware of is when managers aren’t on board with the benefits culture; i.e. if an organization encourages remote work but one’s manager requires all employees to be on-site, it creates a culture of resentment which could have an opposite effect from the desired results.

Matt Bentley, Founder of CanIRank echoes the sentiment: “If you are the type of Manager that…[is] more suited to micromanaging, then a flexible work environment may not be suited to you as you will naturally feel you need to double check what all of your staff are doing day-to-day.”

That’s not the only way managers and directors can undermine the positive aspects of employee benefits. Half-hearted commitment can be just as detrimental as outright opposition. In the words of Robin Schwartz, managing partner of MFG Jobs: “Before offering a new benefit or perk, it’s important to ensure that your organization has the means to make it permanent. The downside of introducing new perks is seeing them be taken away because they cost more than expected or just weren’t sustainable.”

In the end, if the benefits and perks are carefully planned and strategically implemented, the rewards will outweigh the costs.

The Most Effective Benefits and Perks

So what benefits and perks you should be offering? Which ones give you the highest return on investment? We think Patrick Colvin’s take sums it up best:

“The fact of the matter is, after health insurance, the most desirable perks and benefits are those that offer flexibility while improving work-life balance.”

Flexible Work Schedule/Telecommuting

By far the most ubiquitous, popular, and highly recommended benefit among business owners and management teams was a flexible work schedule (usually including telecommuting & work-from-home options). This is largely due to the much-discussed “work-life balance.” Michelle Hayward, CEO, and Founder of Bluedog Design thinks that flexible work schedules should see even more use:

The most under-appreciated and under-utilized perk in a modern workplace is flexibility. With accountability to the team in mind, employees are empowered to make decisions to attend a child’s school performance or to work from home when life happens or plan flex hours to make a commute less stressful.

Robin Schwartz agrees:

Flexible work schedules! Being able to occasionally work remotely as well as being able to shift hours that best fit an employee’s life and job goes a really long way in keeping employees happy and [maintaining] engagement. Knowing they are encouraged to balance their work and life is a great perk.

The most under-appreciated and under-utilized perk in a modern workplace is flexibility. Click To Tweet

Matt Bentley firmly believes in the value of “no office and no fixed schedule. If people want to go snowboarding on a Monday morning, they can. Encouraging a healthy work-life balance is still the most appreciated perk.” So does Amanda J. Ponzar, Chief Marketing Officer at Community Health Charities: “For employees to bring their best selves to work and perform, they need flexibility to enjoy outside interests and family, truly integrating work and life.” Dana Case, Director of Operations at MyCorporation.comdoes as well:

I find that one of the most desirable employee perks is being able to provide flexible scheduling options to all of your team members…By accommodating the scheduling needs of your team members and their personal lives, you’ll see how much they feel appreciated and are motivated to work hard for the business.

Mary Pharris sees it as a must for working women, one with fewer and fewer excuses not to implement:

From our research, we know that women’s job satisfaction is directly related to job flexibility. More and more employees are wanting flexible work environments. In large part, I think this is because life isn’t confined to the hours before or after work. Employees want the option to take care both of personal and professional responsibilities on their own terms, and with so much technology to make working remotely easy, it’s increasingly easier for employees to satisfy this.

Far from stifling or inhibiting productivity, this benefit seems to enhance it, according to our responders. Lee Fisher puts it this way:

We’ve come to realize that flexible-working is one of the biggest benefits for our staff. When we give our team the option to adapt their hours and work locations, they appreciate our flexibility and in turn produce even better results. It’s a simple perk, but a seriously important one.

It also enables your team to be productive no matter where they are in the world, and no matter how scattered each member may be. Michael Hollauf, CEO and Co-Founder of Meister Task is a staunch proponent of digital collaboration, stating:

We’ve also enabled flexible working, encouraging employees to work from wherever they work best. To allow this, we encourage all team members to be available on Slack during working hours and track their tasks in our task management tool, so that all team members can stay in the loop with project progress, even when working across different locations.

So if your work doesn’t physically require the team’s presence in order to be completed, strongly consider offering them the flexibility to do the work on their own terms.

Generous/Unlimited Vacation

A close second to flexible work schedules is loosening the reins on PTO. Many employers keep a tight grip on both vacation days and personal leave (in some cases verbally or culturally discouraging the use of even those days that are permissible by company policy). According to the experts who responded, this is a serious mistake. Not only does this create a serious liability in the form of unused PTO, it tends to result in team members experiencing burnout and, frequently, leaving the company for more favorable employment.

When asked what one benefit he would most recommend, Steve Pritchard answered:

A generous amount of time off. Giving employees plenty of opportunities to pursue their personal passions and unwind from work can go a long way towards improving their performance when they are at work. This ensures they don’t become frustrated with the lack of ability to take more than one vacation a year or take a few long weekends.

He wasn’t the only one. Mollie Delp concurred, saying:

Unlimited Vacation – to give the team the flexibility and reassurance that they can feel comfortable taking time off without penalty goes a long way. They don’t have to stress over a random Friday or afternoon where they need to be somewhere else (for themselves or family) and how it will overall effect their time off at the end of the year. One of our core values is to be empowered to be awesome in work and life, and we want to be sure our team knows we stand behind this, and that they have the flexibility to take care of their life and those around them when needed.

So did Patrick Colvin:

If I could recommend a single perk for employees, it would be flexible or unlimited vacation time. This perk shifts the focus from employees just putting in hours to placing an emphasis on production and great results. It allows employees to take ownership causing them to consider what’s best for both themselves as well as the organization. Most importantly it sends an important message to employees and prospective employees about the company culture and values.

The key, however, seems to be making sure your team knows that when you say “take some time for yourself,” that you really mean it. Lisa Oyler put it this way:

“Give employees plenty of time off to reboot and spend quality time with their families – but also set clear expectations that [they] don’t need to have their phones out or be ready to take a work call. Let them unplug!”

Incentives/Gamification

Another great way to increase engagement is through prizes, bonuses, awards and other incentives. Turning work into a competition or game can motivate your team to do their best. It even works internationally, according to Christian Rennella, VP of HR & CoFounder of elMejorTrato.com:

“After 9 years of hard work and having gone from 0 to 134 employees, I can assure you that the best strategy is ‘gamification’…Thanks to this gamification we were able to improve our retention by 31.1 percent.”

It doesn’t have to be elaborate, though. Even simple rewards for hard work can do the trick. Nate Masterson, HR manager for Maple Holistics told us:

Business managers who utilize incentives will often see that extra push once there are valuable items and experiences on the line. For instance, some companies offer a round of golf, 5-star brunch, or extended weekends if certain projects are completed ahead of schedule. This simple gesture is often enough encouragement for workers to get their act together and step up their game.

Health Insurance

Health insurance is usually the most expensive benefit (by a wide margin), but it’s also the most sought after. Paying for insurance out of pocket is expensive, and paying doctors’ bills without insurance is even worse, so it makes sense why applicants make career decisions based largely on insurance benefits.

This is most apparent amongst millennials, who frequently value insurance above all other benefits, according to Jody Ordioni:

“Studies show that health is the most important benefit to millennials, and therefore, offering a suite of benefits that relate to health (on-site health clinic, 100-percent paid health/dental/vision benefits) would be my top recommendations.”

healthcare-hr

Additional Ideas for Engaging and Retaining Your Team

We received a great deal of feedback in our survey regarding creative and innovative ideas that help sweeten the deal for prospective and current employees. Here are some of the ones we liked the best.

Free Food

“We hold ‘Pizza and Presentations’ twice a month, where we treat our employees to a catered lunch in one of our conference rooms. Not only does this allow our team to enjoy time together and receive updates about each department’s projects, it provides everyone a chance to celebrate milestones in the company. This is a great way to say thank you to your employees for their hard work.” — Emily Burton of Fueled

“We find that often it’s small things that matter. Like setting out bowls of healthy snacks throughout the office a couple days each week. It’s nice for the employees, good for health, but it also brings groups to the break rooms, where they can mingle and get to know people outside their own departments. The same concept applies to volunteer opportunities, and our highly competitive (yet still fun) 5k.” — Lisa Oyler

“The one we love the most is our ‘Monday Breakfast.’…we do it every two weeks and we order food from a local restaurant. It’s a great start of the week, we come to work and chat about how the weekend went, and start the day and week on a positive note.”  — Tatiana of Enhancv

“Because people loved being recognized and people love food, ordering catered lunches can be a great way to bring employees together at the office. This will not only help establish a more sociable and welcoming environment, it also provides a much-needed midday break.” — Nate Masterson

Unique Time Off

“I like summer Fridays, which we do a version of at Community Health Charities (and other employers have offered this). Some employers have you work longer hours during the week and get every other Friday off, or for us, we close early every Friday afternoon for employees to get a jump on the weekend during the summer. This is very popular!” — Amanda J. Ponzar

“Snow days! When winter weather causes hazardous travel conditions, we encourage employees to stay home and take a ‘snow day’. Essentially, they are not charged against their leave for opting to stay out of the office. Many workers have children who may also have a canceled school day when bad weather hits. Encouraging employees to stay home, if possible, not only reduces the stress of their day but shows them that we value their safety. In return, we often see the employees ‘online’ or still producing work remotely.” — Robin Schwartz

The Motley Crew

“Here is what have developed: Allotment of volunteer hours per employee to use each month to give back to the local community; Unlimited Vacation; Team Building Budgets (or “Fun Budgets”); Opportunity to attend a conference or organization that can further develop your skills.” — Mollie Delp

“One of the most creative employee perks we’ve provided is organizing weekly company-funded yoga lessons within our offices…[we’ve also] taken a number of steps to provide employees with both in-house training and external professional development events, such as sponsored conferences.” — Michael Hollauf

“We found that [student loan assistance] reduced the financial stress student loan debt carries for our employees and had a direct result on our retention.” — Patrick Colvin

“We look for those things that require engagement. Like a stocked library and monthly book club, where 97th Floor purchases the books for participants. It’s provided the most value in terms of keeping engaged people further engaged and generating new ideas and insights that directly impact our culture, our work, the way in which we work and the lens through which we measure our successes, and failures.” — Wayne Sleight

“Typical benefits we offer include a great holiday package, regular bonuses, and dress-down Fridays. The more unusual perks are surprise retail vouchers after a great performance, and activity days like waterspouts, go-karting and treetop obstacle courses. We also host regular fuddles, where we extend lunch hours so our team can enjoy lots of food and socializing.” — Lee Fisher

“Two of the most creative I’ve heard about are maternity concierge service where this particular company helped with pre- and post-birth with everything from helping you choose the right car seat to facilitating meals. And the other, one company offers shipping costs of breast milk for moms, and more companies are incorporating this benefit for new moms who have to travel.” — Mary Pharris

“Today, even companies with conservative workplace cultures are trying to reduce the stress of ‘real-life’ by offering valet car parking, dry-cleaning, and in-house massages…Other benefit trends include student-debt repayment, benefits for significant others and even wedding expense reimbursement for couples.” — Jody Ordioni

“[‘Enhancv Talks’ are events] we organize internally. We have a Facebook group where we vote on topics and the people who can talk about that topic so that everyone can learn about it. [The talks allow] employees to learn and teach each other about topics they’re excited about. It helps improve relationships, public speaking skills [for] the ones that present, and it shows support for co-workers, promotes learning and encourages everyone to become better generally. Also, it doesn’t cost anything.”  — Tatiana of Enhancv

How to Decide What Employee Benefits and Perks to Offer

benefits-planning

Hopefully, in addition to providing a compelling argument, we’ve sparked some new ideas on where to begin with offering benefits and perks to your team. As for deciding exactly what to implement, that may be a little harder. Just remember, it all depends on what kind of talent you’re trying to attract. As Jody Ordioni puts it: “When considering which benefits to offer, companies need to consider their talent needs and tailor benefits to the wants and needs of the people they need most.”

But, you may be thinking, doesn’t everyone like more time off? Remember that, as Amanda J. Ponzar put it, “Different generations are looking for different things in the workplace. I love to focus and get work done, but one of my Millennial colleagues thought the [peace and] quiet was more ‘like a graveyard’ and wanted to be more social and engage with his colleagues to get energized about his work. We have employees from early 20s to mid-60s and not everyone wants the same perk so it’s important to ask employees.”

Michelle Hayward agrees: “The reality is that not all perks are created equal in the eyes of all employees. A certain subset of the employee population values high-quality health coverage. What motivates other can be money, time or notes of appreciations. As a leader, the challenge is navigating how dynamic the shifting sands can be.”

Remember what’s most important: making your employees feel like they are irreplaceable and not interchangeable. As Nate Masterson puts it: “No matter what you choose, it’s important to make employees feel like people that have something to offer, not just numbers or placeholders.”

Learn how our BambooHR Partnership can help your group please contact us at info@360PEO.com or (855)667-4621.

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