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Tailor Benefits to Strengthen Employee Retention

A recent study by Willis Towers Watson (WTW) indicates that 72% of U.S. employees now prefer to stay with their current employers, marking a shift in workforce dynamics. This trend presents an opportunity – especially for small- and medium-sized businesses – to gain a competitive edge by offering strategic, appealing benefits packages. The annual open enrollment period is pivotal for companies to reinforce employee loyalty. A well-structured benefits package that reflects employee priorities can significantly

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Infographic: What is an LSA?

Lifestyle Spending Accounts are one of the newest benefit options third-party administrators can offer. This infographic will help educate employers and participants on LSA accounts. Lifestyle Spending Accounts, or LSAs, are one of the newest employee benefits available. These employer-sponsored accounts cover a wide range of expenses that fall outside the IRS’ Section 123 criteria. Interest in LSAs is growing! 7% of employers currently offer LSAs. In 2025, 7% will offer LSAs and 31% are

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Designing Good Employee Benefits: 8 Questions You Should Ask

As we enter the last full month of summer, many employers are already working to develop their benefits programs for 2025. Creating a benefits plan that pleases everyone, especially in a diverse workforce, can seem impossible. To be successful, it is vital to identify which types of benefits various employee groups require. The secret to a successful scheme is asking the right questions that engage employees and meet their needs. What Are Targeted Questions? Employers

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5 Ways to Control Rising Benefit Costs

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, current economic conditions, an aging population, and increased costs related to managing chronic conditions have led 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 Before considering

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Building Benefits Packages that Attract and Retain Baby Boomers

This article delves into effective benefits strategies for Baby Boomers, exploring their preferences and offering recommendations for engagement. Understanding Baby Boomers Baby Boomers were born between 1946 and 1964 and have played a significant role in shaping American society and the workforce. As the enrollment season approaches, it’s crucial to understand what motivates this generation, the benefits they value most, and their preferred methods of communication and learning. Baby Boomer Profile Boomers have unique characteristics

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How COBRA Interacts with ICHRA and HRA Plans

The Consolidated Omnibus Budget Reconciliation Act (COBRA) mandates employers to offer continuing health coverage to employees facing qualifying events such as job loss or reduction in work hours. However, navigating the interaction between COBRA and some reimbursement accounts, such as Individual Coverage Health Reimbursement Arrangements (ICHRAs) and Health Reimbursement Arrangements (HRAs), presents complexities.  What are ICHRA and HRA plans? ICRHAs and HRAs are both exclusively funded by the employer and generally not taxable to the

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Understanding COBRA Eligibility: Who Qualifies and When?

Understanding the intricacies of the Consolidated Omnibus Budget Reconciliation Act (COBRA) can be challenging for employers and employees alike. It may be especially daunting when trying to understand who qualifies for COBRA coverage and when they qualify.  What is COBRA? COBRA is a federal law enacted in 1985 that requires employers with 20 or more employees to offer continuation coverage. This applies only to employees and their dependents whose coverage would end due to qualifying

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Demystifying Healthcare Costs: Employee Tips to Maximize Benefits and Save Money

healthcare costs

Healthcare costs can be confusing, but with the right knowledge and strategies, just about everyone can navigate this complex landscape effectively. Below are some helpful tips for employees to maximize their benefits and save money in the process.  Understanding Healthcare Costs Before diving into cost-saving tips, it’s essential to understand the various healthcare cost components. Healthcare expenses can include premiums, deductibles, copayments, coinsurance, and out-of-pocket maximums. Additionally, there may be other costs associated with prescription

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