Tag Archive for: California benefits

Looking to Hire the Class of 2021? Add these Employee Benefits Now

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Studies show that employers are planning to hire 7.2% more college graduates from the Class of 2021 than they did from the Class of 2020. While young talent can bring fresh ideas to the workplace, employers may need to adjust their benefits to attract new applicants.

The global pandemic has changed the way that workers view their workday and college graduates are no exception. Many of these graduates finished their education at home, without any in-person interaction from professors or peers. This has created resilience and a strong work ethic for most. It has also led to a much more independent workforce.

What the Class of 2021 Really Wants

In addition to adequate compensation, top benefits requested by the Class of 2021 include medical coverage, 401(k) match, and flexible work hours. Increased interest in 401(k) match and health benefits reflects the younger generation’s fears surrounding financial insecurity and potential health issues caused by another pandemic. This generation of workers are more interested in ensuring future protection for themselves and their families.

Above anything else, young talent wants quality health benefits that include mental health coverage. In a LaSalle Network report, 40% of recent graduates listed mental and emotional health as a top concern when entering the workforce. Providing quality benefits may be just what employers need to attract and retain young talent.

Current Labor Shortage Impacts Employers Around the U.S.

ManpowerGroup recently reported that 7 in 10, or 69% of all companies have experienced talent shortages and difficulty hiring this year. In late April, there were over 9.3 million open jobs in the United States. Currently, the U.S. is experiencing both a labor shortage and record-high unemployment rates. Many states have begun reducing unemployment benefits in an effort to get more people to apply. However, this is doing very little to resolve the labor shortage. According to BTIG, only 3% of individuals were earning enough from unemployment to have no financial need to return to work.

Flexible Work

Employers that wish to attract quality talent need to consider the reasons why workers don’t want to return to the office. Before the global pandemic, employers told workers they needed to come to work each day. Forced closures and reduced occupancy rates pushed employers to consider alternatives to the traditional workday. Millions of American workers shifted to remote work in a matter of months. While this presented challenges at first, over time most workers and their employers realized the benefits of working from home.

As we move past the pandemic, it’s become much harder for employers to justify in-office attendance. Many workers have decided they simply will not go back to a job that does not offer flexible work arrangements. While some workers may work remotely full-time, many would be willing to accept a hybrid schedule with 2-3 days spent in an office environment.

MEBO works with leaders to create customized employee benefit plans. Please contact us for information about our services or to schedule a consultation with one of our benefit specialists. We look forward to hearing from you.

 

New HHS Rule Protects Consumers from Surprise Billing – Here’s What it Means for Employers

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The term “surprise medical bill” describes charges incurred when an insured person inadvertently receives care from an out-of-network provider. This type of situation is common during emergencies and other events where the patient has no control over who provides their care. Patients picked-up by an ambulance or taken to the nearest emergency room may later learn that the hospital, ambulance, or physicians were not covered by their health insurance. Sometimes patient’s receive care at an in-network facility only to find out later that the provider or specialist doesn’t participate in their health network.

Surprise Medical Bills Prevent Patients from Seeking Care

In addition to costing thousands of dollars each year, surprise medical bills may also prevent patients from seeking care. A public opinion survey conducted by The Harris Poll on behalf of the American Heart Association found that 49% of U.S. adults say fear of unexpected medical bills prevents them from receiving care. 44% of those surveyed said they would not have the money to pay for an unexpected medical bill of $1,000 or more.

HHS Interim Final Rule

On July 1, 2021, the Department of Health and Human Services (HHS), the Department of Labor, the Department of the Treasury, and the Office of Personnel Management (OPM) released an interim final rule designed to protect patients from financial hardship due to surprise medical billing. The interim final rule takes effect on January 1, 2022 and restricts excessive out-of-pocket costs from out-of-network billing and balance billing. While Medicare and Medicaid already ban these types of surprise charges, the new HHS rule extends protections to individuals insured through an employer-sponsored or commercial health plan.

The new HHS rule bans surprise billing for emergency services. It also bans high out-of-network cost-sharing for most emergency and non-emergency services, out-of-network charges for ancillary care provided at an in-network facility, and out-of-network charges without advance notice.

New Surprise Billing Rule May Help Employers Save Time & Money

While most people will agree that the new rule will help consumers better manage their healthcare spending, many employers wonder what the new HHS rule means for them. Fortunately, most of work to ensure compliance will be done by insurance carriers, third-party administrators (TPAs), and healthcare providers. However, it is important that employers work closely with their carrier and TPA partners to ensure their plans are taking the necessary steps to compliance.

MEBO provides employee benefits plans custom-tailored to the unique requirements of organizations today. Our team of benefits specialists can help you locate a compliant health plan that meets your needs and budget. Please contact us for information about our services.

 

 

 

 

Is Offering Voluntary Benefits More Important Than Ever Before?

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Most employers understand the importance of offering competitive benefits to their employees. A great benefits package could mean the difference between a new hire and a missed opportunity. Unfortunately, many employers don’t know which benefits to offer. Fortunately, with the right help, most businesses can build a benefits package that attracts the attention of quality employees.

In addition to health insurance and retirement plan benefits, employers should consider offering voluntary benefits as well. Voluntary offerings allow employers to build a benefit package that meets the specific needs of employees. This might be especially beneficial now, as employees have increased interest in preparing for the future.

Supplementing existing core benefits with more personalized benefits helps support employees at a time when they need it most. Many employees have witnessed and experienced the impact of COVID-19 first-hand. Offering voluntary benefits could give employers a competitive edge when recruiting new candidates.

Off-Cycle Enrollments Becoming More Common

Traditionally, benefit cycles have been based on core offerings. Today, more employers are electing off-cycle enrollments. This approach allows employers to highlight and focus specific benefits that might be of particular interest to employees. Off-cycle enrollment also provides employees with more time to evaluate and review the types of benefits offered.

Types of Voluntary Benefits to Offer

According to the International Foundation of Employee Benefits Plans’ (IFEBP) Employee Benefits Survey, employee benefits make up around 60% of an organization’s total employee compensation. While the right employee benefits package could help candidates choose to work for one company over the next, it’s important that employers decide carefully which benefits to offer.

IFEBP found that 88% of companies now offer Employee Assistance Programs (EAPs) and other wellness benefits. Newly emerging employee healthcare benefits include fertility services, transgender-inclusive benefits, and genetic testing services. Several companies have already begun offering these benefits with much success. Millennials especially want to see companies offering benefits that show inclusion.

As we make the shift back to pre-pandemic times, benefits like financial planning and counseling, tuition reimbursement programs, onsite fitness centers and wellness programs, back-up childcare, and elder care are increasing in popularity. These benefits help protect employees and their families when the unexpected occurs.

The IFEBP survey also found that companies are offering employees more types of paid leave than ever before. Several organizations around the U.S. now offer paid leave for bereavement, jury duty, volunteering and community service, personal days, maternity and paternity leave, adoption, and family/caregiving reasons.

Final Thoughts

If the pandemic taught us anything, it’s the importance of preparing for the future. Offering voluntary benefits allows employees an opportunity to obtain the benefits they need to better protect themselves and their families.

MEBO works directly with leaders to evaluate their needs and create a customized benefits package. Our employee benefits specialists have years of experience working with companies across a wide range of industries. Please contact us for information about our services.

 

Finding the Right Care at the Right Place at the Right Time

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Most employers understand the importance of routine healthcare. Healthy employees miss less work and spend less money on treatment. Employees that receive routine healthcare are more likely to catch issues sooner, when they’re easier to treat. Routine healthcare also reduces the number of emergency room visits each year. Despite the importance, getting employees to seek out healthcare creates a challenge for many leaders.

Providing healthcare benefits ensures employees have access to quality care. However, not many people know how to locate the right care for their situation. It is up to employers to ensure employees receive the care they need, when they need it. This is accomplished by providing options, increasing access to care, and educating employees on best practices.

Ensuring the Right Care

As consumers take a more active role in their healthcare, employers need to increase access to information and care. Taking a customized approach to healthcare ensures a benefit program that meets the needs of both employees and the companies they work for.

The right employee benefits specialist doesn’t just provide leaders with health insurance; they provide access to the resources employers need to ensure proper care for their employees. A well-planned medical management program provides employees with access to the care they need, without the large medical bills typically associated with medical evaluation and treatment. The program provides employees with access to a team of professional doctors and nurses. This team works diligently to ensure patients receive the right care at the right time and for the best price. With a medical management program, quality care is just a phone call away.

Medical Management Programs Help Control Healthcare Spending

A medical management program helps patients requiring non-emergency care avoid costly medical bills and unnecessary trips to the ER. When utilized during a health emergency, a medical management program can help patients and employers navigate care and the insurance system. This helps prevent overspending and ensures everyone is on the same page.

Medical management programs are custom tailored to the specific needs of the employer. The “Patient Centric” approach ensures patients receive the care they need when they need it most. The program provides patients with valuable information about their condition and care. This helps patients become more efficient when visiting their medical provider. When armed with the right information, patients can effectively take control of their own care.

California Benefits Specialists

At MEBO our experienced employee benefit specialists work directly with employers to develop a benefits package that fits the culture, needs, and budget of our clients. We are pleased to offer customizable medical management programs. Please contact us to schedule a consultation.

 

How Healthcare Consumerism is Changing Healthcare

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In today’s modern world, consumers have instant access to information about medical conditions and possible treatments. With so much information available at the touch a button, it only makes sense that consumers would want to take more control of their healthcare. Unfortunately, many consumers feel they do not have adequate information or the tools needed to make their own healthcare decisions.

According to a Consumer Reports survey of 1,000 insured adults who incurred a major medical bill, 2 out of 3 patients experience billing issues. These issues range from bills arriving months after treatment, to unclear statements and higher-than-expected charges. The same survey found that one-third of participants paid medical bills they weren’t sure they even owed. 20% of these participants paid over $1,000 on these bills.

It’s this confusion that’s driving consumers to demand transparency and better communication from their healthcare providers.

Healthcare Consumerism Increases Patient Involvement in Care

Healthcare consumerism puts patients in control. This economic model takes healthcare from fee-for-service to value-based care. Healthcare consumerism has the added benefit of making patients active participants in their own care. This improves outcomes and increases patient understanding of their health.

Healthcare consumerism isn’t new. In fact, literature dating back to the 1930s refers to patients as consumers. When applied to an employee health benefit plan, healthcare consumerism puts the economic purchasing power and decision-making in the hands of the participant.

Employer Involvement in Healthcare Consumerism

As patients become more involved in their healthcare decisions, it’s important that leaders support this change. Getting employees to become better healthcare consumers could help leaders better manage their healthcare costs. However, employers need to provide employees with more than just the tools to become better consumers. They need to provide them with the incentive to use these tools as well.

For example, employers could explain how choosing generic versions of brand-name drugs could save employees at the pharmacy. In addition to cost-savings, this type of education helps ensure employees do not skip out on important medications due to the high cost of brand-name drugs. Many employers also offer incentives like contributions to HSAs and HRAs.

Final Thoughts

While employees will likely pay higher premiums and out-of-pocket expenses in the coming years, healthcare will continue to make the shift toward value over volume. This will ultimately make healthcare more efficient and cost-effective for consumers.

MEBO helps employers develop employee benefit plans, custom-tailored to their needs and budget. Please contact us for information about our services.

 

Increase Employee Satisfaction with These Affordable Benefits

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Employees today care more about benefits than ever before. A recent study by the Society for Human Resource Management (SHRM) found that 92% of employees believe that benefits are important to overall job satisfaction. Companies that offer benefits like health insurance and retirement accounts are more likely to attract and retain employees. In fact, according to a recent study by Jobvite, a leading recruiting software provider, more than half of recruiters list medical and dental coverage and a 401K plan as the most effective benefits for attracting employees.

While most companies already understand the top benefits of offering health insurance, offering additional benefits could help employers maintain a competitive edge. These additional perks cost employers very little, but provide significant benefits to employee satisfaction.

Wellness Programs

Perhaps one of the most popular and affordable modern benefits, wellness activities and programs improve productivity, reduce the number of sick days, and help employees develop healthy habits that last a lifetime. Adding wellness activities doesn’t have to take a lot of time or effort. Many companies encourage group walks at lunchtime or offer yoga classes in the morning. Even companies that have not returned to the office can promote wellness activities. Groups can meet and track their progress through apps or social media. Some companies even organize fitness challenges, where employees compete against each other for a prize.

Snacks

Many companies now offer employees free meals or snacks throughout the day. This small investment could have a major impact on the way employees view their work and engage with others. Offering free snacks to employees increases job satisfaction and may make employees more productive.

Casual Dress Code

An increasing number of companies are letting go of their professional dress code in favor of more casual styles. This employee perk costs employers nothing. Casual work attire can put employees at ease which can make them more relaxed, creative, and productive. According to a recent study, more than one-third of job seekers expect employers to allow a casual dress code.

Signing Bonus

Although a signing bonus isn’t necessary, recruiters agree it’s an effective benefit. Offering a signing bonus may make it easier for candidates to accept a job offer.

Employee Benefit Specialists

MEBO offers employee benefit packages, custom tailored to the needs of each organization we work with. Our team of benefits specialists works directly with employers to analyze their needs and develop a comprehensive solution. Please contact us to schedule a consultation.

 

 

What’s the Real Cost of Your Benefit Plan?

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Businesses spend a lot of money each year. While business owners have transparency of what they spend on goods and services, this isn’t typically true for healthcare. This is a problem as healthcare represents the second largest expense after payroll for most U.S. businesses. Another issue, most leaders have very little say when it comes to negotiating their employee benefit plan. This can lead to overspending with little understanding as to why.

Understanding the Real Price of Employee Healthcare

Leaders have many factors to consider when it comes to figuring out the true cost of their health plan. Although many insurance carriers would like employers to believe their annual bundled lump sum premiums make up the total cost of their health plan, there’s more that goes into figuring out this total. Employee health plans are made up of several different components. Each component has its own cost.

The components of an employee health plan include:

  • Medical claims
  • Pharmacy claims
  • Administration costs
  • Advisor commissions and fees

For years, insurance carriers have told employers that it’s difficult, if not impossible to control the total cost of their healthcare plan. This benefits no one but the insurance carrier.  Unfortunately, employers get very little information regarding what they pay for each component of their healthcare plan.

In 2018, a survey conducted by the National Alliance of Healthcare Purchaser Coalitions (National Alliance) found that 60% of employers estimate that up to 25% of their employee healthcare spending was wasted. Unfortunately, without transparency into healthcare spending, employers can only guess how much money gets wasted each year.

Employers Need Greater Transparency Into Their Healthcare Spending

At MEBO, we believe employers should have complete transparency of the costs of their healthcare plan. Employers shouldn’t blindly accept increases each year without knowing where they spend their dollars and why. Without this information, employers can’t plan budgets or understand how they spend their healthcare dollars.

In order to increase transparency and control over healthcare spend, employers could benefit from changing their approach to purchasing healthcare. All key components must be unbundled and a total cost provided for each area. This allows leaders to fully analyze what areas drive their healthcare costs. They can then use this information to develop a comprehensive plan based on what their employees actually need.

Using a level-funded approach, employers gain visibility, predictability, and greater financial protection over their healthcare spending. However, this approach may not be the best choice for every company. It’s important that employers speak with an experienced employee benefit specialist before deciding on or switching their health plan.

MEBO works directly with employers to evaluate their needs and develop a comprehensive solution custom-tailored to their requirements. Our process puts employers in the lead. This reduces costs and ensures complete transparency. Please contact us to schedule a consultation.

 

Can Employers Make the COVID-19 Vaccine Mandatory?

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Throughout 2020, COVID-19 caused major changes to the way that people go about their daily lives. For employers, COVID-19 has created major challenges. In addition to stay-at-home orders forcing employees to work from home, leave due to illness has become a recurring problem since returning to the office. In an effort to reduce the transmission of COVID-19, many employers wonder if they can make the COVID-19 vaccine mandatory.

Can Employers Require Vaccination?

Many employers already require employees to get their yearly flu vaccine. Schools and other organizations where employees are exposed to potentially vulnerable populations also require vaccines against measles, whooping cough, and other diseases. According to experts, employers can require employees to take safety measures to protect themselves and others. This includes vaccinations like the COVID-19 vaccine. However, requiring vaccination doesn’t necessarily mean employers can fire employees that refuse.

On December 16th, 2020, the Equal Employment Opportunity Commission (EEOC) provided answers regarding COVID-19 vaccination. Although employers can encourage or even require COVID-19 vaccination, their policies must comply with the Americans with Disabilities Act (ADA), Title VII of the Civil Rights Act of 1964 (Title VII) and other workplace laws.

What this means is that while employers can suggest or require vaccination, employees with religious objections or disabilities must be excluded or accommodated. In addition, employers may need to reach an agreement with unions before mandating vaccines with union-represented employees.

Increasing Access to Vaccines

As the number of COVID-19 cases fluctuates in California, many employers worry about the impact the virus will have on their workforce. Vaccination has the potential to reduce the number of sick days and health insurance spend companies incur. However, requiring vaccination might cause more problems than its worth.

Employers wishing to encourage employees to get the COVID-19 vaccine could benefit from removing all barriers that exist preventing vaccination. Taking effective measures to ensure employees have access to vaccination without incurring out-of-pocket expense can increase the number of employees willing to receive the vaccination.

Final Thoughts

It’s crucial that employers weigh their options before attempting to make vaccination mandatory. While patients do not have to pay for the COVID-19 vaccine, providers can still charge a fee for administering the vaccine. This fee is covered by most health insurance plans. Offering health insurance benefits to employees could increase the number of workers willing to receive the vaccine.

Employers interested in learning about available health insurance plans should speak with an experienced employee benefit specialist. MEBO works with organizations in California to develop benefit plans, customized to the needs and goals of each organization.  Please contact us for information about our services or to schedule a consultation.