Straight From The Source Blog by Higginbotham Insurance

Few things have had as much impact on the health care landscape in recent decades as technology. Telemedicine is the perfect example. While telehealth isn’t a new concept, technology has taken us from the “dark ages” of doctors making house calls to futuristic wearable devices such as the Apple Watch that can sense abnormalities and call a doctor for you.

Like any business owner, you want to take care of your employees and offer the most generous benefits you possibly can. But if you operate a business with multiple locations in multiple states, you know what a compliance nightmare it can be dealing with inconsistent paid leave laws.

What do these three situations have in common?

Reference-based pricing (RBP) is the newest health plan model to make waves in employee benefits. It’s a fairly simple idea that’s creating a lot of buzz, and companies are eyeing it as a way to control costs.

Want to take control of employee benefit plan costs? One way is to target the health problems that drive up costs. IFEPB’s Workplace Wellness Trends 2017 Survey identified the health conditions that cost employers the most. Here’s a look at what they are and how to target them.

The cost of health insurance keeps rising. As employers look for ways to cut costs, many businesses are turning to alternative methods of risk transfer. Self-insurance, as well as partial self-insurance and captive insurance, can give companies increased control over their health care costs. It can also help businesses take control of other major insurance expenditures such as your workers’ compensation or business liability insurance.

Not so long ago, the term “financial wellness” didn’t even exist. But years of volatile markets, a rollercoaster economy and an increasingly informed public have all helped to make financial wellness offerings a staple in employee benefits packages. Financial wellness programs and advice have traditionally been built on four pillars: budgeting, saving for emergencies, eliminating debt and planning for retirement.

But in our world of e-commerce, online banking, digital wallets and multiple social media platforms, our automated lifestyle has made us all increasingly vulnerable to fraud and cybercrimes.

Identify theft is one of the fastest growing of them all, and the statistics are shocking. According to a study by Javelin Strategy & Research, more than 16 million people became victims of identity fraud in 2017. According to renowned money expert Clark Howard, there’s a new victim of identity theft every two seconds!

That’s why identify theft protection has become the fifth pillar of financial wellness.

In this day and age, employees have a host of financial stresses like budgeting, paying the rent, investing, paying for college and figuring out how best to use benefits such as 401(k)s and health savings accounts (HSAs). And for most, the threat of identity theft is getting higher and higher on the list of financial stresses.

Employers see it too. They see how distracted and unproductive employees can be when their minds are on personal money problems instead of work. And they know identity theft is on everyone’s mind.

With today’s threats, identity theft protection should play a crucial role in any financial wellness package.

New data breaches pop up constantly, and identity thieves are getting more sophisticated. If you want to help your employees protect their finances, reputation and identity, your financial wellness benefits should include identity theft protection. In fact, here are five reasons it should be an integral part of your voluntary benefits offerings:

Employee benefits are one of the key drivers that entice great people to join a company, be productive employees and develop long-term loyalty. But today’s employees want more than just health insurance.

They want personal and professional growth opportunities, career flexibility, collaborative work environments, volunteer days and an individualized balance of compensation and benefits. They want a diversified and personalized experience, and they want it neatly packaged and easy to understand.

This unification of work-life balance benefits is what the concept of total rewards is all about. However, offering a rich mix of work-life benefits isn't enough. The success of your total rewards program depends on how employees perceive your program’s value. How can you help promote positive perceptions? Through great communication strategies.

Here are seven communication tips to get you on the right track:

Don’t assume your employees understand their health savings accounts (HSAs). According to research conducted by Alegeus, 65 percent of HSA holders lacked the knowledge needed to pass a basic fluency test about their accounts. As a result, many people may be unable to maximize their benefits, leading to higher costs and more frustration than necessary.

Your employees are stressed out about a lot of things, and their workload is only part of it. According to the Center for Financial Services Innovation, approximately 85 percent of all U.S. workers are worried about finances, leading to reduced productivity, absenteeism and higher turnover rates. If some of this stress can be alleviated, both employees and employers profit. One simple way to do this is through group employee accident insurance.