Navigating Legal Risks: The Role of HR Compliance in Avoiding Penalties and Lawsuits
The days when HR merely filled open positions, processed payroll, and kept employees engaged are long gone. Ensuring compliance with a complex web of employment laws and regulations has become a core component of any HR position. This shift is essential for mitigating legal risks and protecting your organization from costly penalties and lawsuits. Layers […]
The Role of Data Analytics in Population Health Management
Businesses increasingly use data analytics to boost their wellness programs and enhance population health management. HR departments are teaming up with their employee benefits consultants to drive this shift by utilizing data-driven insights to understand employee health patterns, identify potential risks, and create customized interventions that foster well-being. By taking a proactive approach, HR teams […]
Cost Control Through Pharmacy Management
Controlling healthcare costs is a top priority for businesses today, especially as insurance premiums and prescription drug prices continue to climb. Pharmacy benefits account for a significant portion of these expenses, prompting companies to seek effective strategies to manage costs while maintaining employee access to essential medications. Pharmacy management has emerged as a vital approach […]
Current Trends in Stop-Loss Insurance for 2024
As healthcare costs continue to rise and market uncertainties persist, a growing number of employers are turning to self-insurance to gain better control over their healthcare expenses. This shift towards self-insurance accompanies a heightened focus on risk management and using advanced data analytics to optimize stop-loss insurance solutions and accurately assess risks. However, the employer […]
High-Deductible Health Plans (HDHPs): Understanding the Benefits
High-Deductible Health Plans (HDHPs) are increasingly popular in the United States as employers and individuals seek ways to manage rising healthcare costs. While these plans require policyholders to pay a higher deductible before insurance coverage kicks in, they also offer a range of benefits that can make them an attractive option. Benefits of HDHPs 1. Cost […]
How To Develop an Effective HR Strategy: 5 Steps to Drive Your Organization Forward
People are the foundation of any business. Implementing a strategic roadmap for how you attract, manage, and retain your people can be the difference maker in the success and growth of your organization. A thoughtful and effective HR strategy not only aligns with business objectives but also fosters a productive, engaged, and satisfied workforce. The […]
The Future of HR Technology: Trends Every HR Leader Should Know
Human Resources (HR) technology, or HR Tech, is undergoing a revolution. Artificial intelligence (AI), automation, and data-driven insights fundamentally reshape how organizations manage their most valuable asset – their workforce. HR leaders who embrace these trends can reap significant benefits for their companies, including: As an HR leader, it’s essential to optimize your people strategy […]
Captive Insurance Solutions Are a Game Changer for Your Business
Captive insurance for employee benefits is a strategy where a group of employers collaborate to distribute the risk of their self-funded medical and pharmacy plans. By incorporating multiple layers of stop-loss insurance , each employer can choose a deductible level that suits their needs while maintaining high flexibility and control. This collective arrangement means risks are […]
REMINDER: PCORI Fees Due By July 31, 2024
REMINDER: PCORI Fees Due By July 31, 2024 Employers that sponsor self-insured group health plans, including health reimbursement arrangements (HRAs) should keep in mind the upcoming July 31, 2024 deadline for paying fees that fund the Patient-Centered Outcomes Research Institute (PCORI) via Form 720, which was recently updated and released by the IRS. As background, […]
The Value of Voluntary Benefits: Enhancing Employee Satisfaction at No Cost to Employers
There are now up to five generations coexisting in the workplace, each with their own motivations, expectations, and needs? If you couple this reality with the rise of hybrid work environments, the need for a comprehensive employee benefits strategy with diverse voluntary benefits has never been more critical. Today, 61% of employees believe it is […]
