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In a new wave of lawsuits filed under the Employee Retirement Income Security Act of 1974 (ERISA), four employers were sued during the recent holiday season for allegedly breaching ERISA fiduciary duties regarding their voluntary benefits insurance offerings. The voluntary benefits at issue are accident insurance, critical illness insurance, cancer insurance, and hospital indemnity insurance. […]
Would it surprise you to learn that 66% of all bankruptcies are due to medical expenses? Even more startling, 80% of these medical-related bankruptcies involve individuals with health insurance. Clearly, there’s a pressing issue that needs to be addressed. This article will outline three essential steps to establish a “medical safety net” for your employees, […]
By now you’ve read plenty about the looming care crisis in our country. Advances in modern medicine are resulting in people living longer than ever before. At the same time, the costs of long-term care and access to that care are becoming more restrictive. However, another story that doesn’t get quite as much attention in […]
According to a recent PwC survey, nearly two-thirds of workers are on the hunt for a new job. As the “Great Resignation” continues to evolve, employers need to pull out all the stops to attract top talent and retain their employees, and this includes prioritizing new and sought-after benefits. When looking for a new job, […]
In our latest installment of Ask the Expert, brought to you by the team of industry experts at HR Hero®, we look at a recent question from a subscriber regarding the recommended management and payment of voluntary benefits for employees while they are out on unpaid leave. Q: How should employers handle voluntary benefits when employees are […]
If you provide your employees with voluntary benefits, you’ve most likely considered offering them through face-to-face annual enrollment meetings or over the phone. While these enrollment methods may still be considered valid approaches, those traditional norms are changing. The pandemic has obviously impacted access to employees. In fact, a reported 50% of the workforce is […]
Typically, employees think about their benefits two times: when they are first hired and the day before benefits elections are due. This year, however, things are very different. According to recent research from Voya Financial, 71% of employees plan to spend more time reviewing their voluntary benefits this year compared with last. The reason for […]
While stress does not always stem from work, it often filters into the workplace. Employers today recognize this and see voluntary benefits as a way to ease the impact financial stress has on employee well-being and performance.
In its inaugural “State of Employee Benefits 2016” report, Benefitfocus found companies are altering their healthcare plan design to shift greater financial responsibility to employees via voluntary benefits, driving the need for a different approach to healthcare consumption. These benefits can be powerful tools in helping cover the costs associated with consumer-driven health care, says […]
In yesterday’s Advisor, Steve L. Adams shared some of the advantages of voluntary benefits and how to facilitate enrollment; today, we present more findings regarding this trend in compensation and what to consider for 2015.