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Mercer Report Projects 5.8% Health Benefits Cost Increase in 2025 U.S. employers estimate health benefit costs will increase by 5.8% in 2025, according to Mercer’s 2024 National Survey of Employer-sponsored Health Plans. This would mark the third consecutive year that the total cost per employee rose more than 5%. The report attributed the higher costs to … Continued
For millions of Americans, the end of the year is open enrollment season – a yearly opportunity to take stock of your health care needs and select the health insurance plan that works best for you. It is a window of time – typically in the fall – when you can sign up for health … Continued
Now more than ever, employees are looking to their employers for guidance on navigating their available benefits and how to stretch their dollars further. As such, effective open enrollment communication is critical this year. According to a Voya Financial survey, nearly one-third of American workers (31%) eligible for benefits admitted they don’t fully understand any … Continued
When the autumn leaves fall and the weather turns cooler, we know it’s time to start thinking of open enrollment. Open enrollment season can be a confusing time. As you begin your research into which plan to choose or even how much to contribute to your Health Savings Account (HSA), consider evaluating how you used … Continued
Amid the economic panic last year, workers were unwilling to sacrifice job security for a new work environment. Many workers felt it was foolish to re-enter the job market during a shut down. However, in 2021, employers have experienced high turnover rates and experts are now predicting a “turnover tsunami” in voluntary departures and resignations. … Continued
With many enrollments being forced to go virtual this year, you may feel at a disadvantage. But, there are actually plenty of reasons to believe a virtual open enrollment could be even more effective for you and your clients. IMPROVED EDUCATION People only tend to remember 10% of what they hear and only 20% of … Continued
Open enrollment season is upon us and many companies are choosing to host “virtual benefits fairs” instead of the traditional “walk and talk” fairs. Open enrollment meetings have turned into live streaming events or recorded webinars. Incentivizing employee participation in these areas can come in a variety of ways but the newest trend is gamification. … Continued
It’s the most wonderful time of the year. No, it’s not Christmas—it’s Open Enrollment!! When the autumn leaves fall and the weather turns cooler, we know it’s time to start thinking of open enrollment hype and meetings and meetings and meetings. So how do you change normal and ordinary communication about employee benefits and change … Continued
Question: Can an employee change a pretax plan election after the employer’s open enrollment window has closed but before the plan year has begun? Are there any potential downsides for allowing this? Answer: Yes, an employee may make a change to his or her benefit election after open enrollment has ended but before the plan year … Continued
Adding a spouse to your existing health insurance policy can become necessary after marriage, job loss, or change of employment. Typically, changes to a policy may be made only once a year during a period typically known as “open enrollment.” According to the National Association of Insurance Commissioners, changes may be made at any point … Continued