Benefits

Source: ADP® SPARK Newsletter   Offering competitive health benefits doesn’t have to strain your budget. A hybrid approach – level-funded health plans – could help you strike the right balance between quality care and cost effectiveness.   As health care costs continue to rise, finding the right group health insurance plan for your business has never...

By Kathryn Mayer   Several changes are coming to health savings accounts (HSAs) that will expand the HSA footprint and impact employers and their health care benefits, industry experts said.   President Donald Trump’s massive tax and spending package, which Congress passed before he signed it into law July 4, contains changes that will expand...

The best sources for voluntary benefits depend on your business size, budget, and employees’ needs. Here are some top options to consider:   Insurance Providers Many large insurance companies offer voluntary benefits as add-ons to traditional plans: Aflac – Supplemental insurance, including accident, critical illness, and disability. MetLife – Dental, vision, life, and legal assistance...

It depends on your business structure, budget, and employee needs, but replacing traditional benefits entirely with voluntary benefits may not be the best approach. Here’s why:   Legal & Competitive Considerations   Health Insurance Requirements – If you have 50 or more full-time employees, the Affordable Care Act (ACA) requires you to offer health insurance...

Offering voluntary benefits can be a smart move for your business, providing value to employees while keeping costs manageable for you. Here’s why:   Attract and Retain Talent A strong benefits package makes your company more competitive in the job market. Employees value personalized benefits that fit their needs, increasing job satisfaction. Low-Cost Way to...

Voluntary benefits are employee benefits that are optional and typically paid for by employees rather than the employer. They are offered alongside traditional benefits (like health insurance and retirement plans) and allow employees to choose additional coverage or services that suit their needs. Some common voluntary benefits include:   Supplemental Health Insurance (e.g., dental, vision,...

By Kathryn Mayer   Global health care costs are expected to rise by double digits for the third consecutive year, new data finds.   Insurers are projecting global medical costs to increase by 10.4% in 2025, matching this year’s hike, according to the WTW Global Medical Trends Survey. In North America, costs are projected to rise...

By Kathryn Mayer   The number of employers offering fertility and adoption benefits has jumped over the past couple of years and continues to rise, new data finds, as more employers look to offer inclusive—and costly—family-building support for a competitive edge. More than 4 in 10 U.S. employers (42%) now offer fertility benefits—up from 40% in...

By Allen Smith, J.D.   When health savings accounts (HSAs) took effect more than 20 years ago, some initially thought HSAs would not be used by rank-and-file employees and would be used only by executives. “That has not proven true,” said Chris Keller, an attorney with Groom Law Group in Washington, D.C. “Financially savvy employees...

Outsourcing benefits administration can offer several advantages for organizations:   Expertise: Benefit administration companies specialize in managing employee benefits. They have the expertise and resources to handle complex tasks efficiently, such as compliance with ever-changing regulations, navigating insurance requirements, and managing employee inquiries. Cost savings: Outsourcing benefits administration can often be more cost-effective than handling...