In a world where health insurance is the second largest expense businesses face after salary, it’s more important than ever to offer a range of options to help reduce the overwhelming cost of healthcare. Voluntary benefits like accident insurance, pet insurance, telemedicine, and tax-exempt savings accounts have become a staple of any comprehensive benefits package. To stay competitive as an employer, it’s critical to give employees access to supplemental offerings that help protect them against the high costs of healthcare.
It’s no secret that healthcare costs are rapidly increasing. According to the Kaiser Family Foundation’s 2017 Employer Health Benefits Survey, the average family premium has risen by 55 percent since 2007, and deductible costs have skyrocketed even faster—increasing over 144 percent over the same time period. As a result, high deductible health plans (HDHPs) have become increasingly popular over the past few years.
ACA, HRA, PPO—sometimes it feels like employee benefits has its own language. If you’ve ever scratched your head at a benefit acronym, it’s likely that your employees have too. We’ve put together a glossary of the most popular, albeit confusing, employee benefits and healthcare terms every HR professional should know so you can find all the answers you need.
Mental health has become an increasingly important piece of the ever-evolving benefits puzzle.
As summer draws to a close, HR professionals across the country are preparing for open enrollment. Top-notch benefits have become more important than ever to attract and retain top talent. In our recent open enrollment survey, Namely found that the vast majority of employees would give up novel perks for better benefits. However, most employees don’t want to pay higher premiums. So how can you provide high quality, affordable plans? Namely has teamed up with major insurance carriers to help companies do just that.
With unemployment at record lows, companies are looking for innovative ways to attract top talent and stand out from the competition. While paid time off (PTO), family leave, and even sabbatical have all been touted as game-changing perks, there’s one workplace benefit that both helps employees disconnect and serves a greater purpose. In addition to traditional vacation days, many companies are now offering volunteer time off (VTO).
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Whether they’ve caught the flu or are welcoming an addition the family, paid leave benefits give workers a chance to recoup without forgoing pay. Traditionally, illness and childbirth have been the two main criteria for determining eligibility.
The field of human resources is changing. In our HR Redefined series, we give innovators a medium to share personal reflections, professional advice, and best practice guidance.