Millennials are now the largest generation in the American workforce. As baby boomers retire and a younger generation of workers fills their shoes, employers must find new ways to attract a new crop of talented employees.
Research consistently shows that health benefits top the list of benefits employees value most. However, today’s workers are looking for more than just a health plan—they want more choices and greater flexibility. Unfortunately, traditional group health insurance generally doesn’t offer much by way of freedom of choice.
Declining unemployment rates, rising wages, and a rebounding economy mean that today’s workers can afford to be choosier when it comes to finding employment. A recent MetLife survey reveals that businesses that want to hire and keep the most talented employees must dial in to what they want most: flexible, customizable benefits—particularly with respect to health benefits.
This post is an extract from our eBook, The Comprehensive Guide to the Small Business HRA. You can download the full guide for free by clicking here. If you’ve decided to implement the Small Business Health Reimbursement Arrangement (HRA), it’s important to manage and administer it appropriately. Here are three key points to keep in mind as you start to offer your new benefit to your employees, as well as tips for choosing an HRA administration tool like our PeopleKeep software to help you avoid making costly compliance mistakes.
This post is a summary of a section from our eBook, The Comprehensive Guide to the Small Business HRA. You can download the full guide for free by clicking here. If you’re ready to offer the Small Business Health Reimbursement Arrangement (HRA) to your employees, it’s important to communicate your new benefits to your workers. After all, you want your employees to take advantage of the benefits you’re offering, and you certainly don’t want them to perceive changes as a reduction in health benefits—something that can happen if employees don’t get the information they need. With this in mind, here are five steps to effectively communicate your new Small Business HRA to your employees.
Married couples share a lot of things, including health insurance coverage in some cases. If you want to switch to a spouse’s policy—or your spouse wants to enroll in yours—it’s usually an easy task to accomplish. However, it’s important to get the timing right and to know when you’re eligible for special enrollment periods.
The 21st Century Cures Act reintroduced the Stand-Alone Health Reimbursement Arrangement (HRA) for small businesses, making it possible for them to offer health benefits they may not have been able to afford otherwise. But implementing this new type of plan, known as the Small Business HRA, can be difficult for businesses whose employees don’t have health coverage.
There are many advantages to employing workers across state lines. Businesses can choose from a larger talent pool, and surveys show that remote employees are happier and more productive on average than in-office employees.
Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. Zane Benefits, Inc. does not sell health insurance.