Top 5 Health Benefits Solutions for 2020
How to make it simpler and more relevant this year!
Human Resources (HR) is the linchpin to managing not only healthcare but just about every aspect of the most important asset of any company, its employees. HR teams across the country are relied on to handle more and more responsibilities.
Easing that burden is the key to success.
We ease the burden with an updated approach to meeting employee needs and by simplifying the process for everyone through technology.
We’ll focus on just 5 key solutions.
Top 5 Health Benefits Solutions for 2020... (view expanded version)
1. Control Costs – “Awareness” fuels cost reduction. At the risk of over-simplifying an extremely complicated subject, "awareness" is key to helping control health benefits costs. Awareness empowers us to make better decisions. It gives us confidence and courage to do things we might have thought impossible.
For example, learn how to live healthy ...and increase the odds of living longer and spending less on healthcare.
Perhaps, learn how to use a Health Saving Account, fund a large HSA deductible...and eliminate financial anxiety when a health emergency arises.
2. Maximize Technology – According to a recent survey from Aflac, half of employees spend 30 minutes or less making benefit selections during open enrollment each year. This means employers have a short window of time to educate employees and make sure they're armed with the right information to feel confident in their benefit selection.
To do this effectively, HR needs to move past brochures, handouts, lengthy employee packets and paper applications and look for ways to meet employees where they live... online.
Maximize technology to save time and win talent.
3. Satisfy Diverse Benefit Expectations - The workforce now includes people living a wide variety of lifestyles. There are more single women than ever. Same-sex marriages are increasingly common. Careers are lasting longer, and many people have several careers in a lifetime. This diverse mix of people represents new realities for employers.
Yes, employees are more diverse than ever before and they want to be recognized as the unique, multidimensional, and "whole" people that they are.
Employees want a broader definition of benefits that are more tailored to their needs. They want more accessible benefits expertise and a clear explanation of benefits, and they want a simplified enrollment and engagement experience.
4. Empower Work/Life Wellness - A recent MetLife employee benefits study reported that today's employees put increased focus on happiness at work. Personal well-being and satisfaction can be as important as the numbers on their paycheck. To that end, employees look to employers to help safeguard them against work-life stress, anxiety and to provide wellbeing programs that reward healthy behavior (even if the employer does not pay for them).
Wellness plans may be included in health insurance programs or stand alone. These plans may include, but are not limited to tobacco cessation, exercise, weight management, or other behavior modification programs. It may also include the opportunity for flex hours and/or to work remotely.
While participation in many wellness programs is voluntary, employers may offer incentives for participation or even disincentives for non-participation.
5. Manage Regulatory Compliance - The easiest way to stay in regulatory compliance with the Affordable Care Act is through technology. Eligibility tracking, employee changes, open enrollment, and even employee self-service capabilities are easily done online. Safety and OSHA requirements are also best tracked online. Enter an incident once to submit the First Report of Injury form, prepopulate OSHA logs, and run customized trending reports.
With VANTREO, your benefits program comes wrapped in technology that not only simplifies HR on-boarding and benefits administration, manages ACA compliance, and includes unlimited reporting capability, but this technology also offers a digital experience that employees actually enjoy.
Not only that, but since our online capabilities are embedded in our service program the platform comes at no additional cost to you.
VANTREO is here to help. If you would like more information on any solution here or would like to tour our technology, just let us know. Reply here.