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Transamerica Reveals Workplace Benefits Forecast for 2026
Transamerica / Mar 22, 2023 / PRNewswire / /
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Transamerica today unveiled predictions from workplace benefit
professionals on a wide range of employee benefits issues
looking toward 2026. Transamerica Prescience 2026 is the first
in a series of ten polls and three discussion sessions being
conducted over 12 months, each focusing on a particular aspect
of employee benefits. Transamerica asked the panel about their
expectations for employee financial wellness offerings. The
results of the first poll presented in this report paint a
positive picture for the future of workers' financial
well-being.
By year-end 2026, these industry professionals foresee:
Retirement plan coverage in the under-100 employee market will
have equaled coverage in the 100+ employee market.
Flexible benefits and total rewards programs will have grown in
popularity to accommodate an increasingly diverse workforce.
Financial well-being benefits (e.g., mortgage or rent
assistance, credit improvement) will be added, and more than 50%
of employers will offer student loan repayment programs.
More than 40% of employers will offer an emergency savings fund
mechanism.
More than two-thirds of employers will offer High Deductible
Health Plans (HDHPs) and Health Savings Accounts (HSAs).
Nearly 40% of employers will offer gap insurance to help
employees who lack the means to fund a Health Savings Account
(HSA) which helps cover the risk of unexpected healthcare
expenses.
Organizations that offer employment flexibility and mobility
will have a competitive advantage in the race for talent.
The performance gap will widen between those employers able to
offer the flexible total rewards program of the future and those
who simply cannot.
New PeopleKeep Report Shows Small Businesses are Committed to
QSEHRAs, Increasing Allowance Amounts and Expanding Offerings
The 2023 Qualified Small Employer Health Reimbursement
Arrangements (QSEHRA) Annual Report indicates the average
monthly allowance offered by employers utilizing the health
benefit has increased by almost 40%
March 23, 2023 / BUSINESS WIRE / /
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PeopleKeep, the leader in personalized benefits for small to
midsize organizations, released its sixth annual report on
Qualified Small Employer Health Reimbursement Arrangements
(QSEHRA), showing that the average monthly allowance provided by
employers offering QSHERAs through PeopleKeep has increased by
almost 40% in the last four years, underscoring the growth and
viability of the health benefit, an often-overlooked asset
within the Affordable Care Act.
“The 21st Century Cures Act gave small employers a more
affordable way to support coverage for their employees through
the QSEHRA”
The QSEHRA is a formal, IRS-approved health benefit allowing
small businesses with fewer than 50 full-time equivalent
employees to offer a tax-free reimbursement to their employees
in all family status categories for their health insurance
premiums and other qualifying health expenses.
Other key findings from the report include the following:
The longer companies offer QSHERAs, the higher the allowance
they offer—an average of $448.42 at six years compared to
$396.53 at year one.
Companies with 1-4 employees have the largest allowance at $439
compared to larger companies with up to 49 employees.
The percentage of companies who enabled Employer-Sponsored
Premium Reimbursement (ESPR)—a feature to allow the
reimbursement of another employer’s Group Premiums so that
employees can be reimbursed for premiums they, their spouse or
eligible dependents have through another employer—reached 31% in
2022, an 8-point year-over-year increase.
The average monthly allowance offered by employers in 2022 rose
to $412 from $402 in 2021—covering nearly all of an average
lowest-cost self-only silver plan premium of $428 for a person
age 40—as reported by the Kaiser Family Foundation.
Hormel’s New Employee Benefit: A $5M Onsite Child Care Center
Kathryn Mayer / SHRM / March 21, 2023 / /
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Food processing giant Hormel started looking for child care
facilities for its employees a few years ago, when the company
noticed finding local child care was a problem for some of its
workforce. But Hormel also ran into problems when it tried to
find or recruit a center into its headquarters, reports said.
So now, the company is building its own. The company behind
products like Spam and Jennie-O turkey will soon kick off
construction on a $5 million child care center at its
headquarters in Austin, Minn. It's expected to open next year.
The benefit announcement comes at a pivotal time for many
working parents. Child care has long been a problem for many
working parents, but the issue worsened during the pandemic as
child care facilities and schools temporary shut down. As a
result, many parents, notably women, exited the workforce or
considered doing so. The exacerbated problem is causing some
employers to roll out more benefits to help.
New Survey: Big Disconnect Between Benefits Workers Want and
What Companies Offer
Most Employers Don’t Plan to Adjust Benefits This Year
March 22, 2023 / Source: Express Employment Professionals /
GLOBE NEWSWIRE / /
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Two-thirds of Canadian companies (66%) say it is impossible to
offer all the benefits employees want, but the real issue may be
that the benefits being offered by employers are not what
jobseekers want, according to a new survey from The Harris Poll
commissioned by Express Employment Professionals.
Flexibility remains in-demand, with jobseekers saying flexible
work hours (64%), the ability to work remotely (56%) and a
shortened work week (40%) are the benefits they want most.
However, only a minority of employers currently offer flexible
work hours (44%), the ability to work remotely (35%), and a
shortened work week (22%).
Part of the desire for flexibility in work location and
shortened work week comes from the increased cost of commuting,
as nearly two-thirds of employed Canadians (63%) say they would
quit their job if they could find something closer to home due
to the high cost of commuting (e.g., gas prices, public transit
fares).
Despite this strong desire by jobseekers for more work
flexibility, the majority of companies expect benefits will
remain the same in 2023 (62%). While some companies do plan to
increase benefits this year (28%), they expect to mostly improve
their traditional benefits and not the non-traditional benefits
Canadian jobseekers clearly favour.
Flimp Releases New HR Digital Postcard Library with 50+ Employee
Communication Templates
Flimp Communications / Mar 22, 2023 / PRNewswire / /
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Flimp Communications, a leading provider of employee benefits
and wellness communication solutions for employers, today
announced the availability of its HR Digital Postcard Library.
The new library contains over 50 pre-built templates on a range
of common topics for employee education and communication. Due
to their extraordinary engagement rates*, and in-depth viewer
tracking, Flimp Digital Postcard campaigns have become a best
practice solution for hundreds of companies, including dozens of
the Fortune 500. They are resource rich, visually appealing,
easy to use, measurable, and can be rolled out in a matter of
days. The Digital Postcard Library provides a leg up for
time-strapped HR leaders looking for a better way to engage,
educate and empower employees.
Anthem Launches on TPA Stream Claims Data and Benefits Software
Platform
TPA Stream / Mar 14, 2023 / PRNewswire / /
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TPA Stream is pleased to announce that Anthem Patient Access
APIs are now live within the TPA Stream platform. This means
that the 43 million members on Anthem can get their
out-of-pocket health expenses paid faster and more accurately
when their third party administrator uses TPA Stream.
"We're so excited to have the Anthem Patient Access API live for
our customers. We've supported claims harvesting for the Anthem
group of carriers for years. Connecting directly via API
improves the participant experience and enhances the
deliverability and connectivity for the third party
administrators working on reviewing and approving out-of-pocket
claims for our members," Jacob Sheridan, CEO and co-founder of
TPA Stream.
Bacteria in recalled eye drops linked to cases of vision loss
ABC 7 Chicago / March 22, 2023 / /
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The death toll of an outbreak linked to contaminated recalled
eye drops has risen and more people have lost their vision.
More than 10 different brands of artificial tears have been
recalled. Most cases have been linked to EzriCare and Delsam
Pharma eye drops, made by India-based Global Pharma Healthcare.
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PHOTO OF THE DAY |
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ARCHIVES |
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Tuesday, 03/21/23 - -
Backed by 21 years of research, MetLife’s Employee Benefit
Trends Study is the longest running report on trends in employee
benefits and workforce dynamics.
Wednesday, 03/22/23 -
CalPERS to pay $800 million settlement over claims it misled
retirees on costs of long-term care insurance
Thursday, 03/23/23 - -
The future of US employee healthcare benefits / McKinsey &
Company
Friday, 03/17/23 - -
Gympass Surpasses 250 Million Check-Ins as Employee Demand for
Wellbeing Benefits Reaches Unprecedented Heights
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