The COVID-19 Financial Landscape: Is it Time to Revise Your Benefits Strategy?

The COVID-19 Financial Landscape: Is it Time to Revise Your Benefits Strategy?

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During the COVID-19 economic crisis, revising your company’s benefits strategy may appear to be a complicated process. However, we here at benefEx have you covered! Evolving Your Benefits Strategy With an Evolving Financial Outlook Here are some of the steps we recommend you take with your benefits consultant to navigate the process. Identify the Company’s Objectives, Including Budget Setting objectives …

Layoff vs. Furlough: How Each Affects Benefit Retention and COBRA Eligibility

Layoff vs. Furlough: How Each Affects Benefit Retention and COBRA Eligibility

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During the COVID-19 pandemic crisis, many US companies are furloughing or laying off employees. Continuation of health insurance benefits during layoff vs. furlough is a hot topic. In this article, we’ll also be discussing COBRA, which refers to the Consolidated Omnibus Budget Reconciliation Act law passed in 1985. This law allows workers to continue on the same health insurance plan …

The Advantages of Telemedicine

The Advantages of Telemedicine

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More and more patients are embracing telehealth options, opting for remote care over in-person visits. In this blog, we’ll analyze what has contributed to this phenomenon.

Lowering Health Care Costs Despite the Constant Rise

Lowering Health Care Costs Despite the Constant Rise

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Lower Health Care Costs May Not Be Out of Reach It is no surprise that health care costs have been growing at an astounding rate each year. Lack of transparency and skewed pricing is making it very difficult for employees and employers alike to save on necessary health-related costs. Fortunately, not all hope is lost. With the right strategies, employers …

Keep Healthcare Spending In-Check with Three Necessary Components

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Effectively Manage Healthcare Spending When making recommendations on a company’s insurance coverage, it is important that a benefit consultant targets these three components: employee engagement, vendor selection and utilization, and plan design. To manage healthcare spending, each of these areas need to be overseen effectively. Employee Engagement: Employees can be purposefully engaged with relevant yet manageable education during the enrollment …

Are Hospitals Exercising Market Power in Healthcare?

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Where the Market Power in Healthcare is Held Hospitals are powerful in ways that the average person would not recognize, because we don’t see the contracts signed between hospitals and insurance companies. Hospital systems hide terms of service in these contracts: they disallow patients from obtaining lower-cost services elsewhere. This is market power in healthcare.   When prominent insurance providers …

Wages Are Stagnant While Healthcare Costs Rise

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Why Our Wages Are Going to Increased Healthcare Costs Life in the USA is arguably very good for Americans. Unemployment is at 3.6 percent through May 2019. This is improved by .3 percent since fall of 2018. While textbook logic indicates a strong economy should push wages upward as business opportunities increase and more labor is needed that’s not the …

Voluntary Benefits Plans: What Can We Expect for the Future?

Voluntary Benefits Plans: What Can We Expect for the Future?

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A Projected Look Into Voluntary Benefits Plans Currently, in the workforce there are five generations providing labor and support. A decade ago there were only three or four generations in the office. The increase in age ranges directly translates to an increase in the variety of needs to be met by voluntary benefits offerings. The modern term for voluntary benefits …

What Are Voluntary Benefits?

What Are Voluntary Benefits?

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How Voluntary Benefits Help You and Your Employees Inherently voluntary benefits are about offering flexibility that appeals to a wide variety of employees. The overall group of benefits offered is often referred to as a “cafeteria plan.” Employees can have a look around at the scope of what’s being offered and pick what they’d like while leaving the rest. More …

Telemedicine Benefits: Why Telemedicine is a Great Benefit to Provide Employees

Telemedicine Benefits: Why Telemedicine is a Great Benefit to Provide Employees

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Telemedicine Benefits Make Coverage Worth it To Employers Incorporating telemedicine into your employer benefits package is a big win for you and your employees. Telemedicine benefits increase employee satisfaction and reduce health costs at the same time. There are millions of patients that use telemedicine – the use of telecommunication and information technology to provide health care from a distance. …