Welcome to The Source, your one-stop-shop for the latest and greatest HR and benefits news. Our weekly publication highlights this week’s top stories in human resources, benefits administration, insurance, legislation and more to make sure you can stay on top of industry trends and changes. Start off your week on a high note with The Source!In this week's edition, we cover rising health care costs and how employers can help those struggling with it, legislation regarding 'surprise' medical bills, explanations for why they're so high, and much more! Click To Tweet
A New Explanation for Why U.S. Health Care Spending is So High
New research from RAND Corp. presents a new explanation for the ever-increasing health care expenditures in the U.S. The study found that U.S. residents get about as much health care as residents of other countries but pay much higher prices for the care, and other research showing that most of the gap is due to the high prices private health plans pay. Private plans averaged more than 200 percent of Medicare payments for the same care at the same hospitals. Get a full summary of their findings from BenefitsPro.
Doctors Argue Plans to Remedy Surprise Medical Bills Will ‘Shred the Safety Net’
After the introduction of some high-profile legislation in the House and Senate to make medical providers address the issue of unexpected high medical bills, the Physicians for Fair Coverage has started to run a $1.2 million national commercial in protest.
The ad issued a warning: “What Congress is considering would cut money that vulnerable patients rely on the most. That means seniors, children and Americans who rely on Medicaid would be hurt.” Kaiser Health News took a deeper dive to investigate the basis for their claim, and they found that no piece of surprise bill legislation will cut federal funding for Medicare or Medicaid. Get the full rundown of their investigation.
3 Disability Insurance Items Benefits Advisors and Employers Should Discuss
One in four adults in the U.S. lives with a disability, and more than one in four of today’s 20-year-olds will become disabled before they reach retirement age. Despite the frequency, many people who experience a disabling event are physically, emotionally and financially unprepared for it. Open enrollment is the perfect time to engage and educate employees about their short and long term disability coverage options. Get three key points to help communicate the value of this insurance from BenefitsPro.
Health Care Blockchain Could Save Industry $100B Annually by 2025
A new report by BIS Research estimates that health care blockchain could save up to $100 billion annually in costs related to IT, operations, support functions, personnel, and health data breaches by 2025.
These developments in providing efficient health care services are extensively dependent on advances in information technology, which would require significant investments by health care organizations. Read more from HIT Infrastructure.
7 Ways HR Can Support Employees Through Family Leave
Beyond the legal guidelines required by the Family and Medical Leave Act (FMLA), there are additional steps that HR can take to make life easier for employees as they navigate the process of family leave. Having an official written company policy, ensuring managers are well-trained and employees know their benefits well are crucial steps to take so the whole process is smooth and compliant. Get more tips from HealthJoy.
Employees Are More Stressed Than Ever About Health Care Costs. Here’s How to Help.
A recent Employee Financial Wellness Survey held by PwC found that 61 percent of employees plan on working during retirement or postponing it due to present or future health care costs.
Amidst the growing concerns about health care costs, only 18 percent of employees said their employer’s financial wellness program has helped them better manage health care expenses or save for future costs. Get some strategies for how employers can help from BenefitsPro.
OE Week 2019 [Free Webinar]
It’s no secret that open enrollment is a lot of work for HR teams. From designing their benefits package to accounting for rising health care costs to planning employee communications, it’s easy to feel overwhelmed by everything that has to get done. Get inspired, focused and motivated with PlanSource OE Week, five days of free 30-minute webinars held daily August 19-23 at 2pm ET (11am PT).
Each day during OE Week will feature a short webinar that’s packed with specific, actionable content that’s designed to help break down the process and focus employer efforts on planning and executing the best OE ever. If you can’t make it to all five webinars – don’t worry – we’ll send out recordings with the slides to all registrants afterwards.
Thought Of The Week
“What you do has far greater impact than what you say.” – Stephen Covey
What are you doing to set the tone for your workplace culture?