The Source: Weekly Roundup – May 27th, 2019

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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 discuss strategies to address mental health in the workplace, rebranding the HDHP, open enrollment trends and more! Click To Tweet

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Seven Strategies to Address Mental Health in the Workplace

The American Heart Association’s CEO Roundtable offers its suggestions to confront the challenges of mental illness in the workplace. Employers should be helping their workers combat mental illness and other mental health issues – for both the workers’ sake and for the sake of their organizations, according to the report “Mental Health – A Workforce Crisis,” commissioned by the CEO Roundtable of the American Heart Association. This article discusses seven tips on addressing mental health in the workplace.

Benefit Advisers Say Insurance Carriers Need to Embrace Benefits Tech

It might sound foreign to anyone under the age of 30, but much of the benefits industry is still mired in a pre-smartphone age. That’s according to some advisors who argue that too much of the industry is too paper-driven, and are encouraging employers and carriers to embrace technology as a result. This article analyzes why a move towards more technology would overall benefit the industry.

benefits tech insurance broker

Where Measuring Engagement Goes Wrong

Surveys to assess how engaged workers are in their jobs are highly popular among employers, who hope the results will help them improve employee productivity and creativity and reduce turnover. But consultants and academics have long differed in their conclusions about how much can be inferred from the results of these surveys. Check out this article to learn about why implementing surveys may not be the smartest strategy.

Why It’s Time to Rebrand the High-Deductible Health Plan

Employers are addressing low high-deductible health plan (HDHP) adoptions by investing in education and support tools, but it’s time to go even further.

piggy bank savings

For all the benefits of the HDHP – lower premiums, tax savings, more flexibility for patients, to name a few – it has developed a bad reputation among employees. The reason why could be right in the name: the phrase “high-deductible” isn’t exactly attractive for employees who are hearing about it for the first time – and studies suggest that employees have limited knowledge about what such plans entail. Learn more about why now is the perfect time to rebrand the HDHP.

MetLife Brings Alarming Employee Benefits Data to Life

The majority of us are scared we’re going to outlive our retirement savings. Being able to afford the cost of healthcare in retirement is the number one cause of financial stress among today’s employees, according to MetLife. But that’s just a statistic. The insurance company has brought its 2019 Annual Employee Benefits Trends Study to life with a piece of creativity that showcases what these figures mean for people. Part of the study reads: “Employees state that their number one source of stress is personal finances. Regardless of age or life-stage, a focus on finances tops the list as the biggest concern employees have day to day. Click here to view the rest of the study.

On Average, Employees Spend 18 Minutes Enrolling in Benefits

Employees spend just about 18 minutes on average enrolling in their benefits, far short of the four hours spent by the average consumer when deciding to purchase a mobile phone. Employees also tend to wait until the end of the enrollment period to enroll, and that employers attempted to counteract this via technology that both personalizes and makes benefits more engaging.

employee enrolling in annual benefits

Employers are also offering a wider variety of benefits, per the report, with large companies offering a large variety of plans and benefits. View the full article here.

This Week at PlanSource: The Great Benefits Balancing Act [Webinar] 

Join us for a free webinar in which we’ll break down how dependent verification works and how to implement one at your organization. You’ll discover why it’s even easier and just as effective as other, less desirable cost-cutting measures like reducing benefits or increasing co-pays, and hear success stories of employers that ended up saving big bucks in their benefits program after completing an audit. We’ll also discuss best practices for communicating the process to employees to create an easy, pain-free, money-saving experience for all.

Register Now

nancy sansom

Thought Of The Week

83% of group benefits providers are providing mental health programs as part of their services to employers, and almost 67% of providers expect to increase their programs and services. –  Institutional Investment Network 2017

How do you use benefits to support the mental health of your workforce? 

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