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 what employers need to know about paid family leave laws, the latest in health care price transparency legislation, the rise in instant pay benefits and more! Click To Tweet
Every Job Counts: How HR Can Make Work More Meaningful
Numerous studies show that employees value meaning and fulfillment in their work — to the point that they’d give up some of their wages to work a job that matters to them. Providing meaningful work doesn’t necessarily mean making employees happy but creating an environment in which peoples’ work is fulfilling. And employers can benefit from this increased job satisfaction too. Read more from HR Dive.
8 Things to Know About Paid Family Leave Laws
Many states have passed or are developing laws on paid leave – Washington, Massachusetts, Connecticut and Oregon, to name a few. Preparation for paid leave laws should start at least a year ahead of time.
Employers need ample time to notify employees, deduct and report premiums and implement other administrative functions. Read more for best practices for when PFML comes to your state from Employee Benefit News.
$11 Trillion in Health Care Costs Over the Next Decade?
Unfortunately, yes. A typical American family spends about $5,000 on health care premiums and out-of-pocket costs each year, so under the existing health care system that number adds up to a mind-boggling $11 trillion over the course of the next ten years. Read more about Kaiser Health’s analysis of this number and what it could mean for the future of the health care system from BenefitsPro.
Trump Advances Health Care Price Rules to Boost Transparency
The Trump administration took a step closer to lifting the veil on opaque health-care prices Friday, advancing two regulations intended to give consumers more information about what they pay for medical services.
While administration officials said transparency would drive costs down, they couldn’t predict how much the policies would affect prices of services or total healthcare spending. Read the full analysis from Employee Benefit Adviser.
High-Deductible Health Plans are a Financial Gamble for Many Employees
New research from Unum found that while almost half of employees plan to sign up for an HDHP during this year’s open enrollment, many of them said they wouldn’t be able to meet their annual deductible and could not afford the out-of-pocket costs associated with their care. Employees are signing up for these plans for the lower monthly costs and are just making a bet that they won’t have any expensive medical care that year. Read more from Employee Benefit News.
Why Instant Pay Benefits Are Showing Growth
Instant pay apps aim to target the increasingly common problem of financial insecurity by giving employees instant access to their earned wages instead of waiting two weeks between paychecks.
This Week at PlanSource | Benefits Trends Webinar
2019 was a busy year in human resources and employee benefits. Several states issued new laws that expanded regulation on everything from parental leave to classifying contracted employees. And amid rapidly changing legal requirements, many movements brought pressing social issues like mental health front and center, which has prompted a timely response from human resources.
What do these changes mean for the future of HR in 2020 and beyond? Join us for a free HRCI- and SHRM-approved webinar on Wednesday, December 4 at 2pm ET where we’ll discuss emerging developments that will be impactful for benefits and HR professionals in 2020.
Thought Of The Week
59% of employees say that health and wellness benefits are important for increasing loyalty to their employer. – MetLife 2018
What are you doing to put wellness programs front and center in 2020?