Voluntary benefits can help close the gap on medical costs
Most experts think the cost of health care expenses will continue to rise. Fortunately, voluntary insurance products and service benefits can help employees better manage their out-of-pocket expenses. In 2016, the cost of healthcare for a typical American family of four covered by an average employer-sponsored PPO plan was $25,826, according to the Milliman Medical Index. According to a recent Colonial Life article, this cost includes not only premiums—with about 40% being ou
Student loan bill introduced to address employees demand for repayment help
A new bill titled the Employer Participation in Student Loan Assistance Act (H.R. 795) was recently introduced to address the issue of student loan debt. This bill would encourage private employers to offer employees a tax-free benefit to put toward their student loan debt, according to a recent article by BenefitsPRO. While several bills have been presented in the past, this bill was introduced as a bi-partisan measure. Key findings of the survey research behind the bill inc
Workers enrolled in HDHP need help with first dollar coverage
Why employers offer HDHP plans The majority of large employers believe HDHPs are one of the most effective ways to reduce costs, according to the National Business Group on Health. Studies show that higher deductibles lead to a lower benefit spend because there is less care across the board. This helps companies offset rising healthcare costs. The size of the average employee-sponsored plan deductible has more than doubled over the past eight years. According to a survey by p
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