Implementing an HSA with an Existing FSA Requires Careful Planning
With regulatory guidance on the books and multiple product offerings available, more employers are considering adding a high deductible health plan/health savings account (HDHP/HSA) to their health benefits options. However, for employers that already offer a Section 125 health care flexible spending account (FSA) to employees, HSA implementation requires additional advance planning. The reason being employees who contribute to a health care FSA cannot also participate in an HSA.
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Selling Employees on Supplemental Life Insurance
Despite the fact most Americans believe life insurance is the best protection against the financial hardship that can be brought on by the death of a primary wage earner, close to half of U.S. households are uninsured or underinsured, according to a fact sheet put out by LIMRA International. Given such sentiment about the value of life insurance, one would think that coverage offered through the workplace would be an easy sell. However, according to a survey by MetLife, only a few employers—about 15%—have employee participation rates of more than 50% in their voluntary supplemental life insurance programs. Why the seeming disconnect, and what can employers do to help employees get the coverage they need?
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What’s the Financial Impact of Disease Management Programs?
Disease management (DM) is becoming increasingly commonplace in health plans of all sizes. In the large employer arena, 70% offer at least one DM program, according to Mercer Human Resource Consulting’s National Survey of Employer-Sponsored Health Plans 2004. A separate survey by Aon Consulting of human resources executives found that 43% of the surveyed companies had formal disease management programs in place. And, a survey by Kaiser Family Foundation/Health Research and Educational Trust (KFF/HRT) of public and private firms ranging in size from upwards of three employees reports that 56% of workers with health care coverage are in plans that have at least one DM program.
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Workers Placing Higher Value on 401(k) Plans
Workers are placing a higher value on employer-sponsored retirement plans, and are contributing more to them, according to the Seventh Annual Transamerica Retirement Survey. In 2004, 66% of surveyed workers viewed a 401(k)-type plan as very important, and this figure rose to 74% in 2005. And, average 401(k) contribution rates increased in 2005 to 9.9%, from 8.4% in 2004.
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Things You Should Do To Protect Yourself From ID Theft
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