Government and Education Employers Offer Richest HSA Plans

Great article from our partner, United Benefit Advisors (UBA) by Bill Olson

Across most industries, HSA contributions are, for the most part, down or unchanged from three years ago, according to UBA’s Health Plan Survey. The average employer contribution to an HSA is $474 for a single employee (down 3.5 percent from 2015 and 17.6 percent from five years ago) and $801 for a family (down 9.2 percent from last year and 13.7 percent from five years ago). Government and education employers are the only industries with average single contributions well above average and on the rise.

Government employees had the most generous contributions for singles at $850, on average, up from $834 in 2015. This industry also has the highest employer contributions for families, on average, at $1,595 (though that is down from 1,636 in 2015). Educational employers are the next most generous, contributing $636, on average, for singles and $1,131 for families.

Singles in the accommodation/food services industries received virtually no support from employers, with average HSA contributions at $166. The same is true for families with HSA plans in the accommodation/food services industries with average family contributions of $174.

Retail employers also remain among the least generous contributors to single and family HSA plans, contributing $305 and $470, respectively. This may be why they have low enrollment in these plans.

The education services industry has seen a 109 percent increase in HSA enrollment since 2013 (aided by employers’ generous contributions), catapulting the industry to the lead in HSA enrollment at 23.8 percent. The professional/scientific/tech and finance/insurance industries follow closely at 23.3 percent and 22.1 percent, respectively.

The mining/oil/gas industry sees the lowest enrollment at 3.8 percent. The retail, hotel, and food industries continue to have some of the lowest enrollment rates despite the prevalence of these plans, indicating that these industries, in particular, may want to increase employee education efforts about these plans and how they work.

 

See the original article Here.

Source:

Olson B. (2017 July 27). Government and education employers offer richest HSA plans [Web blog post]. Retrieved from address http://blog.ubabenefits.com/government-and-education-employers-offer-richest-hsa-plans


As Cost of Benefits Rises, Employees See Shift in Spending

Have you seen a reduction in the amount of money your company spends on their employee benefits program? Take a look at this interesting column by Royce Swayze of Employee Benefits Adviser on how the rising cost of employee benefits is causing employers to look for new ways to lower their costs while trying to help increase their employees financial and physical well-being.

Are employees getting the benefits they really want? Maybe not, a recent Willis Towers Watson analysis found. The study, “Shifts in Benefit Allocations Among U.S. Employers,” revealed that from 2001 to 2015 the cost of employer-provided benefits, measured as a percentage of pay, rose 24%, and, during that time, employers shifted benefit dollars to areas that may not meet employee preferences.

Specifically, the study shows the overall cost of benefits — retirement, healthcare and post-retirement medical benefits — climbed from 14.8% of pay in 2001 to 18.3% of pay in 2015, for a total increase of 24%, driven largely by a doubling in healthcare benefit costs.

While healthcare costs more than doubled from 5.7% to 11.5% of pay, retirement costs, which include defined benefit, defined contribution and post-retirement plans, decreased by 25%, falling from 9.1% to 6.8% of pay.

In the past decade and a half, benefit costs have done an about-face.

“In 2001, active healthcare costs comprised about two-fifths while retirement benefits made up the remaining three-fifths,” the analysis reads, “By 2015, the ratio had flipped, with active healthcare benefits accounting for slightly less than two-thirds of costs and the retirement share dropping to slightly more than one-third.”

“Healthcare benefits are eating up a larger portion of dollars while the amount spent on retirement programs is on the decline,” says John Bremen, managing director of the Human Capital and Benefits division at Willis Towers Watson. “This reallocation has major implications for employers and employees alike.”

The study explains that the decrease in retirement costs is a result of the large shift in employers offering a traditional defined benefit plan to usually replacing them with enhancements to their defined contribution plan. Even though defined contribution plan costs rose by 1.6 percentage points between 2001 and 2015, this increase was not sufficient to offset the 2.9 percentage point decrease in the cost of defined benefit plan costs.

While Willis Towers Watson’s Global Benefits Attitudes Survey notes that employees value their healthcare benefits just as much as their retirement benefits, many employees seem to have reached the maximum they are able or willing to pay for healthcare benefits. Also, employees are concerned about their current and future financial circumstances and worry that they will not have sufficient funds saved for retirement and will thus have to work past the usual retirement age.

Taming costs
Alexa Nerdrum, a senior retirement consultant at Willis Towers Watson, says there are a couple of ways employee benefit advisers can help employers tame these costs.

“I think one would be for employers really to identify and understand the financial needs and the priorities of the workforce. I think for a long time we’ve had employers kind of construct this as a one-size-fits-all,” says Nerdrum.

Nerdrum suggests that employers may need to reevaluate how benefit dollars are allocated to better fit the needs and concerns of their employees. While each company’s solution would be different, Nerdrum notes that employers could explore using tax-efficient saving mechanisms, like health savings accounts, and also just spend more wisely on healthcare.

“The other big piece would be improving financial literacy. By and large, a lot of employees just don’t understand what they need to be doing and how to make the right choice,” says Nerdrum. “So — to the extent employers can invest in education, technology and tools to improve financial literacy — I think that’ll go a long way toward somebody not just continuing the status quo and making a right decision for them. In turn [this leads] to healthier choices, which kind goes down the line of lowering employer costs and improving the financial wellness of the workforce.”

See the original article Here.

Source:

Swayze R. (2017 August 4). As cost of benefits rises, employees see shift in spending [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/as-cost-of-benefits-rises-employees-see-shift-in-spending?brief=00000152-1443-d1cc-a5fa-7cfba3c60000


6 Promising Wearables Tips for Wellness Programs

Have you been trying to implement wearable technology in your wellness program? Check out this great article by Jessica Grossmeier from Benefits Pro for some great tips to know when integrating wearable technology into your company's wellness program.

Wearable devices can be a powerful element in a workplace wellness program. They add a fun factor to fitness challenges, and allow individuals to more clearly see the progress they’re making toward their goals.

A new report and video from the Health Enhancement Research Organization (HERO) identifies six promising practices for effectively integrating wearables into wellness programs.

Read on to find out how these companies increased participation in wellness programs and even decreased health cost trends for some participants.

1. Remove financial barriers

While many people have discovered the value of wearables, more than half of Americans still believe the devices are too expensive, and that may be enough to keep them from participating in a wellness program. Giving the devices to employees for free or at reduced cost removes a significant barrier and makes it easier for everyone to participate.

2. Choose culturally relevant incentives

Having goals can help drive change, and the data fitness trackers generate make it simple and fun to track progress toward those goals. Offer employees incentives for reaching targets, but make sure the incentives make sense for your workplace. For example, some employees may value prime parking or internal recognition more than a cash prize or a gift card.

3. Cultivate support at home

Convincing employees to walk more is easier if they have someone to walk with. When you involve spouses or domestic partners in the program, employees have someone at home motivated to hit the trail with them rather than settling in for an evening on the couch.

4. Get the details right

There’s a lot to consider when you add wearables to a wellness program, and it’s not always possible to think of everything before you start. Working out the details with a small pilot program creates an opportunity to identify challenges and opportunities, streamline processes, and set meaningful goals for the program once it expands companywide.

5. Shake things up

Wearables can add a fun factor to your wellness program, but even fun activities can wear out their welcome. It’s important to keep things fresh in your wearables strategy, so watch how employees use their devices, and change things up when you see an opportunity to increase engagement.

6. Keep your eye on the prize

Wearable devices show great promise, but a device isn’t a magic solution. Success with wearables requires planning. Before you hand out your first device, make sure you know what you want to accomplish, how the device fits in your broader well-being strategy, and how you’ll measure success.

The employers who participated in the HERO report saw increased participation in wellness programs — employees enjoyed using the devices. And at least one company saw decreased health cost trends for participants. They attribute their successful integration of wearables to these six promising practices.

See the original article Here.

Source:

Grossmeier J. (2017 July 31). 6 promising wearables tips for wellness programs [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/07/31/6-promising-wearables-tips-for-wellness-programs?page_all=1


How Health Coaching can Revitalize a Workforce

Do you need help revitalizing your workforce? Check out this great column by Paul Turner from Employee Benefit Advisor and see how health coaching can be a great way to increase engagement and productivity among your employees.

Nearly 50% of Americans live with at least one chronic illness, and millions more have lifestyle habits that increase their risk of health problems in the future, according to the Centers for Disease Control and Prevention. Type 2 diabetes, cardiovascular disease, cancer, pulmonary disease and other conditions account for more than 75% of the $2 trillion spent annually on medical care in the U.S.

Employers have a stake in improving on these discouraging statistics. People spend a good portion of their lives at work, where good health habits can be cultivated and then integrated into their personal lives. While chronic diseases often can’t be cured, many risk factors can be mitigated with good health behaviors, positive and consistent lifestyle habits and adherence to medication and treatment plans. Moreover, healthy behaviors — like smoking cessation, weight management, and exercise — can help prevent people from developing a chronic disease in the first place.

Companies that sponsor well-being programs realize the benefits of a healthier and more vital employee population, with lower rates of absenteeism and improved productivity. Investing in such programs can yield a significant return — particularly from condition management programs for costly chronic diseases.

Digitally-based well-being programs in particular are powerful motivators to adopt healthy behaviors. Yet for many employees, dealing with difficult health challenges can be daunting and digital wellness tools may not offer them sufficient support. Combining these health technologies with the skill and support of a health coach, however, can be a winning approach for greater workplace well-being. The benefits of coaching can also extend to employees that are currently healthy. People without a known condition may still struggle with stress, sleep issues, and lack of exercise, and the guidance of a coach can address risk factors and help prevent future health problems.

Choosing a health coach

Coaching is an investment, and the more rigor that employers put into the selection of a coaching team, the better the results. Coaches should be a credentialed Certified Health Education Specialist or a healthcare professional, such as a registered nurse or dietician, who is extensively trained in motivational interviewing. It also helps when a coach has a specialty accreditation in an area such as nutrition, exercise physiology, mental health or diabetes management. Such training allows the coach to respond effectively to highly individualized needs.

This sort of personalization is essential. A good coach will recognize that each wellness program participant is motivated by a different set of desires and rewards and is undermined by their own unique combination of doubts, fears and temptations. They build trust and confidence by helping employees identify the emotional triggers that may lead them to overeat, smoke or fail to stick with their treatment plans and healthy lifestyle behaviors.

What works for one employee, does not work for another. A 50-year-old trying to quit smoking may need the personal touch of a meeting or phone conversation to connect with her coach; a 30-year-old focused on stress management might prefer email or texting. It’s important for the coaching team to accommodate these preferences.

Working with our employer clients, WebMD has seen what rigorous coaching can achieve:
· A 54% quit rate for participants in a 12-week smoking-cessation program
· Successful weight loss for 68% of those who joined a weight-management program
· A nearly 33% reduction in known health risks for relatively healthy employees in a lifestyle coaching program
· A corresponding 28% health risk reduction for employees with a known condition who received condition management coaching.

Coaching is more likely to succeed when it is part of a comprehensive wellness program carried out in an environment where employee well-being is clearly emphasized by the employer and its managers. WebMD popularizes the saying that ‘When the coach is in, everybody wins.’ Qualified health coaching may be the missing ingredient that helps an employer achieve its well-being goals and energize its workforce.

See the original article Here.

Source:

Turner P. (2017 July 27). How health coaching can revitalize a workforce [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/how-health-coaching-can-revitalize-a-workforce?feed=00000152-1387-d1cc-a5fa-7fffaf8f0000


Employers Spend $742 per Employee for Wellness Program Incentives

How much money are you spending on your employees and their wellness program? Check out this great article by Brookie Madison from Benefits News on how employers are encouraging more of their employees to sign-up for company sponser wellness programs.

Wellness programs are popular with employers but employees continue to need motivation to participate. Seventy percent of employers are investing in wellness programs, while 73% of employees say they are interested in wellness programs, but 64% of employees undervalue the financial incentives to join the wellness programs, according to UnitedHealthcare’s Consumer Sentiment Survey entitled “Wellness Check Up.”

Only 7% of employees understand the four basic terms of health care —premium, deductible, copayment and coinsurance — which is why UHC didn’t find it surprising that workers underestimate their financial incentives in wellness programs, says Rebecca Madsen, chief consumer officer for UnitedHealthcare.

Despite this disconnect between what employers are offering to help ensure their employees’ health and what employees are willing to do to maintain a healthy well-being, the most appealing incentives to employees for wellness programs are health insurance premium reductions (77%), grocery vouchers (64%) and health savings accounts (62%).

Employees find the financial incentives of the wellness programs appealing, yet only 24% of employees are willing to give up one to three hours of their time per week to exercise, attend wellness coaching sessions or research healthier recipes to eat.

“Unwilling to engage is part of the problem why a third of the country is obese and another third is overweight. We have a real problem in terms of keeping people healthy and that’s what we want to help address,” says Madsen.

Madsen recommends that employers promote their wellness programs and incentives multiple times throughout the year. Gift cards, reduction of premiums and contributing to health savings accounts are leading ways to reward employees. “Incentives on an ongoing basis get people engaged and motivated to participate for a long period of time,” says Madsen.

Wellness programs also provide a way for employers to adjust their benefit packages to be customized and be more than a ‘one size fits all’ approach. “Look at your insurance claims, work with insurance providers and identify common health challenges. See where you have prevalent healthcare needs and who your high risk populations are to develop programs that target those results,” suggests Madsen.

Wellness programs need endless support from advisers, insurance providers, consultants, consumers, friends, family members and employers in order to encourage employees to live healthy lifestyles, according to UnitedHealthcare.

Madsen suggests that employers have onsite biometric screenings. “Helping people know their numbers will help them understand where they have an opportunity to improve their health, which would make them motivated to engage more,” says Madsen.

New trends of wellness programs incorporate the use of activity trackers. Twenty-five percent of employees use an activity tracker and 62% would like to use one as part of a wellness program.

See the original article Here.

Source:

Madison B. (2017 July 17). Employers spend $742 per employee for wellness program incentives [Web blog post]. Retrieved from address https://www.benefitnews.com/news/employers-spend-742-per-employee-for-wellness-program-incentives?feed=00000152-18a4-d58e-ad5a-99fc032b0000


Eating a Little Bit Healthier Helps You Live Longer

Are your eating habits having a negative effect on your body? Check out this great column by Alice Park from Time for some great tips on how you can tweak your current diet to help improve your quality of life.

No surprise here: people who follow healthy diets tend to lead longer, healthier lives. But most of the studies backing this assertion compared people who ate well to people who didn't. Does changing your own diet over many years make much of a difference?

In a new study published in the New England Journal of Medicine, researchers found that it did. People who added in some wholesome foods over time—even if they didn't necessarily commit to making over their entire way of eating—improved their chances of living longer.

Researchers looked at data from the same group of people over 12 years to see if those who changed their diet for better or for worse—either by eating more healthy foods or more unhealthy foods—lived longer or died earlier than those who didn’t change what they ate.

The study involved more than 73,700 men and women enrolled in two long-term health studies. People were asked to record their typical diet at the start of the study, then to fill out food questionnaires every four years for 12 years after that. The researchers then scored the diets by ranking the healthfulness of food components including vegetables, fruit, whole grains, nuts, red meat, fish and dairy, as well as things like sugar-sweetened beverages. Using the reports, researchers were able to gauge how much of a person’s eating habits changed over time.

People who said they ate more healthy foods over time had a lower risk of dying during the study period. The more healthy foods people added to their diet, the lower their risk. It worked the other way, too. Those who ate more unhealthy foods over time saw their risk of dying during the study go up.

The good news is that adding in any amount of healthy foods may help lower the risk of early death. Improving diet by just 20% was linked to a 8-17% lower risk of premature death. (Eating 20% more of unhealthy foods, in contrast, contributed to a 6-12% increased risk in death.)

Even cleaning up one meal a day seems to help. Swapping out one serving of red or processed meat a day with healthier nuts or legumes was linked to any where from an 8% to 17% drop in the risk of premature death.

See the original article Here.

Source:

Park A. (2017 July 12). Eating a little bit healthier helps you live longer [Web blog post]. Retrieved from address http://time.com/4855506/healthy-diet-live-longer/


Employers Spend $742 per Employee for Wellness Program Incentives

Are you looking for new incentives to help your employees participate in your wellness program? Check out this interesting article by Brookie Madison from Employee Benefit Advisor on how employers are offering financial incentives in order to increase participation in their wellness programs.

Wellness programs are popular with employers but employees continue to need motivation to participate. Seventy percent of employers are investing in wellness programs, while 73% of employees say they are interested in wellness programs, but 64% of employees undervalue the financial incentives to join the wellness programs, according to UnitedHealthcare’s Consumer Sentiment Survey entitled “Wellness Check Up.”

Only 7% of employees understand the four basic terms of health care —premium, deductible, copayment and coinsurance — which is why UHC didn’t find it surprising that workers underestimate their financial incentives in wellness programs, says Rebecca Madsen, chief consumer officer for UnitedHealthcare.

Despite this disconnect between what employers are offering to help ensure their employees’ health and what employees are willing to do to maintain a healthy well-being, the most appealing incentives to employees for wellness programs are health insurance premium reductions (77%), grocery vouchers (64%) and health savings accounts (62%).

Employees find the financial incentives of the wellness programs appealing, yet only 24% of employees are willing to give up one to three hours of their time per week to exercise, attend wellness coaching sessions or research healthier recipes to eat.

“Unwilling to engage is part of the problem why a third of the country is obese and another third is overweight. We have a real problem in terms of keeping people healthy and that’s what we want to help address,” says Madsen.

Madsen recommends that employers promote their wellness programs and incentives multiple times throughout the year. Gift cards, reduction of premiums and contributing to health savings accounts are leading ways to reward employees. “Incentives on an ongoing basis get people engaged and motivated to participate for a long period of time,” says Madsen.

Wellness programs also provide a way for employers to adjust their benefit packages to be customized and be more than a ‘one size fits all’ approach. “Look at your insurance claims, work with insurance providers and identify common health challenges. See where you have prevalent healthcare needs and who your high risk populations are to develop programs that target those results,” suggests Madsen.

Wellness programs need endless support from advisers, insurance providers, consultants, consumers, friends, family members and employers in order to encourage employees to live healthy lifestyles, according to UnitedHealthcare.

Madsen suggests that employers have onsite biometric screenings. “Helping people know their numbers will help them understand where they have an opportunity to improve their health, which would make them motivated to engage more,” says Madsen.
New trends of wellness programs incorporate the use of activity trackers. Twenty-five percent of employees use an activity tracker and 62% would like to use one as part of a wellness program.

See the original article Here.

Source:

Madison B. (2017 June 28). Employers spend $742 per employee for wellness program incentives [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/employers-spend-742-per-employee-for-wellness-program-incentives


3 Traits of a Successful Well-Being Program for Employees

Do you know what it takes to create a successful wellness program for your employees? Check out this article by Maya Bach of Benefits Pro and find out the 3 traits all successful wellness programs have in common.

Well-being.  You’ve likely heard the term used in and out of the workplace for how to become “a heathier you.”

According to a 2016 report by the Society for Human Resource Management, two thirds of employers offer a general wellness program. 

Many companies invest in corporate well-being with the aim of increasing productivity, driving talent acquisition, employee retention and lowering health claim costs.

These businesses aim to consciously foster a company culture that values the mental, physical and financial health of their employees in and out of the workplace, recognizing that “health” means something different to everyone.

So, in the race to attract and retain talent, how can you create a well-being program that sets you apart?

1. Shared and customized programming

Research published in Harvard Business Review that examines the effectiveness of well-being programs highlights that engagement with wellbeing programming increases when employees feel a sense of ownership.

These programs that are built and shaped by staff through focus group sessions and channels, such as an internal communication platform where employees can voice suggestions for types of activities and timing of events, perform the best.

With the understanding that “being healthy” means something different for everyone at different points in their lives, programs should take on a flexible quality while seeking to meet the needs expressed directly by employees, thereby offering them a unique sense of ownership of the program.

2. Follow-through on feedback

Several studies suggest that organizations with a culture of keeping one’s word are more profitable.Throughout the employee experience, sharing and engaging on feedback actively is encouraged.

Following through, whether that means evening cardio-yoga classes or fresh avocados, demonstrates the company values feedback and staff ideas.

If the request can’t be completed, it’s important to close the loop by offering insight and attempting to offer alternative solutions.

Replying to a seemingly small request highlights that even a fast-paced, rapidly growing organization listens, thereby cultivating a culture of trust.

3. Offer multiple touch points

Not everyone is interested in lunch and learns or yoga classes, for that matter.

While it’s good to offer traditional program components – nutrition classes, cooking demos, weekly walking club, weight loss challenges – staff shouldn’t need to sign up for a class to engage with the program’s tenets.

To avoid adding another “to-do” to an employee’s already-full plate, digital signage with weekly “Did you know…” health facts followed by calls to action, healthy catering suggestions and smaller snack self-serve cups helpfully nudge employees to adopt healthier behaviors.

While well-being professionals should maintain a business-centered mindset when designing and implementing a program, it’s important to maintain a high degree of flexibility and visibility to provide a customized program.

Actively soliciting employee feedback, following through on specific requests and offering employees various ways to engage with core well-being tenets support program sustainability and longevity.

See the original article Here.

Source:

Bach M. (2017 July 3). 3 traits of a successful well-being program for employees [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/07/03/3-traits-of-a-successful-well-being-program-for-em?ref=mostpopular&page_all=1


3 Key Points for Choosing a Wellness Provider

Are you in the process of searching for a new wellness provider? Take a look at this article by Rick Kent from Employee Benefit Adviser and check out these 3 great tips on what you should be looking for when searching for your next  wellness provider.

Saddled with low savings rates and high household indebtedness, many American workers are relying on company-sponsored retirement plans like 401(k) programs as their last great hope for retiring with dignity someday. Unfortunately, rapidly escalating costs and tougher regulatory obligations have made supporting such plans among employers and third-party benefits consultancies a far more complex task than ever before.

Naturally, these events have raised the importance of offering robust financial wellness programs that complement company-sponsored retirement plans. Employees need offerings that provide valuable educational resources, personal finance coaching and relevant benchmarking data to plan participants and plan sponsors.

But how can employee benefits consultancies, already frequently strapped for time, deliver such tools and resources to their clients? Do they need to build this on their own, or should hiring an in-house expert or acquire a smaller provider?

The good news is “neither.”

Over the past few years, a number of dedicated financial wellness service providers for company retirement plans has emerged and are able to serve true third party, turnkey offerings that can be integrated with the offerings of employee benefit consultancies. In many instances, these services can be "white labeled" under the consultancies' own brands.

But caveat emptor: As with capturing any potential growth opportunity with an outsourced provider, it’s important to team up with the right partner.

With that in mind, here are the three key considerations to bear in mind for benefits consultants who are seeking the right third party, turnkey financial wellness provider to partner with and drive greater value for clients.

Look for educational and training materials that are robust and tailor-made to the plan participants. Any reasonably good financial wellness provider should be able to offer educational and training materials that cover a wide range of topics, including basic financial and investing concepts, tips for paying down debt and general keys to improving retirement preparedness. Frankly, that’s easy enough to accomplish, and required nothing more than bit of time and some money.

But what separates great financial wellness solutions from those that are merely good is both the willingness and capability to customize that content to the size of the plan and unique needs, goals and aspirations of the participants. An educated plan participant, one who is armed with information that is tailor-made for them, is far more likely to take the steps necessary to improve their financial wellness.

Demand data analytics programs that can demonstrate ongoing financial health and retirement readiness. It’s one thing for plan participants to have the knowledge they need to understand better what takes to one day retire comfortably. It’s an entirely different thing, however, knowing whether they are actually on track to do that.

That’s why it’s critical for a financial wellness provider to have data analytics programs in place that monitor key metrics and can determine, in real time, whether someone is making the behavioral changes necessary to become financially healthy and retirement ready. Importantly, providers should also be able to aggregate this data for plan sponsors, since that would provide important clues about the overall effectiveness of the plan.

Provide access to financial wellness resources without disrupting or tearing down current technologies. Nearly every benefit company has their own technology portals that allow plan participants to adjust their contribution amount or swap investments, as well as to view balances, statements and other critical information about their account. Obviously, not many companies will want to rebuild or make significant changes to their technology infrastructure to add financial wellness resources.

Therefore, look for providers that can integrate their own turnkey solutions into existing platforms with little, if any, disruption. This includes giving benefit companies the option of white labeling those resources under their own brand.

Not only is there a clear opportunity for employers to invest in financial wellness programs to seek to maximize productivity by minimizing personal finance-related stress in the workplace, but there are also heightened risks of regulatory fines and penalties from the U.S. Department of Labor. These regulations are aimed at company retirement plans that fail to provide plan participants with the tools and guidance they need to make the most of their retirement plan savings and investments.

Given this extra layer of liability, it will be more important than ever for plans sponsors and employee benefits companies to pair up with the best possible financial wellness provider to give plan participants a better sense of their options and better prepare them for the future.

See the original article Here.

Source:

Kent R. (2017 June 21). 3 key point for choosing a wellness provider [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/three-key-points-for-choosing-a-wellness-provider


How to Build Financial Wellness into a More Holistic Wellness Program

Are you looking for new ways to help your employees increase their financial wellness? Check out this great article by Michelle Clark from SHRM highlighting what HR can do to help employees engage with the company's benefits program to improve their financial situation.

The majority of HR professionals give their employees a financial health rating of “fair” and nearly 20 percent report that their employees are “not at all” financially literate according to a national SHRM survey.

That’s an issue. Because when employees are stressed about money they don’t turn their worry off at work – and the price is paid in lost productivity.

You can help fix the problem. Everyone wins when traditional employee wellness programs are recast in a more holistic, well-rounded way – with financial wellness an important cornerstone.

There is no cookie cutter solution. But if you build a customized program that’s responsive to specific requirements and comfort levels of different employee groups, it can be rewarding and valuable.

First, review your employee demographics to get an idea of what their financial situations may look like. For example, it’s understood that the majority of today’s workforce is comprised of three age groups: Baby Boomers, Generation X and Millennials. Each has different financial stressors and preferences on how they prefer to receive assistance:

  • Boomers on the verge of retirement are wondering if they can afford it or even want to retire. If they need to work, they are worried they’ll have a hard time finding a job.
  • Generation X can barely think about retirement planning when they’re trying to cover the mortgage, raise kids, save money for college and shoulder responsibilities for aging parents.
  • Millennials are burdened by student loan debt while trying to stretch their paychecks so they can live on their own instead of with their parents.

There also are vastly different ways each accesses support. Boomers may be okay with online resources and one-on-one coaching. But Millennials and Gen Xers may want more high-tech resources such as websites offering basic money courses and worksheets to help with budgets, housing or investment planning.

Once a solution has been established, the next step is getting people to partake. You don’t want to target employees, since privacy is a major consideration. Offering options allows employees to engage privately on their own terms. That’s why the online solutions are ideal for individual financial issues, offered in tandem with more on-site sessions on general concerns. And there’s always the potential of offering one-on-one financial counseling or financial wellness coaches to round out your program.

See the original article Here.

Source:

Clark M. (2017 June 16). How to build financial wellness into a more holistic wellness program [Web blog post]. Retrieved from address https://blog.shrm.org/blog/shrm-blog-june-2017-how-to-build-financial-wellness-into-a-more-holistic-we