How to Meet Growing Demands for Bigger, Better Voluntary Plans

Has there been an increase in demand from your employees to offer more voluntary benefits? Check out this great article by Whitney Ehret from Employee Benefits Adviser on what you can do to meet your employees' demand for more voluntary benefits.

Over the years, voluntary benefits or worksite products have unfortunately earned a negative reputation in the marketplace. This is largely due to overzealous carriers with aggressive sales tactics and brokers purely seeking higher commissions.

With the introduction of the Affordable Care Act in 2010, employers began to shift more of the benefits cost to employees via high-deductible health plans, increased coinsurance costs and copays. The majority of today’s workforce is comprised of millennials, coupled with Generation Z quickly entering the workforce. There’s no question: traditional employer benefit offerings are about to undergo some major changes.

With a new administration in place and increasing generational challenges, employers are becoming more open to creative ideas to improve their total benefits offering. Today’s voluntary benefits market isn’t shy of options, which in turn makes things quite confusing. Companies will need to shift focus from traditional offerings and begin to get more resourceful — not only with the products they offer, but also with their entire strategy. Communications, enrollment and marketing will all become especially critical in retaining and attracting top talent in the coming months and years.

For the most part, the majority of brokers and employers are somewhat familiar with the top voluntary products in the market: dental, vision, accident, critical illness, cancer, hospital indemnity, disability and life insurance. Those are traditionally the products that spark initial voluntary benefit conversations, although there are many more — including legal, identity theft, auto/home, pet, employee purchasing programs, unemployment gap, tuition and loan assistance programs.

For the remainder of 2017, the conversation is predicted to still involve the top voluntary products, but shift to a new focus. Nearly two thirds of employers are looking to voluntary benefits to reduce overall financial stress on employees, the 2016 Xerox HR Services Financial Wellbeing & Voluntary Benefits Survey found. Integrating voluntary benefits with core benefits may reduce financial stress that ultimately leads to health issues and higher overall benefit costs.

The main goal of these products is to provide employees with cash resources, paid directly to the insured, should they experience an unexpected life event. Insureds can use these payments for anything they choose: mortgage, rent, groceries, deductibles, coinsurance payments, copays and more. Compared to state disability programs, these payments are generally made more quickly and offer a simpler claim filing process. If an employee is faced with a difficult situation, these conveniences can greatly reduce stress during a highly sensitive and vulnerable time.

Financial wellbeing is the focus
A recent Employee Benefit News article found 89% of millennials are interested in receiving financial advice, yet only 58% have been offered this type of assistance. With the majority of the workforce now comprised of millennials, employers will need to offer more diverse benefit options that are tailored to this population.

Millennials aren’t the only ones who are concerned about their financial wellbeing. The MetLife’s U.S. Employee Benefit Trends Study found 49% of employees are concerned, anxious, or fearful about their current financial situation, 72% said that a customized benefits package increases loyalty and only 27% are satisfied with their progress toward paying down student loans. These statistics demonstrate the immediate need for a comprehensive voluntary benefit offering.

Student loan debt is an issue for all generations in the workforce. Whether the individual is a millennial trying to get established and create wealth, a Gen X employee who is struggling with existing student loan debt family debt and saving for retirement, or a baby boomer who is trying to help support the family’s educational needs — namely children and grandchildren — everyone, at some level, has a need for student loan assistance.

Additionally, most voluntary products offer wellness benefits, which is a direct payment to the individual for completing an annual wellness exam. With amounts ranging between $50-$200 (employer selected), this is pure profit to the individual, since ACA requires preventative exams to be covered 100% by insurance carriers.

In addition, this benefit helps to subsidize the actual cost of the product annually. There are carriers in the market that will pay this benefit multiple times in a single year for a single insured.

Increasingly, companies are getting involved with wellness specific initiatives and incentives for their employees to hopefully drive healthy habits that will, in turn, lower healthcare costs and increase workplace satisfaction. To promote these wellness programs, employers offer reduced pricing on their medical plans or make contributions into a medical savings account if employees complete their annual exams or participate in various wellness activities. Offering voluntary products with a wellness benefit is another way to enhance a company’s total health portfolio at no cost to the employer.

Carrier selection Is key
Like many other industries, this business is all about relationships. Brokers and employers need to be able to trust and rely on their voluntary benefits carriers. As HR staffing has shrunk and brokers are required to provide more services with the same resources, it’s imperative that the appropriate carrier is selected for each unique case.

Voluntary benefits, as “cookie-cutter” as we may perceive them to be, are just not that. Since their onset, voluntary benefits have come with administrative obstacles that have historically taken up too much of HR’s time.

Unfortunately, while these products do provide a valuable benefit to employees, they are not the priority for most employers. Employers don’t often care about how many products they are offering as long as the plans aren’t administrative-heavy, the 2016 Employee Benefit News annual survey found. Carriers recognize this issue, and have steadily made improvements to these processes over recent years.

There are carriers in the marketplace today that allow clients to self-bill and self-pay, which is essentially what employers are already used to doing on their basic and supplemental group life and AD&D plans. For claims issues, they have also made this process easier by making it electronic and not requiring extensive information from the employees in the claims-filing process.

Core carriers (traditional medical carriers) are also beginning to get into the worksite market and are further simplifying the claims process by linking their medical system with their voluntary system. This allows the carrier to proactively initiate claims and file complete claims for the insured since the majority of the claims information is already within the single carrier system.

The other benefit to offering voluntary plans with the core medical carrier is that often some products may provide additional benefits if employees have a certain medical condition. For example, voluntary dental plans will provide more cleaning exams per year if an insured is pregnant. Most insureds would not realize they have this benefit, but by linking these systems with a core carrier, the insured makes sure to get the most out of their plan.

Communication style and strategy are imperative 
Not only is it important to consider the products and carriers that are offered, but also how they are enrolled and communicated. From the voluntary benefits perspective, these products have typically been enrolled face to face with employees. While this may be the best way to fully educate employees on their benefit options, that is no longer the future of employee benefits enrollment.

ACA has also helped enrollment move to the electronic platform because of the requirements made on employers for reporting. Millennials are the technology generation, making them naturally comfortable using technology to enroll and learn about benefits and even be treated by a virtual doctor.

Employers are trending toward a more self-service enrollment environment, which brings its own challenges. Most of these systems are built with decision tools that allow for the enrollment experience to be customized to the employee. These tools will make plan recommendations for the employees based on the answers to health and financial questions. Often, videos within the enrollment site are used to further enhance the educational experience.

Some of the main problems with electronic enrollments include keeping employees engaged, offering voluntary benefit products and carriers that work with the system, keeping costs low or free for the employer and ensuring data accuracy and security.

A company’s overall benefits package is becoming increasingly important in the decision-making process for prospective employees, as well as to retain top industry talent. Employers, rightfully so, are concerned about cost and maintaining this delicate balance while still attempting to manage the complex administration of these plans.

More and more, employers are looking for voluntary benefits to solve this need by offering “free” technology and enrollment solutions to their groups. There is no doubt that if employers want to retain and attract top talent, they are going to have to adapt with the market and offer their employees a wide array of benefit options and new technology that is tailored to their employee needs.

See the original article Here.

Source:

Ehret W. (2017 July 24). How to meet growing demands for bigger, better voluntary plans [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/how-to-meet-growing-demands-for-bigger-better-voluntary-plans


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


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


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


Is Data Collection Key to a Successful Wellness Program?

Are you looking for the key to unlocking a successful wellness program? Check out this article by Joseph Goedert from Employee Benefit Adviser and see how data collecting can be a great resource to use when creating a successful wellness program.

The collection and analysis of consumer data can provide insights to employers, including healthcare organizations, into their employees’ health status while offering the basis for information for the creation of wellness plans.

An individual’s buying habits, voting affiliation and voting history, television viewing, financial status, family status and social sentiments—which are the emotions behind social media mentions—together can give a view of the individual’s overall well-being, says April Gill, vice president of analytics solutions at Welltok, a vendor that offers health optimization services.

Social media mentions, for instance, can be analyzed to generate a sentiment score on the general happiness of an individual. A regular voter can indicate a person who may be active in community affairs and may be agreeable to accepting a walking program to improve health.

Consumer data, matched with health data like lab results, claims and biometric data, can be used to start making correlations that detail the healthcare needs of a person. The goal, Gill says, is to have a better understanding of an individual’s receptivity to joining a health program that can offer the highest probability of success.

If an individual subscribes to Netflix or other television services, data collection companies can see what television shows a person is watching and if they are a couch potato and need to exercise more. A person watching a lot of sports might be a candidate for suggesting a step program or playing a sport. A diabetic who often is online may be a good candidate for an online diabetes management program and to stay engaged in the program. “We need to offer resources in a manner that patients are ready for,” Gill asserts. These resources could come from an employer, health plan or provider organization.

Privacy laws may limit the types of health data that employers can see, but Welltok will work with local providers to identity employees to be targeted for health interventions. “We can get individual level data from providers,” Gill says. “It behooves employers to establish relationships with local providers.”

That relationship includes working with providers to move beyond a focus on utilization—tracking how many individuals participated in a certain programs, she advises.

But while data can paint a picture of wellness, there are many gaps in the available information, Gill cautions. A lot of commercial data is not identifiable, and sometimes the data is incorrect.

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Source:

Goedert J. (2017 June 9). Is data collection key to a successful wellness program [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/is-data-collection-key-to-a-successful-wellness-program?brief=00000152-1443-d1cc-a5fa-7cfba3c60000