2017 is expected to bring change to employee benefits, especially in the health insurance industry. The new president along with rising costs, questions about labor regulations, growth of technology, and changing desires of employees are all guaranteed to be big players in 2017 and beyond. We’ve provided an infographic for you to highlight some of our top benefit trends for 2017. Download a printer-friendly version of the infographic below!
It is anticipated that changes may be coming for the ACA, however, these may be slow to be implemented and it is still uncertain when or if these may happen. Employers should be prepared to handle ACA regulations regarding health insurance as normal.
Beyond anticipating the unknown in regards to the ACA, some of the largest trends have to do with the changing workforce and growing importance of benefits to employees. One of the biggest trending topics is millennials in the workforce, they are now the largest age segment in the U.S. workforce. Employers should consider modifying or adding to their benefits package as millennials and younger workers become their primary age range of employees. Work-life balance is especially important to this age group and is also a hot topic in regards to stress management, employee satisfaction, and retention. Flexible schedules are an easy, and most likely cost-effective way to improve your business’s appeal in this arena. Check out our 101 Creative Benefits Ideas for lots of tips on different types of flexible schedules that can work for all types of businesses.
Better educated health care consumers are extremely important to maintaining affordable health care in the individual or employer-provided arena. As many employers turn to high-deductible health plans (HDHPs) to save costs on premiums, it is imperative to communicate to employees how to utilize these new types of plans for the best value and care. Not only will this help control claims (especially you self-funded groups), but will show the value of the coverage you are providing for your employees.
Adding these additional responsibilities on top of already busy Human Resources teams or individuals may also be putting a strain on employers. There is an enormous amount of paperwork, data, education, communication, questions, and other wrangling needed from these HR heroes just in terms of benefits. We don’t consider outsourcing a dirty word in this case. Finding a broker, agent, or technology platform to help, is often well worth the time and energy saved if you find the right partner.
If you have questions about how a premier employee benefits broker can help your business of 5 or 1500 employees, just reach out to the experts at Austin today.