We are excited to once again participate in the SIIA conference this year happening in Austin, Texas. The Way Forward is the theme for this year and post-pandemic, it’s a great choice. We’re all excited for the future of benefits administration. Complete Health Systems to provide solutions to your evolving benefit administration needs. You can find us at Booth #33!
Data suggests that in addition to working remotely, one of the top reasons workers are leaving for new positions is for better pay and benefits. Research shows that 71% of companies are updating their pay and benefits programs in 2021. Some of the top benefits workers are looking for include modernized and personalized health benefits as well as savings and retirement plans. Read about additional ways employers are attracting employees.
While large companies with over 500 employees are expanding benefits to include more telehealth, mental health, and retirement savings plans, smaller businesses with fewer resources are finding it harder to attract and retain workers. Proposed legislation called the Securing a Strong Retirement Act in Congress could help small businesses either implement or expand retirement services for their workers. Strong communication between the employer and employees is a good way to start the process of giving employees the benefits they want. Read more here.
In 2020 many private-health insurers waived the out-of-pocket cost of Covid treatment for their members according to the Kaiser Family Foundation. Insurers were more profitable at the time because of the decrease in use overall due to the pandemic, and at the time, it was unsure if the federal government would mandate free care for Covid patients. However, by the end of 2020, many insurers were slowly phasing out that free coverage. Now, nearly three-quarters of the largest plans are no longer waiving fees for Covid treatments. Read more about this report.
Source: Kaiser Family Foundation