Controlling health care spending requires a shift in mindset. For most companies, health care is the second largest expense after payroll. However, as is often the case, most companies don’t apply the same level of care to their health care spending that they do to other large expenditures. You run a healthcare business whether you like it or not.
Managing a remote and increasingly mobile workforce is no easy task. At Simpara we’re always thinking of ways to optimize the transfer of information and put data and access at the fingertips of every employee. That’s why we are excited to announce the launch of our mobile app for accessing Simpara anywhere, anytime.
A health savings account, or HSA, can be a great strategy to reduce your health insurance expenses. As a refresher, an HSA is a tax-advantaged savings account that belongs to you. It is always paired with a qualified high-deductible health plan (HDHP) and unlike a traditional health plan an HSA/HDHP has a lower premium. Thus, you can put the premium savings into your HSA for maximum impact and that money in your HSA remains yours. It is often noted that an HSA offers a triple-tax savings: The money you put into your account is never taxed, your account and investment earnings grow tax-free, and you can withdraw your money tax-free as long as you use it for qualified medical expenses. The problem with most HSAs is that very little education exists to help participants maximize their investment. Here are six little-known tips & tricks for maximizing your HSA.
Today’s workforce is a growing mix of ages, ethnicities, financial states, and will soon span five generations. Between work and life, employees seek harmony and they increasingly expect their employers to keep up with current trends to provide solutions for their changing needs. According to MetLife’s annual study on benefit trends, 49% of employees are concerned, anxious or fearful about their current financial wellbeing. The traditional, one-size-fits-all approach to benefits is diluted in this evolving environment. Meeting the needs of employees across the spectrum may seem daunting but it is achievable and it doesn’t require busting the budget. Below are the four pillars of a modern benefit package:
Not long ago a friend and client of mine received news that her husband had been diagnosed with stage IV cancer. Overcome with emotion and facing the labyrinth that is our healthcare system, she reached out to me for help. It still gives me pause to think that when faced with this life-changing diagnosis one of the first calls she chose to make was to me, her insurance broker.