Picwell Blog

How Benefits Decision Support Can Help Reduce the Effects of Inflation

Oct 13, 2022 8:00:00 AM / by Picwell posted in Open Enrollment, Benefits Decision Support, Health Insurance, benefits professionals, virtual open enrollment

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We all know prices have been consistently increasing over the past several months - but just how much have they actually increased and how is that affecting your employees? Here’s some perspective: Food prices have risen by 11% in the last year. For a family of 4 on a moderate budget, that translates to around an extra $125 per month in groceries! With inflation reaching levels we haven’t seen in over 40 years, everyone is thinking about ways to spend smarter and optimize their budgets. 

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Health Savings Accounts: How Often Are They Recommended?

Oct 6, 2022 1:58:37 PM / by Picwell posted in Open Enrollment, Benefits Decision Support, Health Insurance, benefits professionals, health savings account, hsa, risk aversion

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In our last few blog posts, we explored Picwell’s health plan recommendations. We reviewed how preferences and financial wellness affect benefits decisions, and how often employees actually choose Picwell recommended plans. 

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Picwell Health Plan Recommendations: What Do Employees Actually Choose?

Oct 5, 2022 11:18:00 AM / by Picwell posted in Open Enrollment, Benefits Decision Support, Health Insurance, health savings account, virtual open enrollment, benefits communications, risk aversion

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In our last blog we explored reasons why the lowest cost health plan may (or may not) always be the best option. We also reviewed how Picwell recommendations work to help guide employees to the best plans for their needs. But, while Picwell will recommend a specific plan, employees may still choose something other than the recommendation. 

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Is the Lowest Cost Health Plan Always the Best Option? (Part 2)

Sep 29, 2022 2:46:25 PM / by Picwell posted in Benefits Decision Support, Health Insurance, health savings account, hsa, virtual open enrollment, risk aversion

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So far we’ve reviewed how preferences and financial wellness impact employees’ benefits selections and as a result, why the lowest cost plan is not always the best option.

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Picwell Insights: The Role of “Capacity to Pay” in Employee Benefits Decisions (Part 2)

Sep 27, 2022 8:00:00 AM / by Picwell posted in Benefits Decision Support, Health Insurance, employee benefits, health savings account, empower wise choices,, risk aversion, financial wellness

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In our last post, we covered the concept of employees’ “capacity to pay” for unexpected medical bills. As many as 40% of employees would not be able to afford a surprise medical bill of $1,000 or more, and, given this result, it's important for employees to consider their financial preparedness for unexpected costs when choosing benefits. 

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Picwell Insights: The Role of “Capacity to Pay” in Employee Benefits Decisions

Sep 22, 2022 8:15:00 AM / by Picwell posted in Benefits Decision Support, Health Insurance, employee benefits, health savings account, empower wise choices,, voluntary benefits, risk aversion

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Every year, the Federal Reserve conducts a study on the financial health of American households, and one of the most frequently cited statistics from this study comes from the following question:

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Picwell Insights: How Risk Aversion Impacts Benefits Decisions

Sep 20, 2022 8:15:00 AM / by Picwell posted in Open Enrollment, Health Insurance, employee benefits, benefits professionals, empower wise choices,, virtual open enrollment

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When employees hear the word “risk”, they may experience a wide range of emotions. Oftentimes, it’s associated with a type of behavior that ignites excitement and a rush of adrenaline, such as jumping off a 10’ high diving board or betting everything on black in Vegas. However, when it comes to health care benefits, the word “risk” can have quite the opposite effect, leaving employees with feelings of fear and doubt.

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4 Tips for Choosing the Right Benefits Decision Support Solution

Aug 17, 2022 8:45:00 AM / by Picwell posted in Open Enrollment, Benefits Decision Support, Health Insurance, health savings account, employeebenefits, company culture, employer brand, supplemental benefits, voluntary benefits, virtual open enrollment

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Open enrollment is almost here and it’s time to commit to a benefits decision support solution. As you evaluate your options, we know that the process can feel overwhelming. With all of the tools available on the market, it can be difficult to determine which one will work best for your organization’s (and your employees’) needs. But, you’re in luck - we’ve compiled our top tips to ensure you choose the right benefits decision support solution this year.

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Remote Work and the Future of Benefits: A Message for HR and Leadership

Feb 23, 2022 9:00:00 AM / by Picwell posted in Open Enrollment, Health Insurance, HR Tech, company culture, virtual open enrollment, benefits communications, remote work

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The way people work has changed forever. Technological advancements, shifting attitudes, new priorities, and the pandemic have ushered in an era where more and more people fulfill their professional roles at home. And, this era is here to stay - indefinitely. In fact, a recent study from SHRM revealed that more than half of employees want to work remotely permanently.

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What Your Employees Want: Top Benefits for 2022 and Beyond

Jan 5, 2022 9:55:15 AM / by Picwell posted in Open Enrollment, Benefits Decision Support, Health Insurance, benefits professionals, company culture, employer brand, supplemental benefits, virtual open enrollment, benefits communications

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Sure, your employees want a great salary and a prestigious job title. But, more importantly, they want to work for a company that cares about them. Fortunately, your organization can easily demonstrate appreciation and respect for your team members by offering a company culture and benefits package that truly supports them and their needs. If you’re not sure where to begin, you’ve come to the right place - we’re here to help you get a head start by sharing the top employee benefits your organization should be offering.

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