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.
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.
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.
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.
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:
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.
The past several years have thrown a wrench into the way your employees live their lives and make decisions - especially when it comes to health care benefits.
Most Millennials are now seasoned professionals, and the competition to recruit them is fierce. So, if you want your company to be an employer of choice among this workforce-dominating generation, you must tailor your benefits package and administrative approach to their needs. According to a recent AFLAC survey, 34% of Millennials have rejected a job offer due to dissatisfaction with the benefits provided.
It’s the year of the HSA and this tax-advantaged benefit is finally getting the recognition it deserves! While health savings accounts (HSAs) have always featured a host of valuable benefits, many employees have shied away from them in the past, often due to a lack of awareness and understanding. Now (due in part to the effects of the pandemic) nearly 50% of workers surveyed are investing the time to learn more about the plans that protect their health and their wallet. In addition, 77% of employees reported their HSA gave them peace of mind over the past year!
In this day and age, the presence of a strong employer brand is becoming more and more important to both job seekers and current employees. While the employer brand your company builds and maintains has always been integral to its success, over the past few years (and especially now), employer brand and company culture are taking center stage.
