U.S. healthcare spending rose 3.9 percent in 2011, totaling $2.7 trillion and making up approximately 17.9 percent of the nation's gross domestic product, according to a recent Centers for Medicare & Medicaid Services report. These increases have impacted many employers' bottom lines, forcing some to make difficult decisions about cutbacks and layoffs. However, others recognize that an affordable and competitive employer-sponsored healthcare plan is crucial to attracting and retaining top talent.
Engagement, as we’ve talked before, is a tricky animal. It’s difficult to initiate in the workplace and even harder to maintain. In the last installment of Health Care and You I promised to discuss some additional engagement techniques.Engagement is driven by one of two key forces - strong desire or strong need. So what are some examples of strong desire engagement?
The 5th semi-annual Health Savings Accounts (HSAs) survey conducted by financial consultancy company Devenir Group found that HSAs grew to an estimated $15.5 billion in assets, representing more than 8.2 million accounts at year-end 2012.
This may be the case for several reasons. A recent analysis by CDHP Magazine found that a lack of information about and understanding of these plans is a core reason inhibiting adoption.
The U.S. Department of Labor recently published Part XI of FAQs relating to the implementation of the Affordable Care Act. This section more specifically deals with rules surrounding health reimbursement accounts and how these plans will be impacted by the ACA.
The DOL issued a new rule that delays the March 1, 2013, deadline upon which employers must send employees and Exchange Notice.
To better illustrate this concept, let’s jump over to a travel website like Kayak or Expedia. At any given moment, these travel markets have tens of thousands of airfare choices and hundreds of thousands of hotel locations in their database.
Tools and policies only go so far. The efficacy of these tools and policies is greatly improved if the individuals employing them become and remain engaged.
As an employer, it is in your best interest to offer a comprehensive suite of consumer-directed healthcare accounts alongside your CDHPs. By doing so, you provide your employees a powerful tool to aid them in managing their personal healthcare costs.