HRA Administration Company, Clarity Benefit Solutions, Discusses Top Five Employee Benefit Challenges of 2018
NEW YORK, Nov. 29, 2018
NEW YORK, Nov. 29, 2018 /PRNewswire/ -- HSA administration company, Clarity Benefit Solutions, discusses top five employee benefit challenges of 2018.
It is often challenging for employers to offer their employees the proper mix of mandatory and voluntary benefits that will please the entire workforce—especially when the industry is constantly evolving and changes in compliance can occur quickly. Here are five of the top employee challenges this year.
Offering benefit packages for a multi-generational workforce. Employees of different ages have different needs and wants when it comes to benefit offerings. An employee fresh out of college will not be looking for the same offerings as a veteran employee. Therefore, employers should tailor benefit packages to suit each walk of life and communicate the information in a variety of mediums.
The changing role of health providers. Several mergers and acquisitions this year among major insurance providers has resulted in the role of providers transitioning from simply paying claims to providing—and overseeing—nearly all patient care. This shift could have a potential impact on employees, so employers should be aware of this and be prepared to address any questions or concerns.
An increased focus on financial wellness. While financial wellness and literacy is not a new concept, employers should expect a greater emphasis on this benefit for the remainder of this year and into 2019. As more millennials enter the workforce, they will be looking for assistance with student loan repayment. Older generations will be planning for their retirement. It is up to each employer to survey his or her workforce and plan accordingly.
The role of data in benefit selection. Employers need to embrace data to engage their employees in managing their benefits plans successfully, especially as health care costs continue to rise. Employers need technology to survey their employees, understand their needs and wants, and design the best programs to address those desires. Technology will also allow employees complete access to their information, at their convenience. It will also streamline the entire process for employers.
The rising cost of prescription drugs. Although pharmaceutical costs have not risen as much this year as they have in the past, they are poised to increase again—primarily because of an increased number of specialty medications being introduced. Coupled with the escalating opioid crisis across the nation, it will be extremely challenging to manage pharmacy plans.
About Clarity Benefit Solutions: Clarity Benefit Solutions HRA Company provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting self-service and automated ACA compliance.
SOURCE Clarity Benefit Solutions