Tip of the Week
Open enrollment is an essential period for employers, regardless of their size, to make important decisions regarding their employee benefits offerings. During this time, employers typically assess their current benefit packages and make adjustments or maintain existing coverage options. Here are some key points to consider during open enrollment:
Review Current Benefits: Employers should examine their current benefits and take stock of what is being offered to employees. This includes health insurance, dental and vision coverage, retirement plans, life insurance, and other perks like flexible spending accounts or wellness programs.
Evaluate Employee Needs: It's crucial to consider the evolving needs and preferences of your workforce. Employers should collect feedback from employees and assess whether the existing benefits align with their needs and expectations.
Cost Analysis: Employers must evaluate the cost of their benefit offerings and consider any budget constraints. They should weigh the cost of providing benefits against the value they bring to the organization and the satisfaction of their employees.
Compliance: Ensure that all benefits offered comply with relevant laws and regulations, such as the Affordable Care Act (ACA) or the Employee Retirement Income Security Act (ERISA).
Communication: Effective communication is vital during open enrollment. Employers need to inform their employees about any changes to existing benefits, provide educational resources, and guide employees through the enrollment process.
Consider Alternative Options: During open enrollment, employers have the opportunity to explore alternative benefit options. This might involve looking for new insurance providers, modifying coverage options, or introducing new benefits that can better meet the needs of their workforce.
Wellness Programs: Many employers use open enrollment to promote wellness initiatives and encourage employees to participate in health and wellness programs. These programs can lead to healthier and more engaged employees, ultimately benefiting both the company and its workforce.
Employee Education: Educating employees about their benefit options is essential. Employers should provide clear and comprehensive materials, hold information sessions, and offer support to help employees make informed choices.
Deadline Compliance: Ensure that employees are aware of enrollment deadlines and assist them in completing the necessary paperwork within the specified timeframe.
Document Decisions: Keep detailed records of benefits decisions and employee enrollments to maintain compliance and address any potential issues in the future.
Open enrollment is a valuable opportunity for both small and mid-sized employers to assess and improve their employee benefit offerings, making them more competitive in the labor market and contributing to employee satisfaction and retention. It is also a time to evaluate the effectiveness of benefit programs and address any missed opportunities for enhancing the overall employee experience.
The Compliance Corner
Qualified Small Employer Health Reimbursement Account - QSEHRA
QSEHRAs are a health benefit for businesses with under 50 full-time employees. This is a great alternative to traditional medical coverage. This is an IRS-approved vehicle for providing a reimbursement to employees who enroll in the plan.
Basics for setting up a QSEHRA:
-Determine how much you want to contribute. In 2024 the limit for employers to contribute annually is $5,850 for a single and $11,800 for families.
-Create a plan document with a third party administrator to ensure employees know how to use the benefit.
-Provide notice to employees of the plan.
-Setup an administration process to keep employees reimbursed and on time.
-Maintain documentation of employee enrollment and plan disbursements.
QSEHRAs are incredibly customizable. If you're looking to set up a QSEHRA or explore your options for health insurance for under 50 employees, contact FCHR today!
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Employee Handbook Review
There is still time!
Full Circle HR is offering a New Year, New Handbook service for employers who have an established employee handbook and want to make changes for 2024.
This service includes a deep dive into what you want to keep, add, and change. We will review the handbook for compliance on a state and federal level. And we will prepare you to roll out your handbook to your team in 2024. If you request it, we can even come to you and meet with your employees to discuss the changes.
Space is limited and time is running out, so reach out today!
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