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week ending November 8th, 2019
Employers are not only focusing on reducing their own health benefits spend, they know they need to reduce costs for employees. A Mercer survey identified ways midsize and large employers are doing so, but pointed out smaller employers may not have the same resources. A separate survey found 92% of small businesses are willing to work together to push for changes to make health care more affordable. Mercer found that to improve utilization of health benefit offerings, 41% of large and midsize employers say all or most of their benefit offerings are accessible to employees on a single, fully integrated digital platform (most often through a smartphone app), up from 34% in 2018. Doing so is one factor that can improve employers return on their health benefit investment. Enjoy this edition of PLANSPONSOR Weekend!
Editor's Choice
Benefits
Employer Health Benefit Costs to Rise 6.5% in 2020
A focus on managing chronic conditions, and education to improve health care utilization can help employers manage cost increases.
Benefits
Survey Reveals Emerging Health Benefit Cost-Saving Measures
Employers are encouraging the use of biosimilars instead of specialty pharmacy products, creating an environment that makes it clear and easy for employees to opt for high-value services, and engaging effective programs to help manage anxiety and stress.
Benefits
Employers Recognize Need to Reduce Health Benefit Costs for Employees
Many are turning to innovative tech-enabled programs that cut costs for them while not shifting costs to employees, Mercer found.
Benefits
Small Businesses Willing to Band Together to Reduce Health Benefit Costs
A survey found 92% of small businesses are willing to work together to push for changes to make health care more affordable, but there are options created by regulators that could help some of them now.
Benefits
Return on Health Benefits Investment Can Be Improved With Single Access
Research found low engagement levels with health benefit programs, and one problem it identifies is employees are often required to access multiple disparate systems to learn about and access their full range of health benefits.
Popular Reads
Administration
Getting SECURE Act’s Lifetime Income Provisions Right
Industry sources agree pains must be taken to ensure mandatory lifetime income projections to participants are accurate and contextual education is provided.
2020 Best in Class 401(k) Plans
PLANSPONSOR is pleased to announce the sixth “class” of companies winning the Best in Class 401(k) Plan designation.
Compliance
IRS Announces 2020 Contribution and Benefit Limits
The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans is increased from $19,000 to $19,500.
Administration
Why Nonprofits May Prefer a 403(b) Plan Over a 401(k)
It often comes down to nondiscrimination testing.
Compliance
2020 ERISA Plan Compliance Calendar
A schedule to help plan sponsors track important due dates for their plan
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