In the event of larger than planned or catastrophic claims, self-funded health plans rely on their stop loss insurance policy to help protect their cash flow and maintain financial stability. But what does this process look like for the employer?
Millennials are projected to become the largest overall generation this year, and some studies predict the generation after them, Gen Z, will prove even larger. With this in mind, it’s important to make sure your benefits package reflects the needs of your changing workforce to encourage participation and stay competitive in attracting talent.
High-deductible health plan and Health Savings Account (HSA) enrollment reached 21 million members in 2017 and is expected to continue to climb. But, because the Internal Revenue Code (IRC) sets specific eligibility requirements for HSA participation, they may not be for everyone. Let’s look at the criteria an individual must meet before enrollment happens.
Offering benefits your employees actually want may help you increase participation and support retention efforts. Also, understanding your employees’ needs may help you decide where to invest your employer contributions for group products.
This checklist can help you start planning for your health insurance open enrollment now.