Group Benefits & HR Technology
Comprehensive benefits packages are attractive to job seekers, particularly if the benefits extend to their families. Offering competitive and comprehensive packages can give your business the edge it needs to hire and maintain a dedicated staff of quality employees.
What are the top 3 trends in this service area?
- HR technology platforms offering custom and comprehensive employee benefit websites and a paperless enrollment process.
- Workplace medical and financial wellness initiatives to improve overall physical, emotional and financial health that will significantly reduce sick time and lower long-term medical costs.
- “Acronym” medical benefit plan designs including Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs) and Flexible Spending Accounts (FSAs) to reduce overall medical plan costs and increase employee engagement and “consumerism.”
Notable statistics
- In 2018, the Department of Labor (DOL) estimated that 82 percent of all employer Health and Welfare plans were in violation of one or more major compliance requirements such as ERISA, ACA, HIPPA, COBRA or FMLA. In 2017, the average penalty or fine that was levied by the IRS or DOL on small to mid-sized companies for the aforementioned violations was $36,458.
- According to MetLife’s 2018 Annual Benefit Trends Study, 83 percent of employees would be willing to take a small pay cut (3.6 percent, on average) in order to have a better choice of benefits from their employers. In addition, 72 percent of employees surveyed were very interested in a variety of optional/voluntary non-medical benefits that they could choose to purchase and pay for through payroll deduction.
What are the top 3 trends in this service area?
- HR technology platforms offering custom and comprehensive employee benefit websites and a paperless enrollment process.
- Workplace medical and financial wellness initiatives to improve overall physical, emotional and financial health that will significantly reduce sick time and lower long-term medical costs.
- “Acronym” medical benefit plan designs including Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs) and Flexible Spending Accounts (FSAs) to reduce overall medical plan costs and increase employee engagement and “consumerism.”
Notable statistics
- In 2018, the Department of Labor (DOL) estimated that 82 percent of all employer Health and Welfare plans were in violation of one or more major compliance requirements such as ERISA, ACA, HIPPA, COBRA or FMLA. In 2017, the average penalty or fine that was levied by the IRS or DOL on small to mid-sized companies for the aforementioned violations was $36,458.
- According to MetLife’s 2018 Annual Benefit Trends Study, 83 percent of employees would be willing to take a small pay cut (3.6 percent, on average) in order to have a better choice of benefits from their employers. In addition, 72 percent of employees surveyed were very interested in a variety of optional/voluntary non-medical benefits that they could choose to purchase and pay for through payroll deduction.
What is being provided?
- Compliance consulting for ACA, ERISA, HIPAA, FMLA, COBRA and more to protect your fiduciaries.
- Corporate Health & Welfare Benefit Consulting and Brokerage Services – helping our client deliver “best in class” Employee Benefits with “best in class” pricing to attract and retain top talent in any economy.
- Online enrollment and HR technology solutions tailored to suit the needs of your business and your employees.
- Benefit Benchmarking and trend insights impacting employers – helping our clients stay on the competitive edge for their industry.
Why should you be interested in this service?
Employer health care costs typically comprise a top-three annual corporate expense. Additionally, nearly every level of health insurance can be complicated and costly. Working with an expert in this space can help to simplify the process and help to avoid unnecessary expenses for your business and your employees.
Why should I use In Good Company to help with this service?
HR compliance and benefit selection coordinated through In Good Company ensures that you will receive cost-effective benefit plan solutions without compromising benefit plan designs. Furthermore, In Good Company has partnered with a provider that is recognized as a “platinum agency,” which means it delivers best pricing and significant negotiating power for its clients, and receives the highest level of service and support from all of the insurance companies. This added value in turn gets passed on to you and your employees.
Our Purpose Is Providing Your Solutions
CONTACT US
401 S. Old Woodward Ave.
Suite 300
Birmingham MI 48009
amy@igcintegratedsolutions.com