Communicating Benefits to Millennials

Communicating Benefits to Millennials

Anytime a new generation comes into the office, they bring with them their styles and attitudes. Millennials are energetic, technology-savvy and educated. And benefits matter to Millennials (defined as anyone born between 1981 and 1994). Nearly half (49%) of Millennials cited the employee benefits they received as a strong driver of financial security and peace of mind. However, just like all your other employees, you have to do a good job communicating your benefits if you want Millennials to understand and use the plans. So squeeze into those skintight jeans and follow these communication tips. Use social media to reach them. Younger workers are online all the time. And they’re all over the place – from Pinterest to YouTube. You can’t expect them to dig around for your benefits information when their attention is scattered and limited. Instead, give them important benefits information on the platforms they use. Facebook and …

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Top 4 Reasons Benefits Communications Plans Succeed

Top 4 Reasons Benefits Communications Plans Succeed

No matter what direction you intend to take your benefits this year, you must start with a plan. All plans that succeed share similar elements. These are our four top reasons benefits communications plans succeed: 1. You’ve identified goals and ways to measure success A communication effort cannot reach its full potential without documented goals. This can be as simple as identifying the top three to five goals each year. Top goals can include, shifting enrollment out of your high-cost health plan, building awareness of new tools, increasing workers’ use of preventive care or increasing 401(k) savings. You must also establish how you will measure your results. The easiest place to start is with data you already collect – like plan enrollment and participation or website visits, but you can also ask your health plans for aggregate data about your employees and their dependents. Measuring goals with data is simple to …

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Do Your Policies Make It Too Hard for Employees to Use Their Benefits?

Do Your Policies Make It Too Hard for Employees to Use Their Benefits?

The employee benefits your company provides aren’t worth much if your employees can’t figure out how to use them or find the process you’ve established too onerous to bother with. Employees who don’t understand their benefits will express less satisfaction with them, and policies that make employees jump through a bunch of hoops to use those benefits will often discourage them from trying. Problematic policies may include requiring a doctor’s note to take a sick day, not communicating clearly about benefit enrollment deadlines, or requiring real-time monitoring or reporting requirements for employees to take advantage of flexible work arrangements. Here’s what you need to do to make it easier for employees to access their benefits. Shift Your Mindset Keep in mind that the benefits you offer are meant to attract and retain the top talent you need to build your business. Federal law doesn’t mandate paid time off for vacations, …

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Rethinking Your FSA (Is my FSA still worth it?)

Your Flexible Spending Account (FSA) has undergone some changes over the years. Most notably, over-the-counter medication such as cough, cold and flu medicines and pain relievers cannot be reimbursed through your FSA, unless the items have a doctor’s prescription or another supporting document. While it all may sound confusing and frustrating at times, these health-spending accounts are still among the best ways to pay for medical expenses that are not covered or paid in full by your medical, dental or vision plans—for you or any dependent. This tax-advantaged account can help your dollar go much further. Here’s how: Let’s say you put away $1,000 in your FSA for the calendar year. An average income will be taxed 25% by the federal government. Your FSA investment, however, is not taxed. The means you’ll have $1000 to spend on medical expenses, versus only $750. (That does not include state income tax, which …

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4 Benefits Elections to Re-Evaluate When You Get Married

4 Benefits Elections to Re-Evaluate When You Get Married

Getting married brings a lot of changes to your life, and your employee benefits are no exception. Marriage is almost always considered a qualifying life event that makes it possible to make changes outside your employer’s open enrollment period. Once you get married, it’s time to take a look at your benefits elections and decide what needs to change to reflect your new status. Here’s what you should consider. 1. Health Insurance There are several things to look at when it comes to your health insurance. “If both of you have coverage through different employers, review both plans to see which one offers the best coverage for the best price,” says Matthew Trujillo, a certified financial planner. Find out whether each person has an individual deductible or whether the deductible is total dollars paid in. Compare the out-of-pocket maximum, premiums, coinsurance and employer subsidy for each plan, too. Finally, look …

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