As employers cut back on benefits or require employees to contribute more, establishing a flexible spending account (FSA) gives employees a valuable benefit at little cost to the employer. A flexible spending account (FSA) is a tax-favored program offered by employers that allows their employees to pay for eligible out-of-pocket medical and dependent care expenses...
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How Pharmacy Benefit Managers Help You Control Drug Costs
In October 2015 we discussed some of the forces driving prescription costs up and gave some pointers on what employers can do to control employee prescription drug costs. Here’s a brief overview of how pharmacy benefit managers (PBMs) help in that process. Your PBM plays an important role in helping control employee drug expenses. PBMs...
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Up in Smoke: Tobacco Cessation Programs at Work
Help your employees keep their resolutions to be healthier in the new year by helping them quit smoking. Your budget will enjoy the benefits as well. If you’re not convinced that smoking exacts a high cost from your company, consider these sobering facts about tobacco use: It contributes to an extensive list of serious diseases,...
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Which Health Plan Applies?
When your employees are covered by more than one health plan, you’ll want to know which plan is “primary” — insurance jargon for the one that pays claims first. Here’s some guidance. Let’s consider two situations where dual — and dueling — coverage might occur. They both involve someone covered by two plans, but in...
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It’s Time for a 401(k) Tune-Up
Give your 401(k) plan a little routine care and maintenance to avoid compliance problems! A compliance review will help you catch any plan errors or overlooked updates that might affect the retirement income of one or more of your company’s employees or subject your company to regulatory penalties. Here’s a quick run-down of how to...
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What Are Second Injury Funds?
More than half of all injured workers have a pre-existing condition, according to one expert. When you have an employee with a permanent impairment who suffers a second injury, you are responsible for compensating only the most recent injury. Many employers fail to realize this, leaving thousands of dollars on the table. More than 20...
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Understanding Consumer-Driven Health Plans
Insurers developed consumer-driven health plans (CDHPs) to help employers take control of their employee healthcare costs. What are the different CDHP types and what features do they offer? What Is a “Consumer-Driven Health Plan”? Consumer-driven health plans combine a high-deductible health insurance plan with some form of health savings account. These include HSAs, healthcare reimbursement...
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Depression in the Workplace
Clinical depression affects about one-fifth of women and one sixth of men in the United States at some point in their lifetimes. Why should employers be aware of this problem? Depression often strikes between the ages of 25 and 44 — the prime working years. At any one time, one employee in 20 may be...
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Physician Choice: Whose Right Is it?
When an employee suffers a work-related injury, workers’ compensation law obligates the employer to pay for medical treatment. Who gets to choose the treating physician—and why does it matter? In some states, the employer gets to choose the physician and all medical providers. This is called a full control program. In this type of system,...
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How to Avoid Common (and Costly) Immigration Mistakes
When it comes to complying with provisions of the Immigration Reform and Control Act (IRCA), you may find yourself forced into two roles seemingly at odds with each other — verifying the employment of every employee while at the same time avoiding discriminatory practices. To help you walk the tightrope, here are nine common IRCA...
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