Employer Strategies

The cost of buying health coverage at work has increased faster than wages and inflation for years, pressuring household budgets.

Retirees can open health savings accounts, which offer tax breaks on contributions and qualified distributions, and tax-free growth on investments.

Requirements can be difficult to follow, but mistakes can cost a broker and their client big money in fines, penalties, civil lawsuits, audits and more, says Word & Brown’s Marc McGinnis.

While the economy and job market have continued growing over the years, there are a number of jobs employers say they are having trouble hiring for.

By identifying and then treating issues that are hindering a variety of savings goals, advisers can help clients feel more secure in purchasing a new home, funding college education, acquiring emergency funds and more.

Employers need to understand demographics, select a strategic partner and offer HSAs, FSAs and wellness programs.

Those who left the workforce can open HSAs, which offer tax breaks on contributions and qualified distributions, and tax-free growth on investments.

Younger employees will put more weight on workplace flexibility than healthcare benefits, and leverage technology in different ways than previous workers, says Randstad chief human resources officer Jim Link.

At least 60% of employees suffer from illnesses such as depression, anxiety and stress at work, and employers are losing almost $225.8 billion each year as a result.

Employers need to make sure they are using the new summary of benefits and coverage template and comply with reporting requirements, benefits attorneys warn.