Employee benefits

Commentary: Private exchanges are not the one-size-fits-all solution some in the benefit industry think they are, says broker Judy Miller. The veteran adviser shares her opinion about the promises and pitfalls of the private exchange solution.

Benefit advisers are prepared to make significant investments in internal systems in 2015 to better manage their workload, improve existing relationships with employers and better market themselves to prospects.

Blue Cross Blue Shield is requiring all agents in the individual market in one state be certified to sell in the state’s federally facilitated marketplace — even those who only sell outside of the exchange.

Plan sponsors see a growing need to use technology in retirement plan communications, with the majority saying they will increase their use of technology to deliver information to employees over the next two to three years.

The 2014 midterm elections did more than just make paid sick leave benefits mandatory and increase minimum wage; ballot measures also approved recreational use of marijuana in various states and regions.

Millennials are not saving enough to take full advantage of their employer’s 401(k) company match, but benefit advisers say there are many tools employers can use to turn this trend around and engage the younger generation.

The HIX marketplace may offer Americans more choice when it comes to health insurance, particularly as public exchange options expand, but it continues to complicate life for HR professionals.

On the whole, benefits professionals do feel a high level of satisfaction with the majority of technology they use, but shortcomings in end-user experience remain a frustration.

A majority of brokers have seen some of their employer clients drop group coverage altogether in reaction to the ACA and double-digit rate increases. That trend, they say, will rise and advisers need to adjust the way they do business if they hope to survive.

Plan design plays a significant role in the success of a 401(k) plan, and there are opportunities for design to be catered to better suit employee needs and retirement objectives.

Commentary: Are private exchanges just a flex benefits reboot? Lockton’s Mike Smith shares what he thinks will affect their success and adoption.

With an expected 5.5% rise in health care costs in 2015 – the same year the Affordable Care Act’s employer mandate takes effect – employers have high hopes that spending can be reined through increased employee consumerism.

EBN’s inaugural technology survey indicates that 41% of respondents plan to increase their spending on technology next year, with 45% having already increased their spending from 2013 to 2014. Much of that spending is directed toward new employee portals and front-end systems to better integrate and utilize various benefits functionalities (health, retirement, voluntary benefits and more).

On Saturday, the first day of enrollment for 2015 Obamacare plans, the federal insurance website was working well enough that 100,000 people submitted applications, U.S. health secretary Sylvia Mathews Burwell reported.

Commentary: As open enrollment season moves into full swing, columnist John Ludwig turns your focus to financial wellness, a growing concern for employers.

One-third of business owners have no plan to control health care costs, however, most plan to handle their benefits strategies on their own, study finds.

The wisdom of offering 401(k) loans has long been debated, with some arguing that allowing them is an incentive for employees to participate in the plan, while others believe they do more harm than good since employees often reduce or stop saving in their 401(k) plan after taking a loan from it.

The Affordable Care Act’s inclusion of pediatric dental coverage as an essential health benefit has small employers facing a dilemma: Whether to embed dental coverage within a medical plan or offer dental benefits as a stand-alone plan. Market confusion about what these plan options include and exactly what the health reform law requires highlights the need for expert benefit adviser help.

As an effort to comply with the ACA, some employers have been considering offering employees a lump sum of cash to purchase health care coverage on the exchanges, but the DOL now says such an arrangement isn't going to cut it.

Preparing Americans for retirement is at the forefront of priorities for lawmakers and industry, as putting off saving for retirement for even a few years will woefully shortchange employees in their golden years.