Employee benefits

“As that complexity has grown, it was important for us to make sure that we continue to invest in capabilities that are going to be the necessities that employers are looking for,” says Voya executive Lou Strippy.

Instead of choosing a one-size-fits-all plan for a group, employers can offer fixed reimbursements that employees can use to purchase their own insurance or use for medical expenses.

Many organizations have taken significant steps to reduce employment costs, and nearly a third already have or plan to furlough workers, with another 19% saying they might if necessary, according to a survey by Unum.

“It is critical for employers to actively demonstrate their commitment to mental health parity. Fear and stigma can only be overcome when employees believe their workplace provides a safe environment,” says Dr. Eric Hart, chief medical officer of Healthstat.

Workplace strategies and benefits need to support employees during a crisis that address the whole person — financial, connectedness, and physical and behavioral health.

As states around the country attempt to restart their economies, lack of child care will continue to keep some people — mostly women — from getting back to work.

Americans’ retirement savings are increasingly threatened by disabilities that temporarily keep employees out of work by turning to hardship withdrawals from retirement plans.

The partnership gives employees access to preventive care, discounts on supplies, and free veterinary consultations.

Demand has soared for mental health services as bank employees put in long hours, supervise kids while working at home and endure personal crises. Citi, BofA, Fifth Third and others are getting creative to help them decompress during the pandemic.

If Democrats win in November, single-payer healthcare could still be on the agenda. Its adoption would shake up the benefits industry.

Leave-sharing programs make sense for employers seeking tax-efficient opportunities to financially assist employees impacted by the pandemic.

As many traditional benefits including gym memberships and commuter stipends are no longer available to employees, companies need to change their benefit offerings as well.

The Department of Labor issued a new rule that allows companies to distribute retirement benefit information electronically.

The lack of seamless plan-to-plan asset portability prevents participants from easily moving and consolidating their 401(k) savings, leaving them open to the temptation to prematurely cash out their 401(k) accounts from prior employers’ plans.

“Helping bring broader benefits to more employees is particularly important during these challenging times,” says Neil Vaswani, CEO of Corestream.

“The mindset has shifted in terms of how we need to be able to lead and support a virtual workforce,” says Edward Jones CHRO Kristin Johnson.

It’s essential that companies take actions that protect their employees, yet they are getting little federal guidance in what exactly that means.

The impact of COVID-19 on the workforce and business has only reinforced the importance of leave policies and the value of protection offered through disability insurance.

Finding ways to work with and embrace different communication styles can help make certain everyone feels like they have a voice at the table.

Those who are bereaved need comfort from each other and extra effort needs to be made to reach out and encourage employees to take advantage of their EAPs.