What Benefits Make for a Complete Benefits & Compensation Package?

unnamedArticle written by by Ben Mueller @ Namely

Employees have spoken, and a paycheck alone just won’t cut it anymore. Today’s top talent demands total when it comes to total compensation, and that includes salary, a rewarding culture that celebrates success, and—you guessed it—top-of-the-line benefits.

But, with 90 percent of employees admitting to not understanding the yearly changes to their policies and 73 percent just choosing the same benefits year after year, employees feel incomplete. So what is it that they’re really looking for? We’ve compiled the infographic below to serve as a guide to help you decide which benefits to offer employees. Here’s just the tip of the iceberg:

  • 47 percent of employees say their company’s healthcare program is one of the reasons they stay with the company.
  • 72 percent of employees want 401(k) matching.
  • 27 percent of employees feel that paid training and tuition reimbursement are very important to their overall job satisfaction.
  • 57 percent of employees say they’d be willing to accept a job with lower compensation but a better benefits package.

For a total compensation package that’s packed, wrapped, and ready for the best talent, be sure to offer the benefits employees want most. A complete HR solution like Namely makes offering the right benefits easy by combining expert brokers, technology, and the plans your employees actually want. It’s benefits made easy.


Self-Funding, Stop-Loss and Balanced Funding Offer Employers More Options

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If you employ a healthy workforce, your company has the chance to see lower health care costs thanks to self-funding and stop-loss insurance options. Previously only for larger employers, self-insurance now includes financial levers (called level-funding or balanced-funding plans) that help smaller companies translate low heath-claim risks into low health insurance costs.

Self-Funded Plans Grow in Popularity

Self-insurance plans were once reserved for the biggest companies, which were best suited to afford and manage the administrative responsibilities that come with self-insurance. In the traditional self-funding model, the employer paid all health care costs directly as the claims came in. Generally, these traditional plans included a stop-loss contingency in case one employee has a sudden and dramatic increase in care costs because of an expensive illness or accident.

Lately, however, companies of all sizes are joining the self-insured trend, according to Kaiser Family Foundation data. It’s more common now to see employers banding together to create a larger pool of employees for a self-insured health plan. For example, a chamber of commerce will often offer all its members a self-funded plan. It’s important to note, though, that not all employers will meet the criteria to gain access to these insurance options. Your employees will likely first go through a health evaluation, and if the risk of health claims is low enough, your entire workforce will become part of a plan that services a group of companies.

Managing the Risk

Stop-loss insurance is an integral part of self-insurance. Without it, the employer or employee group is fully liable for catastrophic, or high dollar, claims. One person could drive up health costs enough to strain the budget of the employer paying directly for the health claims. Stop-loss insurance acts as a means of putting a cap on that risk, ensuring you won’t go bankrupt from paying the claims for an unexpected health event. The general trend with stop-loss premium costs is the lower the cap, the higher the premium.

Balanced Funding Allows for Budgeting

Balanced funding, or level-funded, plans are a form of self-insurance specifically created for smaller employers. With the traditional self-funding plan, the employer couldn’t budget consistently — except for the stop-loss limit, there was no way for employers to predict the cost of health care each month. For small employers working with tight budgets, self-funding was too financially uncertain.

Level funding solves those budgetary concerns. With a set dollar amount each month (based on the number of employees), level-funding plans keep an ongoing tab of credits and debits for health care bills. If claims are less than the amount, a credit is issued at the end of the year, and if claims go over the amount, the stop-loss policy is implemented. Level funding therefore offers the risk prevention from stop-loss coverage while providing a stable, consistent payment throughout the year.

Level-funded plans, along with stop-loss insurance, offer a way for you to take control of health options and cut down on costs. Whether solely through your business or as part of a group of employers that implement a self-funded plan (with level funding, if desired), self-insurance is a viable business option that provides flexibility, potential savings and a low level of risk.

Written by Dylan Murray  |  April 7, 2015.  Published at Anthem’s “Making Healthcare Reform Work” blog.

Wellness Works….

How Humana Wellness programs can reduce employee stress (and its related costs)

What is Wellness Works?
Wellness Works helps you stay informed about the latest and greatest in Humana Wellness. It will regularly share wellness-related outcomes, data points, testimonials, and thought leadership content in a convenient and efficient format.

In the spotlight
The focus of this Wellness Works is workplace stress and Work-Life Services. Employee stress is unavoidable, but when left unchecked, it can cost employers money with staff turnover and lost productivity. Keep reading to learn more about how Work-Life Services can help minimize these costs.

Did you know?

  • A Monster.com survey of almost 7,000 U.S. workers showed 42% had quit a job due to stress.1
  • 51% of employees say they’re less productive at work because of stress.2
  • Evidence suggests that financial stress may directly affect employee health and well-being, thereby lowering worker productivity and increasing absenteeism.3
  • Humana Work-Life Services can help!

What is Humana Work-Life Services?
Work-Life Services is a program that helps employees and their household members with childcare, adult/elder care, and everyday needs. Employees call a Work-Life specialist, who can help them by providing research, guidance, and customized referrals. Specialists can locate:

  • Day care facilities, nannies, back-up childcare, schools, and other child-related service providers
  • Nursing homes, assisted living facilities, home healthcare providers, community-based programs, and other adult care-related service providers
  • House repair services, pet walkers or pet day care, local youth development or community-based sports programs, gyms, party planners, and more

These service provider referrals are based on the caller’s stated preferences, such as location, price range, and schedules. For the employees who call, Work-Life is confidential, is available 24 hours a day, seven days a week, and is offered at no cost to them. Work-Life is usually combined with the Employee Assistance Program (EAP) for enhanced employee support.

Humana Wellness works!
With Work-Life Services, employers can experience an uptick in productivity. Using the program allows employees to save themselves time and stress, as well as refocus on their work while at the office.
According to self-reported surveys, employees consistently stated that, as a result of using Humana Work-Life Services, the following increased:

  • Their ability to handle the situation for which they sought assistance (Average score of 3.8 out of 5)
  • Their ability to be productive or accomplish things at work (3.9)
  • Their overall quality of life was better (3.6)4

Wellness is not just a solution for lowering the growth of healthcare costs; it is also a way for employers to avoid costs that stem from employees’ everyday concerns, issues, and sources of stress.

Feedback? We welcome your feedback on Wellness Works. Send your comments to:Humana Wellness Communications.

1 “42 Percent of Employees Have Changed Jobs Due To Stress,” Forbes, April 18, 2014.
2 “Psychologically Healthy Workplace Program Fact Sheet,” APA, 2010.
3 MetLife Global Financial Wellness Study 2011.
4 “HRI WL BOB Client Satisfaction Overview,” Jan–June 2014.