Health is wealth. A statement of fact that never gets old. One of the best gifts you can ever gift yourself is sound health. But this typically comes with a price tag on it—and certain common conditions typically drive up healthcare costs.
In light of the global pandemic, one thing we all can agree on is that health is paramount. We were told to remain indoors, wear face masks, and maintain social distancing to curtail the spread of the virus. As we transition towards a world free from the deadly virus, health comes to the forefront.
The progress of any business is directly tied to the productivity of the workforce. Happy employees give the best results, are more productive, and loyal to the business. With the pandemic came the need for greater financial security. Thus, employees are looking for improved benefits as they return to work.
Being a CEO or employer of labor is hard work. Every passing day business owners face HR issues that may be too complex to take on your own. As issues pile up, you may be focusing a significant amount of time on HR. Wouldn’t it be nice to have a professional HR provider that will take care of employee-related challenges? Wouldn’t it be a relief knowing that a team of experts is managing your workforce in an efficient manner? This team of experts that can provide these benefits are called Professional Employer Organizations (PEOs).
The COVID-19 pandemic has affected all sectors of the economy, including the pharmaceuticals. The majority of self-insured employers are not planning to make any changes in their pharmacy plans, even with the pandemic. A recent survey has found that 90% of self-insured employers are not considering reviewing their pharmacy plans. This percentage jumps to 100% for companies that have more than 1000 employees. Why is this? This article will look at what self-insured employers and self-insured companies are, how PBMs work, and more.
What Should Your Employee Benefit Plan Cost? It can be expensive to ensure that you attract the best employees, but you need talented employees for a successful company. It is estimated that it costs $15,500 for health benefits per employee. This may affect your bottom line. Health benefit costs are rising much faster than wages. How can employers ensure benefits for employees while still keeping costs down? There isn’t a singular answer to this question.
Hiring an expense consultant can help improve your company’s bottom line, but you likely have questions about the process. Learn about hiring one here.