Lots is changing in the insurance and benefits world, but here are the top trends on our list to look out for in 2016!
1. Helping employees manage their finances Many employers have been adding tools and resources to help workers manage short and long-term finances. In-person coaching and online resources are often combined to create crucial financial resources and help employees get more out of their earnings and investments. Take a look at this guide to figure out where to begin.
2. Simplifying retirement funding Only 1 in 5 employees are on track to retire at 65. Employers are making it easier for workers to participate in 401k plans through automatic enrollment and back-sweeping, and making plans richer by improving matching contributions, defaulting workers at higher savings rates and adding automatic contribution escalation features.
3. Increasing out-of-pocket expenses to save With the 2018 excise tax approaching, employers are eliminating richer health plans in favor of lower cost plans. In fact, 41% of employers are considering offering high-deductible health plans as the only plan option in the next three to five years. Good or bad, we’re not so sure, but this is a major trend that will only grow as costs continue to rise.
4. HIPAA compliance audits on the rise The U.S. Department of Health and Human Services has announced a new phase of covered entity and business associate audits for compliance with the privacy and security rules under HIPAA in the fourth quarter of 2015 and into 2016. If you haven’t already, ensure that your organization is complying with the appropriate HIPAA privacy and security rules (policies and procedures, privacy notice, training, etc.). A HIPAA breach can be very expensive and embarrassing to your organization.