Financial concerns and readiness for retirement remain top worries for Americans, even as many employers are trying to help by offering financial education benefits.
Effective in 2015, the Affordable Care Act requires that employers report information about the health coverage they offer to employees. As you plan for ACA compliance, be reminded that you have this reporting obligation, not just to the Internal Revenue Service but to employees as well.
Industry musings about how fast this employee benefit selection tool will grow and in what format are plentiful.
While no public exchange was without troubles during the first ACA open-enrollment period, one state in particular put unique efforts into its SHOP exchange for small employers and saw results.
By getting employees more directly engaged in their own financial well-being educating them on their benefits, helping them make the right retirement planning decisions and learning how to tackle financial stress by addressing their own debt and their worries over health care costs employers are seeing lower turnover and increased productivity.
When the public exchanges were first envisioned, some industry analysts thought most employers eventually would head for the exits on financing health benefits and simply steer their employees into the nascent online marketplace. That hasnt happened, of course, and its far too early in the HIX rollout to expect any meaningful change to occur.
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