This year, more than ever before, we could all use a little insight into our workforce and what the future holds.
This is true for a firm’s human resources department as well. With increased volatility in the market, predicting the future of your benefits responsibilities can be difficult without the proper insights. That is why Health e(fx) is releasing our 2020 edition of our Insights Report.
This third installment of our Insights Report is a result of aggregation of payroll, benefits and HRIS data sources to deliver workforce, benefits and ACA compliance insights and trends from the past three years across multiple industries.
You can download our 2020 Insights Report today, and here are a few of its highlights:
The challenge of avoiding ACA penalties is rising
While employers continue to receive notices of non-compliance, determining ACA eligibility among a team’s workforce has become more difficult than ever. In addition, more states are instituting their own individual mandates, and while some of these mandates mirror the federal regulations, there are key differences that can prove costly for employers who ignore the changes.
This section of the Insights Report provides you a comprehensive guide to the myriad of considerations for employers seeking to reduce their risk of IRS and state mandate penalties due to non-compliance.
Perceived value of employer-sponsored health coverage remains high
While conditions change, the value employers and employees place on sponsored coverage remains strong. Our research provides you inside data into a marketplace where employers continually provide coverage options that exceed those required by the ACA. It also shows that employees are often enrolling in the more comprehensive plans offered by their employers.
Not everyone is making full use of employer healthcare benefits
While the previous section shows the value employers and employees place on sponsored health coverage, not everyone is using employer plans to the fullest. Inside the report you’ll find data that shows many employers’ healthcare plans are being underutilized by lower-paid employees and other critical segments.
The Insights Report shows you how closely monitoring benefits program use based on employee segments — like generation, gender and pay grade — can help you design better programs. In addition to supporting your employees’ health and well-being, these enhanced programs can also support employee retention.
Enrolling in a company health plan is linked to prolonged employee tenure
Retaining talented employees is a challenge faced by companies in any industry, and research shows that employees tend to remain longer with their employer if they are enrolled in the company’s benefits plan. This has proven to be true across all income levels, with the greatest impact being seen by those earning just below the Federal Poverty Limit.
Different generations are having different effects on company health plans
The shifting needs of generations can have a dramatic impact on a company’s health plan and its usage by employees. Members of Gen Z and Millennials, who are encompassing a greater percentage of the workforce are aging out of their parents’ coverage.
This section of our Insights Report shows you how each generation impacts your benefits plan in its own unique way and how you can get predictive information about your benefits needs based on the makeup of your team.
Find the insights your company needs
The modern market is constantly changing, and those adjustments figure to grow even more drastic as the impact of the COVID-19 pandemic evolves. Now’s the time to get a firm grip on your current and future benefits, compliance and workforce needs by exploring the research offered in our 2020 Insights Report.
Download our guide today and begin your plans to prepare your company for the road ahead.