A few weeks ago, an employer told me about a new benefit for employees.
“That’s incredible!” I exclaimed.
The employer decided to share the financial gains of a good year by funding its employees’ vacations. You read that right, funding its employees’ vacations. In addition, the employer urged its employees to “unplug” and (gasp!) not work during their vacation.
Of course, there were limits on the vacation benefits an employee could receive through the program, but those limits paled in comparison to the positive message the company was sending: Not only do we provide you with paid time off you can use for a vacation, but we’re also going to put our money where our mouth is and help you take a vacation where you can relax, have fun, and not worry about work. Employees actually had to take vacations to get the benefit, and could not take the vacation benefit as a bonus instead.
And yes, if you’re wondering, these types of vacation benefits are taxable wages to the employee.
Enhanced vacation benefits are just one emerging benefit that I’ll be discussing in an upcoming webinar called 10 Emerging Benefits You Should Consider For Your Company. I’ll outline the types of ways an employer could offer this type of benefit, and which employers it might be a good fit for.
Another benefit I’ll discuss is the Individual Coverage HRA, or “ICHRA,” which is a type of health reimbursement arrangement that can reimburse individual health insurance premiums. The ICHRA is a new type of benefit that some employers can offer beginning January 1, 2020. I’ll discuss the many legal contours of ICHRAs, and which employers it might be a good fit for. Spoiler alert: Due to the legal restrictions on ICHRAs, we think few employers will embrace them at first, but that could change over time.
As for the other 8 emerging benefits, you’ll just have to listen in.
To register for this or other upcoming webinars, click here.
Sarah provides employer-focused guidance on human resource matters. With an emphasis on employee benefits and the Affordable Care Act, she distils the complexity of employment laws into understandable action items that meet a client’s business goals.
Sarah provides employer-focused guidance on human resource matters. With an emphasis on employee benefits and the Affordable Care Act, she distils the complexity of employment laws into understandable action items that meet a client’s business goals. During previous private practice experience, Sarah handled numerous complex benefit matters, including the transition of benefit plans in large corporate acquisitions, de-risking solutions in pension plans, contested health plan claims, DOL and IRS audits and the implementation of ACA-compliant health plan solutions. Sarah graduated from University of Wisconsin Law School, with a Bachelor of Arts degree from Grinnell College.
Biometric screenings top the list of wellness tools that employers use today, according to MetLife’s 2014 U.S. Employee Benefit Trends Study. After biometrics, employers use other types of wellness programs as follows:
When it comes to an employer’s health plan, good information is like currency. Resourceful employers analyze their plan’s medical claims data and, with a few tweaks in plan design, they can create significant savings.
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