Take Steps to Spot Compliance Issues Before They Cause Problems for You and
Your Benefit Plans
Reports indicate that the Internal Revenue Service (IRS)—one of the government agencies responsible for overseeing employee benefit plans—is staffing up and intends to increase its number of benefit plan audits. The agency expects to audit an overall 9,000 employee benefit plans in 2005 and 10,000 in 2006, with most of these audits being of qualified retirement plans.
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Communications Improve Employee Perception of Benefits Package Value
At most companies, employee benefits represent a significant portion of an employee’s overall compensation. According to the Bureau of Labor Statistics, employee benefits’ costs account for almost 30 percent of an employee’s total compensation. Yet this significant outlay often gets overlooked, or undervalued, by employees. For example, according to data from MetLife, 28% of surveyed full-time employees thought their employer’s contribution toward health insurance was less than $1,000 per employee annually, and almost half—49 percent—put this figure at less than $2,000. This perception significantly underestimates what is likely to be an employer’s actual contribution.
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Accreditation Standards Will Help Employers Select Consumer-Directed Health
Plans
Consumer-directed health plans (CDHPs) have rapidly gained a foothold in the
employer-sponsored health plan market. As more employers consider adding a CDHP,
questions arise about which plans hold the best prospects for managing health
care costs while offering quality care to members. In order to achieve their
potential as a cost-effective, quality health plan, CDHPs rely on the consumer
to make smart, informed health care decisions. This type of effective
decision-making only occurs when plan members have the right information
resources.
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Safety Valued Over Effectiveness by Prescription Drug Users
Consumers remain confident of prescription drug safety, despite several recent
instances of popular medications being pulled from the market or linked to
serious conditions. However, older drugs are more trusted, even when their cost
is comparable to newer medications that may be perceived as more effective.
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