Few things stay constant in the world of employee benefits, so it comes as no surprise that employers may need to rethink their 2022 salary and benefits budgets as global inflation gains traction. There are several reasons for the latest round of cost bumps – some similar to what we have experienced in the past, and some as a result of long-term pandemic effects.
According to Microsoft’s 2021 Work Trends Index, up to 40% of employees are considering leaving their jobs this year.1 What’s the driving force? No surprise, a year and a half of dealing with COVID. Workers are reevaluating their priorities, often towards a new work-life balance, focused on more flexible work. The pandemic, for all its downside, has provided an important reminder that life is fragile, and worth living the way you want.
As companies struggle with high healthcare premium costs and worry about their employees’ ability to afford healthcare in retirement, they’re encouraging the adoption of HSAs among their workforces. Some are making high-deductible health plans the only health insurance option and enticing employees with HSA contributions and even matches.
Sometimes, a private plan may offer more flexibility for people wanting to leverage the state's new Paid Family Medical Leave Act. According to President and Founder of Innovo Benefit Group, Eric Gulko, policy holders should look at their options, including private plans. Just beware that even with private carriers the application process could be perceived as cumbersome.
In the past, we’ve highlighted Innovo Benefits Group’s support for Bridge Over Troubled Waters, an agency providing life-changing services for Boston’s homeless, runaway, and at-risk youth. When we look at their mission and the good work they do, we’re reminded of these wise words from Gandhi: “The true measure of any society can be found in how it treats its most vulnerable members.”
What a year 2020 was for the healthcare world. One of the surprise winners, however, was the concept of telemedicine. While it had been around for decades, it never rose to “gamechanger” status. Then, COVID hit.
Are you asking your prospective employer the right health insurance questions? President and Founder of Innovo Benefits, Group, Eric Gulko, explains what you should be asking before accepting the job in order to understand and make the most of company health insurance benefits.
Today, many employers are having candid conversations on how to best care for their employees from a benefits perspective while also keeping their company financially stable. At Innovo, our mission is to help benefits professionals make informed decisions – every day, and during these trying times.