Author: Cleveland Benefits Partners
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What Is a Total Rewards Package?
Total rewards packages refer to the compensation and benefits plans that companies offer. This phrase, however, extends beyond mere salary or wages and traditional benefits, like health insurance, to provide both recruits and employees with a rundown of what makes the employer special. Some in Human Resources might regard the total rewards package as the…
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Benefits 101: What is an HSA?
Are you the type of person who loves to save money? You’ll be happy to know that there’s a way to do so with your health care costs. It starts with medical expense accounts which let you set aside money to pay for certain health products and services. One type of medical expense account is…
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Compliance Recap April 2023
2024 BENEFIT PARAMETERS FOR MEDICARE PART D CREDITABLE COVERAGE DISCLOSURES ANNOUNCED The Centers for Medicare and Medicaid Services (CMS) released a Fact Sheet announcing the 2024 benefit parameters for Medicare Part D. These factors are used to determine the actuarial value of defined standard Medicare Part D coverage under CMS guidelines. Each year, Medicare Part D requires…
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Up and Away – Healthcare Costs Are Taking Off
Healthcare costs, and consequently employee health benefit costs, have been growing at an alarming rate in recent years. The U.S. as a nation spends more on health care than any other developed country but has worse health outcomes. How is this possible? Four Key Factors Driving U.S. Healthcare Costs: Aging Population Healthcare gets more expensive…
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Volunteering and It’s Surprising Mental Health Benefits
Volunteers make an immeasurable difference in people’s lives and often serve with the intention of helping others. But, did you know that volunteering can benefit your mental health as well? While it’s true that the more you volunteer, the more benefits you’ll experience, volunteering doesn’t have to involve a long-term commitment or take a huge…
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What Are Medicaid Redeterminations and Why Do They Matter to Employers?
When we see the recent onslaught of news about Medicaid redeterminations (aka “the unwinding of Medicaid”), we might automatically relate it to individuals and not necessarily realize that some employees might have declined their company’s benefits and enrolled in Medicaid during the pandemic. Medicaid is a joint federal and state program that provides medical insurance…
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Employee Benefit Trends: What is a Lifestyle Spending Account?
A Lifestyle Spending Account (LSA) offers employers an opportunity to help fund health and wellness costs that a traditional group health plan won’t cover. LSAs are often used as perks to attract and retain quality employees and could be a desirable piece of the employee benefits puzzle. What Is a Lifestyle Spending Account? A Lifestyle…
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Benefits 101: Vision Insurance
According to WebMD, the eyes are the most highly developed sensory organs in your body. Did you know that more of your brain is dedicated to the sense of sight than to all of the other senses combined? So, it makes sense that you would do all that you can to protect and care for these…
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Fact Sheet for Consumers About the End of the COVID-19 Public Health Emergency
The Centers for Medicare & Medicaid Services (CMS) issued a consumer-facing fact sheet to help people know what to expect at the end of the COVID-19 Public Health Emergency (PHE). The Department of Health and Human Services is planning for the federal PHE and the COVID-19 national emergency to expire at the end of the day…
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Compliance Recap – March 2023
IRS RELEASES 2024 EMPLOYER SHARED RESPONSIBILITY PROVISION PENALTIES The dollar amount used to calculate the employer shared responsibility provision penalties (ESRP) has been provided for 2024. As background, the penalties can be assessed under Code § 4980H(a) if an applicable large employer (ALE) fails to offer minimum essential coverage to the required number of full-time…
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Two Areas Impacting Benefits When the COVID-19 Emergencies End
When the COVID-19 public health emergency and national emergency were declared in 2020, no one anticipated they would still be in place in 2023. On January 30, 2023, the President announced the intent to end the emergencies on May 11, 2023. The impact of the emergencies on employer-sponsored benefits affected certain coverages, reimbursements, and timelines.…
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What Is Rage Applying in HR?
Rage applying is when young employees in professional fields get fed up with the workload, boss, compensation, or all of the above and apply to as many other companies as they can while soaking in their anger. The act of applying to other jobs when one’s morale is low is nothing new. But the term…
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5 HR Trends in Recruiting and Talent Acquisition During Layoffs
As businesses big and small struggle with high inflation and an economic downturn that may turn into a recession, recruiting and talent acquisition often gets pushed aside. Human Resources leaders are doing more with less and trying to handle the additional stresses of the times. As a result, strategizing for the future – when the economy may…
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Employee Benefit Communication: It’s Not Just About Open Enrollment
Employee benefits and open enrollment may be something you only think about a few times a year, and for your employees, it might be even less often. However, with a thoughtful, year-round communications plan, your business can increase employee engagement and smart benefits utilization. Many employees don’t know what benefits are available or how to utilize…
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An Ounce of Prevention is Worth a Pound of Cure
Health care is expensive but there is good news: Most insurance plans come with free preventive care and benefits. There is a lot of confusion around what is and isn’t preventive care – and why it matters. Here is what you need to know. What is Preventive Care and Why Is It Important? Preventive care…
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Retention Ideas in a Recession
Employee engagement is the top priority of respondents to HR Exchange Network’s latest State of HR survey. Obviously, employers are keen to engage employees to increase productivity and retention. However, the economic downturn and inflation is complicating matters, and Human Resources leaders are seeking new ways to reach talent. Recently, Eric Mochnacz, strategic senior HR leader and Director…
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Virtual Primary Care: The New Doctor’s Office?
The pandemic gave us more reasons, and more options, to see doctors online. More and more, people are seeking out telemedicine services versus the traditional brick and mortar physician’s office. This trend includes telemental health services as well. And much like the necessity of remote work proved its potential to employers, telemedicine took hold as…
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4 Employee Handbook Policies to Watch in 2023
There aren’t rules for how frequently you should update your handbook, but given laws do change, it’s smart to be proactive so you don’t get caught off guard. An updated employee handbook helps employees understand what’s expected of them, and helps managers ensure company policies are followed. We’ve identified four reasons to revisit your employee…
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Healthcare 101: Back to Basics
Getting sick can be expensive. Even minor illnesses and injuries can be very costly to diagnose and treat. Health care coverage helps you get the care you need and protects you and your family financially if you get sick or injured. We’re breaking down the health insurance basics. Because, when you understand it, you’re more…
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Take Action Toward Better Heart Health: Know and Control Your Heart Health Numbers
It is important to keep track of how much you exercise, your blood pressure, your weight, and your cholesterol numbers as ways to meet your heart health goals. Here’s some ways you can do this: Keep a log of your activity to help you track your progress. Consider wearing a device that counts your steps to…
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Top Benefits for 2023
A hot labor market that has seen scores of employees leave their jobs for new and better opportunities has HR and benefits leaders planning to up the ante when it comes to benefits that sway workers to stay. But at the same time, employers also are aware of soaring costs and inflation concerns and are…
