Selling Wellness: New Apps Promote a Healthy, Productive Workplace

November 8, 2011 By Nancy Sansom

 

  • Personalized Health Alerts: Customized health-related alerts give employees real-time knowledge to take control of their health and ultimately reduce their own out-of-pocket expenses. One such tool is Just InTime Wellness, available from healthcare solutions provider SCIOinspire. Just InTime Wellness sends personalized, proactive alerts by email, phone or mail to notify users when preventive services are recommended or a “gap-in-care” is identified by analyzing the individual’s healthcare data. Upon logging into their secure benefits management platform, members see alerts displayed prominently on the home page and are encouraged to take action. For instance, an employee who has identified a chronic condition may be sent a reminder to refill a prescription. Additional educational information is available to employees, including related health care videos, articles, calculators and symptom checkers. [Read more]

Source:  LifeHealthPro

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Employers transition back to matching 401(k) funds

By Lisa Gillespie

November 3, 2011

The good news: Most employers are reinstating 401(k) matches, after suspending or reducing them following the economic collapse in late 2008. The bad news: Not all employers have reinstated yet, and some that have are doing so at a lower percentage, Towers Watson announced yesterday.

According to the analysis, 75% of 260 employers that suspended their 401(k) matching contributions have now restored them. Among those employers, about three in four (74%) reinstated the matching contributions to their previous level, while 23% of employers restored them at a lower rate. Just 3% increased their matching contributions to a higher rate. The most frequent employer match formula before and after the suspension matched 50% of employees’ salary deferrals, up to 6% of pay. The median duration for match suspensions was 12 months.

“We know that most employers are looking to reinstate when they can afford to. When that will happen is a bit of a challenge because it’s contingent on the economy and how the company is doing within the economy,” says Robyn Credico, a senior retirement consultant at Towers Watson.

The Towers Watson analysis is based on 260 organizations of all sizes that suspended their matching contributions. The suspensions occurred from January 2008 through January 2010, though most (83%) occurred during the first half of 2009.

Defined contribution plans without a match have much lower participation rates than those with a match, which could cause problems for employers down the road, as older employees might not save enough to retire in a timely and efficient manner.

In 2010, older Americans (55 and older) reached a peak 40.2% of the workforce, an increase from 1993 when just 29.4% of older Americans worked, according to the Employee Benefit Research Institute. “If you think about that from a financial perspective, the older workers tend to be more expensive, and they might not be the most engaged workers,” Credico observes. “They’re staying because they have to, not because they want to.”

Entrenchment by older workers means for some companies, young hires are not promoted. This might behoove employers to more highly promote retirement benefits — even to younger workers coming through the ranks — using a reinstated match to entice participation. However, with recent economic turmoil and the possibility of a double-dip recession, companies may suspend their contributions yet again.

“When we spoke to clients about reinstating, they were nervous to commit to something,” Credico says. “Some companies said they wanted to tie the match to the profits of the company, but ultimately most didn’t do that.”

Source: Employee Benefit News article used by permission

 

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DOL issues final rules on 401(k) investment advice

By Lee Barney

October 25, 2011

The Department of Labor on Monday issued final rules on investment advice in 401(k) plans, largely in line with its initial definition of advice.

Defined contribution plans may offer advice from a third-party as long as that entity receives level fees regardless of their recommendations, or through a certified computer model. In both cases, the advice must use generally accepted investment theories based on historical risks and performance of different asset classes over defined periods of time. [Read more]

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Communication can help company wellness programs succeed

By Lisa Gillespie

October 17, 2011

What good are company wellness programs if employees don’t know about them and the services offered?  Just like other employee benefits, wellness programs can be under-appreciated and under-used if they’re not properly communicated.

Currently, 60% of employers offer a wellness program, and another 8% of companies plan to offer one within the next 12 months. The growing popularity of wellness programs bodes well for the health of our country’s workforce, but only if employees take advantage of them.

“Employers today are more interested than ever in offering wellness programs to their employees,” says Randy Horn, president and CEO of Colonial Life & Accident Insurance Company.  “They’re looking for ways to help offset the rising cost of providing health care coverage to employees, and they want to attract and retain a quality workforce as well. But merely offering a wellness program won’t necessarily get employees engaged, you have to communicate well and often.”

Employers can partner with a benefits carrier that offers face-to-face communication as part of its enrollment services to help spread the word about their wellness benefits. Tools such as benefits statements and salary illustrations can help employees understand the value of the services provided. But a sit-down, face-to-face session with a benefits counselor can help employees develop an even better awareness and appreciation of a company wellness program.

“Don’t underestimate the value of personal, individualized benefits communication in today’s workplace,” says Horn. “The increasing responsibility employees have for making decisions about their benefits makes good communication more important than ever.”

The perception among employers is that their workforce knows very little about their benefits. In fact, less than 19% of employers think their employees have a very good understanding of their benefits. And nearly 5% think their employees know nothing at all about their benefits.

In a Harvard Business Review 2010 survey of HR leaders, 43% say their employees are satisfied with their benefits, but considerably fewer (30%) say the same about their benefits communication. In fact, 23% of them say their employees view their benefits communication as weak.

“Employers shouldn’t let poor communications impact their investment in a company wellness program,” says Horn. “They can complement the work that’s being done by HR departments and others in the company by adding 1-to-1 benefits communication to their toolbox.”

Source: Employee Benefits News article used by permission

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Easing stress during open enrollment

Posted October 11, 2011 by Bryan Brenner at 07:28AM.

Open Enrollment. Those two words are at once frightful and insightful. It’s a time when you’re able to make decisions with clients and do the work you love to do, but it’s also filled with late nights, long meetings, and at times, intense frustration.

Research has shown that the open enrollment period also is a time of added stress for employers seeking to protect their financial health while offering a cost-effective and robust health plan for their employees. Given the static economy, employees are worried about rising insurance premiums and the effect on their livelihood.

It’s a double-edged sword.

The weight of that employer and employee strain rests squarely on the shoulders of benefit consultants and brokers charged with finding a health care and welfare benefit platform that pleases both parties – a stressful task indeed.

As a way to ensure a smooth open enrollment process, it’s crucial to have a strategy in place. Here are eight ways to ease the stress level during this hectic time:

1. Plan Early

It goes without saying, but by having a plan for renewal schedules, ID card delivery, and decision dates, you can stay ahead of the curve. Even if you’re just planning a week ahead, it’s better than taking things as they come at you.

2. Create Transparency

If you can, map out important dates in a common place – maybe it’s an Intranet, or maybe it’s as simple as a poster board. Are the deadlines being met? Is everyone doing their part? Transparency builds accountability and a sense of teamwork.

3. Delegate

If there are functions of your role you can get help with and gain bandwidth, do so. Ask yourself what it is that you do that only you can do – and go down from there.

4. Hold People Accountable…

It’s not easy to ask people the hard questions – especially internally. If deadlines are frequently being missed by a team member, stop and ask what’s going on. You might find out that things are different or more difficult than you thought.

5. …But Be Realistic

Things will happen that get in your way. Miscommunication is most likely the case. Be prepared to be flexible and adapt to the situation.

6. Keep Your Attitude in Check

Your attitude, positive or negative, will influence those around you. If you’re having a bad day, do what you can to be a good sport for those around you. You’ve heard the expression “fake it ‘til you make it” – it holds true here too.

7. Recognize Success

If a member of your team has done something well – tell people about it. Try not to be so busy that you neglect the excellent work that those around you are getting done.

8. Debrief

It’s all too easy to bid good riddance to Open Enrollment season and move on to your next project. But take some time and reflect on what went well – and more importantly – what didn’t. Asking your clients the same thing will allow you to improve things for next year.

So there you have it. A few tips to keep everyone on an even keel so that when you make presentations to employers and employees, the stress doesn’t show.

When the open enrollment period is over, you’ll feel better about your performance and confident that your clients have at their fingertips the best strategy available.

Brenner is chief executive of FirstPerson, a consulting firm based in Indianapolis that creates customized employee health care and welfare benefit programs.

Source:  Employee Benefit News

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