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Tip of the Month
Help your clients drive meaningful communication year-round
Are your clients struggling to develop an effective benefits communication strategy? Recognizing the importance of accessible communication methods is essential, especially since most U.S. adults own smartphones and spend significant time on them daily. By recommending benefits platforms with mobile app features and that help with their overall benefits communication strategy (example: benefits-emails that see a 45% open rate average), you can help clients boost engagement levels.
This approach lets employees access their benefits conveniently, ensuring higher interaction rates. For example, some organizations have seen increases in benefits activation through mobile apps and have driven real ROI through benefits-related emails. Encourage clients to consider how these strategies could transform their benefits communications.
Regulatory Roundup: Compliance Updates You Should Know
IRS issues draft version of 2024 Form 969
The IRS draft of the 2024 Form 969, titled "Health Savings Accounts and Other Tax-Favored Health Plans," may impact your clients who currently offer HSAs and similar plans. Make sure your clients review the draft to understand potential changes, although it remains subject to updates before finalization. Preparing now will help clients anticipate any modifications.
Check out the draft form for more information.
Updated 1094-C/1095-C and 1094-B/1095-B instructions published
Stay updated with the latest IRS instructions for Forms 1094-C/1095-C and 1094-B/1095-B to better support your clients. Understanding these changes is vital for helping employers manage their 1095 requirements and avoid reporting problems. Your expertise is key in ensuring compliance and smooth first-quarter form distribution.
View the instructions for Forms 1094-C/1095-C here and Forms 1094-B/1095-B here.
Ensuring Compliance for Your Clients During Transitional Time
For Businessolver clients who use the above services, we are continually tracking developments at the state and federal levels that may impact group health benefits and the services that we provide including the Affordable Care Act and Health Savings Accounts, assuring they are in compliance.
With the potential for increased activity in a post-election year, please join Allison Wallace (Businessolver, Chief Legal Officer), Brooke Salazar (Sr. Directory of Compliance, Compliance Dashboard), Bruce Gillis (Businessolver Head of Compliance) and Ben Conley (Partner, Seyfarth Shaw) for our webinar “Can You Future-Proof Your Benefits Compliance Strategy?” on December 3, 2024.
New and Noteworthy: Your Monthly Industry Update
Employer-sponsored health coverage persists post-ERISA
Despite the financial challenges leading fewer small businesses to offer health benefits, employment-based coverage remains prevalent, with larger companies consistently providing robust benefit packages. When engaging with clients of varying sizes, it is essential to consider this stability to effectively assist them in navigating the evolving landscape of employee health benefits.
Gen Z looking for financial planning help, not debt solutions
A recent study found that Gen Z employees prioritize financial savings and planning over debt reduction, which contrasts with the assumptions many managers and HR leaders use to shape their benefits strategies. This disconnect can lead to a misalignment in meeting Gen Z's real financial needs, adversely affecting employee retention and engagement. To better support your clients, ensure that benefits align with Gen Z’s focus on financial savings and planning.
The top five benefits according to each generation
Understanding the importance of catering to the diverse needs of your clients' workforces with tailored benefits packages is crucial for enhancing employee retention and satisfaction. With an annual investment of $23,696 per employee in the private sector, offering the right benefits mix ensures employees feel valued and motivated. By aligning benefits with the specific needs of various generational cohorts, you can champion solutions that help your clients create a more engaged and resilient workplace.
Stay Informed: Businessolver Updates Curated for You
Transform Your Clients’ Onboarding Experience with the Implementation Wizard
Are you looking to streamline your sales cycles and offer a quick, precise benefits administration solution that simplifies and enhances your clients' onboarding experience? Businessolver is thrilled to introduce our new Implementation Wizard on the Workterra platform. This groundbreaking tool transforms the benefits onboarding process by reducing implementation time from weeks to just days. With its automated plan setup and new API integrations, it ensures a fast, accurate, and efficient setup for your clients. Read our press release to learn more about creating more efficiency for your clients.
Are your clients’ benefits strategies inclusive enough?
Our latest data highlights the crucial connection between DEIB and employee well-being, a key interest for you as you make recommendations for your clients. The 2024 State of DEIB report shows an increasing gap in workplace inclusion despite ongoing efforts. It also addresses why employees might feel less included and highlights rising mental health concerns.
By reviewing these insights, you can assist your clients in improving their DEIB strategies, handling challenges, and promoting workplace empathy. These findings are essential for guiding clients on enhancing inclusivity and morale when making strategic benefits plans moving into 2025. Access the report for six practical strategies to boost DEIB efforts and achieve positive results.
The blueprint for your clients’ benefits communications
Understanding employee engagement with benefits is essential as it significantly impacts your clients’ satisfaction. Effective communication, including personalization and leveraging innovative technology, can enhance their member engagement. Insights from the American Cancer Society's benefits communications show the transformative impact of these strategies, as discussed in our recent vodcast episode below.
Channel Partner Connect
Last chance to register: AE insights await
Don't miss out on our Think & Clink event happening on November 14th! This is your final opportunity to dive into post-Annual Enrollment insights, explore AI advancements in benefits, and learn strategies to boost your clients' employee engagement. The time has passed to get your cider and donut kit in time for the event, but it’s not too late to join us for this informative session. We hope to see you there!
Insights into the future of benefits compliance: Join us in December
Are your clients struggling with risk management, benefits compliance, and evolving regulations as 2025 approaches? Join Businessolver's compliance-focused webinar on December 3rd from 1-2 p.m. CT. Hear from experts, including Seyfarth Shaw, ComplianceDashboard, and our Head of Compliance, Bruce Gillis. Gain insights on the 2025 compliance landscape and secure your clients' benefits compliance for the future.
Register now
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