All posts tagged Employee Communication

This month we’re highlighting Administrative Executive and Wellness Coordinator, Isabel Leck!  We’ve asked Isabel a few fun questions to get to know her a little bit better!

What is your job title?  Administrative Exectutive/Wellness Coordinator
What is the favorite aspect of your job? Working with amazing coworkers everyday.
Do you have a favorite sports team? The Cincinnati Bearcats and Bengals.  Unfortunately I don’t have time to watch many of the games.
Where is the furthest you have traveled? Costa Rica.  I love tropical vacations.
Do you have any collections or hobbies?  In the summer I spend a lot of time working in my garden.
Before working at Kaminsky & Associates, what was the most unusual or interesting job you’ve ever had? I worked as a Corrections Officer for a state prison.
Any random facts you could share with us?  I have lived in Maumee almost my entire life. I lived in Cincinnati for a few years while I was in college.
Motto or personal mantra?  “Start where you are, use what you have, do what you can”

2018 Amounts for HSAs; Retroactive Medicare Coverage Effect on Contributions | Ohio Benefit Advisors

Categories: Benefits, Blog, Employee Communication, Employees, HRA, HSA, UBA News
Comments Off on 2018 Amounts for HSAs; Retroactive Medicare Coverage Effect on Contributions | Ohio Benefit Advisors

IRS Releases 2018 Amounts for HSAs

The IRS released Revenue Procedure 2017-37 that sets the dollar limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs) for 2018.

For calendar year 2018, the annual contribution limit for an individual with self-only coverage under an HDHP is $3,450, and the annual contribution limit for an individual with family coverage under an HDHP is $6,900. How much should an employer contribute to an HSA? Read our latest news release for information on modest contribution strategies that are still driving enrollment in HSA and HRA plans.

For calendar year 2018, a “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,650 for self-only coverage or $13,300 for family coverage.

Retroactive Medicare Coverage Effect on HSA Contributions

The Internal Revenue Service (IRS) recently released a letter regarding retroactive Medicare coverage and health savings account (HSA) contributions.

As background, Medicare Part A coverage begins the month an individual turns age 65, provided the individual files an application for Medicare Part A (or for Social Security or Railroad Retirement Board benefits) within six months of the month in which the individual turns age 65. If the individual files an application more than six months after turning age 65, Medicare Part A coverage will be retroactive for six months.

Individuals who delayed applying for Medicare and were later covered by Medicare retroactively to the month they turned 65 (or six months, if later) cannot make contributions to the HSA for the period of retroactive coverage. There are no exceptions to this rule.

However, if they contributed to an HSA during the months that were retroactively covered by Medicare and, as a result, had contributions in excess of the annual limitation, they may withdraw the excess contributions (and any net income attributable to the excess contribution) from the HSA.

They can make the withdrawal without penalty if they do so by the due date for the return (with extensions). Further, an individual generally may withdraw amounts from an HSA after reaching Medicare eligibility age without penalty. (However, the individual must include both types of withdrawals in income for federal tax purposes to the extent the amounts were previously excluded from taxable income.)

If an excess contribution is not withdrawn by the due date of the federal tax return for the taxable year, it is subject to an excise tax under the Internal Revenue Code. This tax is intended to recapture the benefits of any tax-free earning on the excess contribution.

By Danielle Capilla
Originally Posted By www.ubabenefits.com

Your organization has 312 employees, which means you have 312 different needs for well-being support. Well-being strategies should not be a one-size-fits-all approach. Developing a set of flexible and responsive well-being strategies that meet changing individual needs throughout an employee’s tenure is a critical way to both attract and retain talent. A few case studies to illustrate:

Jordan is serving in an entry-level position. This single, gender fluid, 20-something is eager to learn and grow. In conversations with HR, Jordan has also indicated a high level of overall stress due to a burdensome education loan and is barely able to make loan payments on top of rent and other monthly expenses. Jordan’s outlook on saving for retirement is grim. At the same time, he is an active member of the local young professional network and keeps fit while playing in a competitive Ultimate league.

Anvi has been in an executive leadership role with the organization for seven years. She is a gifted and valued trailblazer who keeps the organization nimble in a climate of constant change. Despite spending long hours at work, her colleagues know little about Anvi’s family and personal life, as she is rather private. From time to time though, Anvi demonstrates affection for her team by sharing artfully created meals that illustrate her diverse cooking skills and interests.

Mark has been a dedicated, career-long, mid-level employee in accounting. Although lately he shows declining interest in his once-beloved work. Colleagues have noticed in Mark a new tendency to decline offers to share lunch or coffee breaks. Last year, Mark led the company volunteerism committee, but has recused himself from this duty, citing a conflict of interest with his role as a finance officer for a local non-profit organization.

Each of these individuals show up to the workplace with a unique set of values, talents, beliefs, interests, and resources. At the same time, all employees benefit from a workplace culture that attends to each person’s sense of purpose, plus physical, social, financial and community well-being. It can be a daunting challenge to meet such diverse needs and interests, which is why we must build programs and policies with employees, listening to what they want and seeking out ways to efficiently design a system of supports. The first step to any thoughtful program is to conduct a needs assessment. Turn up the volume on your curiosity and lead with the question: What do employees want? Consider gathering responses by survey, current HR data sources, and focus groups. Be sure to gather demographic information that will help segment the findings. The results may confirm your beliefs about employee wishes or reveal interesting surprises, as noted in this example.

In a 2015 survey of 1,647 folks across 11 diverse organizations, the American Institute of Preventative Medicine found the following:

  • Incentive strategies: Almost unanimously, employees favored reduced health insurance premium (34 percent) and cash (25 percent) as incentives to get healthier. However, 53 percent of those age 70 and older noted they do not need an incentive to be healthier.
  • Well-being topics of interest: Nutrition (78 percent) and physical activity (77 percent) topics were of highest interest by those age 18 to 69. These same age groups also favored stress management topics more than colleagues age 70 and older. Moderate interest in depression was common among all age groups, and all age groups showed the least interest in tobacco cessation. Compared with colleagues of older age groups, the youngest cohort (18 to 24) indicated high interest in sleep enhancement.
  • Program offerings: All age groups favored health risk assessments (26 percent) and health challenges (25 percent) over other well-being program offerings. Furthermore, older groups (50 to 69 and 70 and older) prefer in-person educational seminars, and younger employees (18 to 24) were more likely to engage in weight loss programs.
  • Fitness devices: The oldest individuals were more likely than all younger individuals to report owning a personal fitness tracking device such as a Fitbit or pedometer, 40 percent age 70 and older, 37 percent age 50 to 69, 31 percent age 33 to 49, 29 percent age 25 to 32, and 17 percent age 18 to 24.

A small-scale needs and interest study like this can challenge our biases about certain groups within our employee population and reveal key details about the value employees hold for well-being programs. Results should inform design of a well-being strategy that accurately and cost-effectively meets a range of needs in the workplace. After all, “research is formalized curiosity. It is poking and prying with purpose,” said Zora Neale Hurston. The pursuit of growing a cost-effective culture of well-being and individual value for programmatic supports will be more beneficial to organizational health than a hard measure of return on investment.

By Lindsay Simpson
Originally Posted By www.ubabenefits.com

Your wellness program seems to have it all – biometric screenings, lunch and learns, and weight loss challenges. So, why do you struggle with engagement, or to see any real results? While traditional wellness components are still a large part of plans today, emerging trends, coupled with generational differences, make for challenges when designing an impactful program.

As wellness programs begin to be viewed as a part of the traditional benefits package, the key differentiator is creating a culture and environment that supports overall health and well-being. Visible engagement and support from front-line and senior leadership drives culture change. By prioritizing health through consistent communication, resource allocation, personnel delegation, and role modeling/personal health promotion practices, employers gain the trust of their employees and develop an environment situated around wellness. When employees recognize the importance of wellness in the overall company strategy and culture, and feel supported in their personal goals, healthy working environments begin to develop, resulting in healthier employees.

Looking beyond traditional wellness topics and offering programs that meet the goals of your employees also leads to higher engagement. The American Heart Association CEO Roundtable Employee Health Survey 2016 showed improving financial health, getting more sleep, and reducing stress levels are key focus areas for employees as part of overall wellness. More so, employees see the benefits of unplugging and mentoring, two new topics in the area of overall well-being. While most employers feel their employees are over surveyed, completing an employee needs or preference survey will ensure your programs align with your employees’ health and wellness goals – ultimately leading to better engagement.

Wellness programs are not immune to generational differences, like most other facets of business. While millennials are most likely to participate and report that programs had an overall impact, they prefer the use of apps and trackers along with social strategies and team challenges. Convenience and senior level support are also important within this group. Generation X and baby boomers show more skepticism toward wellness programs, but are more likely to participate when the programs align with their personal goals. Their overall top health goal is weight loss. Ultimately, addressing the specific needs of your member population and providing wellness through various modalities will result in the greatest reward of investment.

Evaluation and data are the lynchpins that hold a successful program together. Consistent evaluation of the effectiveness of programs to increase participation, satisfaction, physical activity, and productivity – all while reducing risk factors – allow us to know if our programs are hitting the mark and allow for additional tailoring as needed.

By Jennifer Jones
Originally Posted By www.ubabenefits.com

Over the past few years, we’ve seen tremendous growth in Financial Wellness Programs. Actually, as indicated in a recent report by Aon Hewitt, 77% of mid- to large-size companies will provide at least one financial wellness service in 2017; with 52% of employers providing services in more than 3 financial categories. So what are the advantages of these programs and how can the current workforce make the most out of them?

Program Advantages

  • They educate employees on financial management. It’s no doubt, poor income management and cash-flow decisions increase financial stress. This stress has a direct impact on an employee’s physical, mental and emotional state—all which can lead to productivity issues, increased absenteeism, and rising healthcare costs. Financial wellness tools in the workplace can not only support employees in various areas of their finances by expanding income capacity, but can create long-lasting changes in their financial habits as well.
  • They give a foothold to the employer. As more employers are recognizing the effect financial stress has on their employees in the workplace, they’re jumping on board with these programs. As people are extending the length of their careers, benefits like these are an attractive feature to the workforce and new job seekers alike. In fact, according to a recent survey by TIAA, respondents were more likely to consider employment with companies who provide free financial advice as part of their benefit package.

Program Credentials

While financial wellness benefits may differ among companies, one thing is certain—there are key factors employers should consider when establishing a successful program. They should:

  • Give sound, unbiased advice. Financial wellness benefits should be free to the employee—no strings attached. Employees should not be solicited by financial institutions or financial companies that only want to seek a profit for services. Employers should research companies when shopping these programs to determine the right fit for their culture.
  • Encompass all facets. A successful program should cover all aspects of financial planning, and target all demographics. These programs should run the gamut, providing resources for those with serious debt issues to those who seek advanced estate planning and asset protection. Services should include both short-term to long-term options that fit with the company’s size and culture. Popular programs implement a variety of tools. Employers should integrate these tools with other benefits to make it as seamless as possible for their employees to use.
  • Detail financial wellness as a process, not an event. Strengthening financial prosperity is a process. When determining the right fit for your company, continued coaching and support is a must. This may require evaluating the program and services offered every year. Employees need to know that while they have the initial benefit of making a one-time change, additional tools are at their disposal to shift their financial mindset; strengthening their financial habits and behaviors down the road.

Employees must understand the value Financial Wellness Programs can provide to them as well. If your company offers these benefits, keep a few things in mind:

  • Maximize the program’s services. Utilize your financial workplace benefits to tackle life’s financial challenges. Most programs offer financial mentoring through various mediums. Seek advice on your financial issues and allow a coach/mentor to provide you with practical strategies, alternatives and actionable steps to reduce your financial stress.
  • Take advantage of other employee benefits. Incorporate other benefits into your financial wellness program. Use financial resources to help you run projections and monitor your 401k. Budget your healthcare costs with these tools. Research indicates those who tap into these financial wellness programs often are more likely to stay on track than those who don’t.
  • Evaluate your progress. Strengthening your financial well-being is a process. If your employer’s financial wellness program provides various tools to monitor your finances, use them. Weigh your progress yearly and take advantage of any support groups, webinars, or individual one-on-one counseling sessions offered by these programs.

As the workforce continues to evolve, managing these programs and resources effectively is an important aspect for both parties. Providing and utilizing a strong, effective Financial Wellness Benefits Program will set the foundation for a lifetime of financial well-being.

This month we’re highlighting Account Manager and Wellness Coordinator, Jenny Howe!  We’ve asked Jenny a few fun questions to get to know her a little bit better!

How long have you been with the company?  11 years on 4/26/17

What is the favorite aspect of your job?   Interacting with the employers and employee’s.

Do you have a favorite sports team? Not really, if I had to choose something it would be Ohio State Buckeye’s.

Where is the furthest you have traveled? I have only traveled in the states.  I guess the furthest would be San Diego, California.

Do you volunteer? I spend a great deal of time helping at my kids school, St. Patrick of Heatherdowns.  I coach Cross Country and Track and I am on the Student Advisory Committee.

Do you have any collections or hobbies?  I enjoy running.  I just completed my 8th Half Marathon and have also completed 2 25K’s (15 ½ miles).

How many states have you lived in or have you lived in another country?  I have lived in Ohio and Florida.

Before working at Kaminsky & Associates, what was the most unusual or interesting job you’ve ever had?  I was a bartender for almost 10 years.

Motto or personal mantra?  You only live once, make it a good one.

What did you want to be when growing up?  A Teacher.

What is your favorite movie and book?  I really enjoy James Patterson books.

Any favorite line from a movie?  You can’t handle the truth! (A Few Good Men)

The change in the regulations that would increase the salary threshold for overtime exemption that was all over the news for the last several months may now be decided by the end of June.

The Fifth Circuit Court of Appeals has granted the U.S. Department of Labor (DOL) another 60-day extension of time to file its final reply brief in the in the pending appeal of a nationwide injunction issued by a federal district court in Texas blocking implementation of the DOL’s final overtime rule. As we reported at the time, the final rule, which raised the salary threshold for the white collar overtime exemptions, was scheduled to go into effect on December 1, 2016. The final brief is now required to be filed by June 30, 2017. In its unopposed motion, the DOL stated that the extension was necessary “to allow incoming leadership personnel adequate time to consider the issues” and noted that the nominee for Secretary of Labor has not been confirmed.

As a result of the extension, it is not likely that employers will see any resolution of this issue until midsummer at the earliest. This also assumes that President Trump’s nominee for Secretary of Labor, Alexander Acosta, is confirmed within the next few weeks.

By Rick Montgomery, JD
Originally published by www.thinkhr.com

Flex Work.  No doubt you’ve heard this term (or some variation) floating around the last decade or so, but what exactly does it mean? Flexible work can vary by definition depending on who you ask, but one thing is for sure, it’s here to stay and changing the way we view the workforce. According to a recent study by Randstad, employer commitment to increase the amount of flex workers in their companies has increased 155% over the last four years. If fact, 68% of employers agree that the majority of the workforce will be working some sort of flexible arrangement by 2025.

So then, since the landscape of a traditional office setting is changing, what exactly is Flex Work? Simply stated, it’s a practice employers use to allow their staff some discretion and freedom in how to handle their work, while making sure their schedules coordinate with colleagues. Parameters are set by the employer on how to get the work accomplished.  These guidelines may include employees working a set number of hours per day/week, and specifying core times when they need to be onsite. No matter how it’s defined, with a new generation entering the workforce and technology continuing to advance, employers will need to explore this trend to stay competitive.

Let’s take a look at how this two-fold benefit has several advantages for employers and employees alike.

Increases Productivity

When employees work a more flexible schedule, they are more productive. Many will get more done in less time, have less distractions, take less breaks, and use less sick time/PTO than office counterparts. In several recent studies, employees have stated they’re more productive when not in a traditional office setting. In a recent article published by Entrepreneur.com, Sara Sutton, CEO and Founder of FlexJobs wrote that 54% of 1500 employees polled in one of their surveys would choose to undertake important job-related assignments from home rather than the office. And 18% said that while they would prefer to complete assignments at the office, they would only do so before or after regular hours. A mere 19% said they’d go to the office during regular hours to get important assignments done.

Flexible workplaces allow employees to have less interruptions from impromptu meetings and colleagues, while minimizing the stress of office chatter and politics—all of which can drain productivity both at work and at home. What’s more, an agile setting allows your employees to work when their energy level is at peak and their focus is best. So, an early-riser might benefit from working between the hours of 4:30 and 10 a.m., while other staff members excel in the evening; once children are in bed.

Reduces Cost Across the Board

Think about it, everything we do costs us something. Whether we’re sacrificing time, money, or health due to stress, cost matters. With a flexible work environment, employees can tailor their hours around family needs, personal obligations and life responsibilities without taking valuable time away from their work. They’re able to tap into work remotely while at the doctor, caring for a sick child, waiting on the repairman, or any other number of issues.

What about the cost associated with commuting? Besides the obvious of fuel and wear and tear on a vehicle, an average worker commutes between 1-2 hours a day to the office. Tack on the stress involved in that commute and an 8 hour workday, and you’ve got one tired, stressed out employee with no balance. Telecommuting reduces these stressors, while adding value to the company by eliminating wasted time in traffic. And, less stress has a direct effect – healthier and happier employees.

Providing a flexible practice in a traditional office environment can reduce overhead costs as well. When employees are working remotely, business owners can save by allowing employees to desk or space share. Too, an agile environment makes it easier for businesses to move away from traditional brick and mortar if they deem necessary.

Boosts Loyalty, Talent and the Bottom Line

We all know employees are the number one asset in any company. When employees have more control over their schedule during the business day, it breeds trust and reduces stress. In fact, in a recent survey of 1300 employees polled by FlexJobs, 83% responded they would be more loyal to their company if they offered this benefit. Having a more agile work schedule not only reduces stress, but helps your employees maintain a good work/life balance.

Offering this incentive to prospective and existing employees also allows you to acquire top talent because you aren’t limited by geography. Your talent can work from anywhere, at any time of the day, reducing operational costs and boosting that bottom line—a very valuable asset to any small business owner or new start-up.

So, what can employers do?  While there are still companies who view flexible work as a perk rather than the norm, forward-thinking business owners know how this will affect them in the next few years as they recruit and retain new talent. With 39% of permanent employees thinking to make the move to an agile environment over the next three years, it’s important to consider what a flexible environment could mean for your company.  Keep in mind there are many types that can be molded to fit your company’s and employees’ needs. Flexible work practices don’t have to be a one-size-fits-all approach. As the oldest of Generation Z is entering the workforce, and millennials are settling into their careers, companies are wise to figure out their own customized policies. The desire for a more flexible schedule is key for the changing workforce—often times over healthcare, pay and other benefits. Providing a flexible arrangement will keep your company competitive.

Many employers understand the value of having an Employee Assistance Program (EAP) since the heart and soul of organizations are employees. Employees who are physically and mentally healthy, highly productive, engaged in their work, and loyal to their employer contribute positively to their employer’s bottom line. Fortunately, most employees are positive contributors, yet even the best of employees can occasionally have issues or circumstances arise that may inadvertently impact their jobs in a negative way. Having an EAP in place that can address these issues early may mitigate any negative impact to the workplace. This is a win-win for both employees and employers.

A key component of EAP services lies in “catching things early” by assisting employees and helping them address and resolve issues before they impact the workplace. Most employees will use EAP services on a voluntary, self-referred basis that is completely confidential. Some employers may wonder if services are even being used by employees because it won’t be all that apparent, but most EAPs provide a utilization or usage report that will show the number of people served, and possibly the types of reasons services were requested.

If employee issues do begin to appear in the workplace—related to performance, attendance, behavior, or safety—it is important for managers, supervisors, and human resources to also have access to EAP services. They may wish to consult with an employee assistance professional that can provide guidance and direction leading to problem identification and resolution. These issues have the potential to become very costly for the organization—and again, the earlier they can be addressed, the greater chance of success for both employee and employer, with minimal negative impact to the company’s bottom line.

The key to getting the most out of an EAP is to make it easily accessible to employees, safe to use, and visible enough they remember to use it. It is important that employees understand using the EAP is confidential and their identity will not be disclosed to anyone in their organization. Promoting the EAP services with materials such as flyers, posters, or website information with EAP contact information will also increase the likelihood of employees accessing services.

By Nancy Cannon
Originally published by www.ubabenefits.com