Log in
Book a Demo

5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions) Read it here.

Book a Demo
Money Dysmorphia: A Simple Guide to Why it Matters

Money Dysmorphia: A Simple Guide to Why it Matters

by | Oct 29, 2024 | For Employers

Money Dysmorphia: A Simple Guide to Why it Matters. Financial wellness programs help combat Money Dysmorphia, with tools to empower employees and help them develop a more accurate view of their financial life.

According to Credit Karma, almost half of Gen Z struggle with Money Dysmorphia –  the feeling of being financially “behind.” This may also be triggered by negative experiences with money, like extreme poverty or debt. Money Dysmorphia causes preventable stress, which can affect workplace productivity, retention and quality of life. Employees who overcome this are able to feel more in control of their daily finances. Take advantage of financial wellness programs to support your employees and prevent the effects of Money Dysmorphia.

Looking for a financial wellness solution? Try Best Money Moves.

—

Best Money Moves is a financial wellness benefit that helps employees make smarter choices about their money. Best Money Moves users gain access to a suite of debt trackers, budgeting calculators and a library of 900+ articles, videos and webinars. Our tools empower employees with actionable solutions to real-world problems. Best Money Moves users also receive exclusive member deals from our library of trusted benefits partners, including discounts on insurance, college planning prescription medications and so much more.

Schedule a call with a member of our team to learn more about Best Money Moves. Contact us and we’ll reach out to you soon.

Here Are The 4 Important Insurance Terms Gen Z Employees Need To Know

Here Are The 4 Important Insurance Terms Gen Z Employees Need To Know

by | Oct 1, 2024 | For Employers

sssThe 4 Important Insurance Terms Gen Z Employees Need To Know. Gen Z employees often struggle to understand common insurance terms. Learn about how employers can help with financial wellness benefits.

Insurance is a complex topic, no matter how experienced you are. However, Gen Z employees are suffering from a lack of knowledge of insurance terms and policies. In fact, only about a quarter of Gen Z adults could define the terms “deductible” (27%) and “copay” (29%) when surveyed National Association of Insurance Commissioners (NAIC). Around 35% said they could define “out of pocket.” Just 19% said they understood the term “out-of-network.”

Engaging with insurance is key to developing a strong sense of financial security. You can accrue significant savings from the right health, auto or renters policy. This may prevent many Americans from taking on crippling debt.

Here are the top insurance terms your Gen Z employees should know and why they matter.

ssThe Top Insurance Terms Your Gen Z Employees Should Know

Open Enrollment is when employees can sign up for, adjust or change their health insurance policies. It is vital for employees to understand when this period starts and ends, in order to be prepared if they (or someone in their family) get sick. Reviewing their plan may also expand their ability to receive prescription drugs and specialized care for certain illnesses.

A MetLife survey found that 30% of Gen Z workers regretted their open enrollment decisions. Over 25% said they didn’t select enough benefits during the year before. In fact, nearly half of Gen Zers said they waited too long before choosing benefits. 53% said they didn’t even understand what was being offered.

A deductible is the amount of money an individual pays (per year or per condition) before insurance companies begin covering any expenses. A copay is a similar fixed payment that occurs each time an individual sees a doctor. A premium represents the actual cost of an insurance plan, dictating the amount a person pays to keep their plan active.

According to WorkLife, only 60% of Gen Zers understand these three insurance terms and can explain how they relate to their coverage. Confusion surrounding insurance often causes people to turn to unreliable sources for help, which can lead to uninformed decisions. Defining insurance terms helps employees to make the most out of their healthcare benefits.

Financial education bridges the information gap

In order to support your younger employees, insurance education must be transparent and personalized to each individual. To ensure your employees understand their insurance policies, include financial wellness into your benefits program.

A financial wellness program offers educational resources that gives your team the best chance to succeed. Their pressing questions about insurance, open enrollment and other guidance are packaged into simple, easy-to-understand articles and videos.

It’s clear that financial education, especially surrounding insurance, is vital for your employees’ success. Whether your workforce is fresh out of college or preparing for retirement, the help they need is readily available if your focus targets their financial wellness needs.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

Open Enrollment 2025: Important Deadlines You Need to Know

Open Enrollment 2025: Important Deadlines You Need to Know

by | Sep 4, 2024 | For Employers

Open Enrollment 2025: Important deadlines you need to Know. Open enrollment is an important period for your workforce. Learn all about the most critical deadlines for Open Enrollment 2025 in this helpful article.

Open Enrollment 2025 is a critical period during which your workforce can update their benefits choices. Top among those decisions: choosing a health insurance plan for the upcoming year.

Here’s everything you and your team need to know about the most important deadlines for Open Enrollment 2025.

What is Open Enrollment?

Open Enrollment is a window of time when employees are able to review their employee benefits and choose new healthcare options to suit their families’ needs. In most cases, employees who miss this window must wait until the next Open Enrollment period before changing their plans. Prepare for Open Enrollment 2025 with Best Money Moves.

What are the deadlines for Open Enrollment 2025?

For most states, the Open Enrollment period for health coverage that begins on January 1, 2025 starts on November 1, 2024 and runs until January 15, 2025. In order for employees to guarantee coverage in 2025, they must enroll in their health plan by this January 15th date.

However, certain states have different deadlines than the ones listed above:

California: November 1, 2024, through January 31, 2025

Idaho: October 15, 2024, through December 15, 2024

Massachusetts: November 1, 2024, through January 23, 2025

New Jersey: November 1, 2024, through January 31, 2025

New York: November 1st, 2024 through January 31st, 2025

Rhode Island: November 1st, 2024, through January 31, 2025

Washington D.C.: November 1, 2024, through January 31, 2025

Special enrollment periods for Open Enrollment 2025

Outside of the deadlines listed above, there are qualifying life events that allow people to qualify for special enrollment periods. You may be eligible for a special enrollment period if any of the following situations apply to you:

  • A change in household including
    • Marriage
    • A new baby, an adoption or placing a child in foster care
    • Divorce
    • Death in the family
  • A change in residence that involves moving to:
    • A new home in a new ZIP code or county
    • The U.S. from a foreign country or U.S. territory
    • A new school (if you are a student)
    • A new place to live or work
  • Loss of health insurance
    • If you or a member of your household has lost health insurance in the last 60 days or is going to lose health insurance in the upcoming 60 days you may qualify for the Special Enrollment Period.
  • Gaining membership to a federally recognized tribe
  • Becoming a U.S. citizen
  • Leaving incarceration
  • Beginning or ending service as an AmeriCorps State and National, VISTA, or NCCC member.

For more information and updated information about the Open Enrollment period, refer to healthcare.gov.

3 Ways to Improve Employee Benefits Communication Year-Round

Finding effective ways to improve engagement with your benefits is difficult – but it can be the difference between a good benefits program and a truly great one. Open Enrollment is an excellent time to promote the benefits your company offers, but it’s also important to find ways to keep employees engaged throughout the year.

A good benefits communication strategy starts with understanding what your workforce wants and changing course if your methods aren’t working.

In order to improve engagement in your benefits program, consider using these communication strategies:

  • Choose the right channels to deliver your message. Depending on your business, certain methods of communication (email, phone, intranet, print materials etc) might be more effective when providing information about benefits. Try different methods and see which resonates with your employees the most.
  • Personalize your communication. Each employee is different, but there are likely to be demographics you can target. Consider how employees with different backgrounds or stages of life tend to receive their information and tailor your strategy accordingly.
  • Create an onboarding system. When you introduce a new benefit to your employees, it’s important to make the process as smooth and as possible. Benefits can be complex and hard to understand, which discourages engagement. An effective onboarding strategy shows employees how they can use their benefits in a simple way that is relevant to their current lives.
  • Use an open line of communication. If you aren’t seeing success with engagement, consider asking employees directly. Listen to feedback and learn the obstacles that are preventing your workforce from accessing their benefits. Managers should be well versed in company benefits in order to be a resource for other employees.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

3 Big Benefits Mistakes to Erase From Your Program

3 Big Benefits Mistakes to Erase From Your Program

by | Jul 30, 2024 | Blog

3 big benefits mistakes to erase from your program. Your employees are disappointed in their benefits. Avoid these common benefits mistakes to improve engagement and promote wellbeing at your company.

The right benefits strategy is critical to attracting and retaining talent at any company. In a recent PeopleKeep survey, 81 percent of respondents felt that an employer’s benefits package was a deciding factor when accepting a new job.

In fact, according to MetLife’s 2024 Employee Benefit Trends Study, 93 percent of employees consider workplace wellbeing as important as salary. 

However, despite this importance, employers still fall short when it comes to selection — and these benefits mistakes can lead to serious consequences for your team. Forty percent of employers see workers leave their jobs for access to better benefits, according to data from Forbes Advisor. The wrong strategy can leave employees feeling undervalued and overworked, resulting in high turnover and other expensive problems.

Don’t let simple benefits mistakes derail your entire organization. Avoid these costly missteps when putting together your benefits packages. Benefits mistakes from MetLife’s 2024 Employee Benefit Trends Study

1. Having an unclear benefits offering

A lack of understanding is the most common issue that prevents employees from accessing benefits. According to Ameritas, 85 percent of workers don’t understand their benefits options. Responsibilities at work and at home often push accessing benefits far down the list of priorities. The intricacies of plan choices and coverage options may also overwhelm employees who haven’t engaged with them before.

The solution, then, is clear. Providing educational benefits materials is key to improving engagement and making the most out of your current offering. Breaking down complex benefits into digestible steps can help employees of all backgrounds get a jumpstart on their benefits. Also, be sure to provide support and answer questions as they come up.

2. Choosing irrelevant and outdated benefits

Before considering any benefits, it’s important to understand what employees want out of their compensation package. According to PeopleKeep, the most important resources to employees include health benefits, dental insurance, paid time off and retirement options.

However, just because a resource is requested doesn’t mean it’ll be utilized. Consider the usage of each of your benefits when evaluating which ones are best for your organization.

To provide relevant benefits, it’s important to survey your workforce to understand what they are looking for. In the same PeopleKeep survey, only 47% of respondents claimed that the benefits their employers offered fit their specific needs. As a result, personalization is another major aspect of benefits that goes unnoticed. According to Benefit Hub, 75% of employees want custom support based on their mental, physical and financial needs.

3. Overlooking employee financial security

Financial stress is one of the top issues affecting Americans and may be taking its toll on your employees. According to CNBC, nearly 60% of Americans live paycheck-to-paycheck. And this financial stress comes at a cost. In a 2024 SoFi survey, 1 in 4 employees claimed that this financial stress was detrimental to their workplace performance.

According to MetLife’s 2024 Employee Benefits Trend survey, 45 percent of employees reported that financial stress was the top cause of their poor mental health.

The key to financial stress is a holistic financial wellness program. And employees have taken notice. A 2023 Transamerica Institute report found that 77% of employees want a financial wellness program, but only 28% of employers provide it.

Financial wellness provides clarity when making big decisions and hitting important financial milestones. With educational resources and tools, your workforce can rest assured that their most pressing financial questions are answered.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

5 Simple Ways to Increase Engagement for Financial Wellness Benefits

5 Simple Ways to Increase Engagement for Financial Wellness Benefits

by | Jul 24, 2024 | Blog

5 simple ways to increase engagement for financial wellness benefits. 5 proven strategies to increase employee engagement for your financial wellness programs.

Financial wellness benefits are more important than ever before, as financial stress weighs heavily on Americans. Nearly half of all respondents (47%) in a recent MarketWatch survey claim that 2024 was the most stressful year of their financial lives.

Financial wellness benefits offer the resources and education required to curtail the effects of long-term financial stress. For employees, they provide financial security, customized guidance and peace of mind beyond their primary source of compensation. For employers, the right financial benefits help attract talent and keep their workforce satisfied.

According to a TIAA survey, 65 percent of Gen Zers and 61 percent of millennials believe it is a company’s responsibility to help employees improve and maintain their financial wellness. However, despite these concerns, financial wellness programs may go overlooked among the other, more common benefits an employer may provide.

To improve engagement in your financial wellness programs, implement the following five strategies with your workforce.

47% of employees claim that 2024 has been the most stressful year of their financial lives. Financial wellness.

1. Clarify why financial wellness is important.

An open line of communication is the best way to maximize the benefits your employees get from your benefits programs. This goes beyond initial presentations and quarterly emails. Be sure to clarify the resources your wellness program offers and why they are important. Building habits that promote financial wellness are proven to eliminate stress and set your employees up for success.

Effective communication is key to ensuring employees are aware of and understand the benefits available to them. Consistently check in with your workforce to find out what resources will help them best and explain how financial wellness is the solution. This may include communication via emails, messaging channels, newsletters and in-person meetings. To see engagement increase, it’s important to use as many lines of communication as possible.

2. Explain how financial wellness programs can help.

Although the majority of Americans are stressed about finances, employees don’t take advantage of financial wellness benefits and they don’t understand how they work. But the fix is simple. Workshops, webinars and coaching sessions can all be used to explain how the benefits work and how they can improve employees’ financial situations.

For example, budgeting programs allow users to track expenses and see where their spending might be causing issues. Educational resources like articles and videos provide the necessary context to their pressing financial questions. Without understanding why financial skills are necessary, employees are unlikely to use the programs being offered to them.

Financial wellness programs can seem complicated, but the goal is to make them more approachable to the employees who need them most.

3. Understand the necessity of personalized benefits solutions.

Benefits might feel out of reach for many of your employees due to their current circumstances. Instead of using a one-size-fits-all approach, try personalizing your benefits to match the needs of your team. Employees who resonate with their benefits are more likely to use and see results from them. As Deloitte’s 2023 Employer Health Benefits Survey reports, “Today’s workers need a much more customized experience to feel appreciated and valued for what they do.”

Speak directly with employees to find out where their financial strengths and weaknesses lie. With this information, you can understand exactly what your staff needs. For example, an employee fresh out of college will likely be more interested in student loan repayment assistance, while older employees might get the most from family planning or retirement resources.

Personalization ensures that the benefits are relevant and valuable to each individual, leading to higher engagement rates.

4. Provide incentives for using financial wellness benefits programs.

Incentivizing employees for their efforts while using financial wellness programs can be a powerful strategy to improve engagement. For example, consider offering rewards for participation or reaching certain financial milestones. Instead of forcing benefits communication, provide employees the opportunity to opt-in using friendly competitions or rewards programs.

Also, consider highlighting the success stories of those who already use your offerings. Employees who see their peers benefiting from financial wellness programs may be more inclined to take action. By providing real rewards, you can encourage employees to engage with the programs and create a positive association with financial wellness.

5. Consider employee feedback.

Alongside consistent communication, learning from feedback is the best way to improve engagement in your benefits.

Use this feedback to develop your strategy to ensure the needs of your employees are being met. Employees who see their feedback lead to real changes are more likely to feel invested in and engaged with the financial wellness benefits offered. These programs are built for employees, so it’s important to incorporate suggestions that are provided by them.

Improving engagement in financial wellness benefits requires a concerted effort, but is well worth the investment. Financial stress is one of the most powerful detractors of productivity and well-being. Financial wellness programs are the key to improving employee financial health and contributing to a satisfied workforce.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.

Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.