How Will Trumpcare Change Your Employee Benefits Package?
President Trump has been clear about his plans to repeal the Affordable Care Act – otherwise known as Obamacare – and replace it. But what will Trumpcare look like and what will it mean for the thousands of American businesses who provide healthcare benefits to their employees?
Trump has been vague so far about what his plan would entail and how it would differ from current healthcare industry regulations. This means employers can’t plan ahead for any changes the administration may put into place which would affect their employee benefit offerings.
On his first day in office, Trump made his first move to weaken Obamacare by signing an executive order for government agencies to “waive, defer, grant exemptions from, or delay the implementation of” any part of the law that imposes a financial burden on government.
Here are five ways Trump’s healthcare policies could impact the employee benefits industry.
New year, same financial problems. Many Americans resolved to get their finances in order in 2017, but three-quarters still report feeling financially stressed, according to Center for Retirement Research at Boston College. Other studies show more than one in four Americans feel threatened by debt collectors. Learn how severe the problem is for your employees.
A federal judge ruled Monday that healthcare giant Aetna lied last year when the company said its decision to pull out of the Obamacare exchanges was strictly a business decision. Judge John D. Bates wrote in his ruling that the move was a ploy to dissuade the Department of Justice from filing suit to block Aetna’s controversial merger with Humana. That merger – which would reduce competition among health insurance providers in many areas – is now in trouble.
It also signaled a possible problem with the Anthem/Cigna merger, which is under review by a different judge.
Do you know how all of the fees on your credit cards work? If not, you’re not alone. About 50 percent of Americans don’t understand everything in their credit card agreements, and that can lead to financial stress that spills over into the workplace.
What in the world is a “bleisure trip”? Also known as a “bizcation” or “workcation,” these are business trips that also include some personal time, as opposed to vacations where employees spend time checking email or finishing assignments that didn’t get done during regular working hours. Encouraging bleisure trips may help employees avoid burnout, especially if they’re otherwise reluctant to take a vacation.
While many companies think a fridge full of snacks and a few bean bag chairs will attract Millennial employees, that may be changing. The oldest Millennials are settling down, getting married and having children, which means they’re becoming more interested in their healthcare coverage and life insurance than healthy snacks and lunchtime foosball tournaments. Here’s how you can rework your company’s benefits package to fit these changing needs.
How expensive is employee turnover? According to a recent survey from Quinlan & Associates, some banks are incurring turnover costs of up to $1 billion per year as employees walk out the door. What can they do to stem the tide of leaving talent?
Some employers offer student loan repayment as an employee benefit, while others help students avoid debt in the first place. Companies including Starbucks and Chipotle are teaming up with colleges to help their employees earn a degree without racking up insurmountable student debt burdens. Learn how these programs could help your workforce.
A recent study found that 95 percent of HR executives think burnout is the biggest thing hurting employee retention, so 2017 is all about improving employees’ experiences at work. Here are four management trends we’ll see this year in the fight against burnout.
Corporate wellness programs are shifting focus from physical to mental health with things like financial stress management and mindfulness taking top priority. Read more about the top 10 corporate wellness trends for 2017.
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