CFOs Not Just Focused on Controlling Costs for Health Benefits

CFOs surveyed also listed attracting and retaining talent as well as helping employees become healthy as health benefits priorities.

With the rise in health care costs and perceived cost burdens associated with the Affordable Care Act (ACA), much has been reported about employers’ efforts to cut health benefit costs.

However, a survey of chief financial officers (CFOs) conducted by the Integrated Benefits Institute (IBI) finds CFOs’ focus goes beyond controlling costs.

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While controlling costs was identified as the most important (44%) of their company’s top five goals for health and related benefits, 36% identified attracting, retaining, satisfying talent. In addition, 10% cited helping employees become better consumers of health care, and 9% cited helping employees become healthier as top goals. Two percent said improving workforce productivity (2%) is among their company’s most important benefits goals.

The study results also reveal how companies’ health benefits have evolved since the ACA, and how these changes connect to larger business goals. For instance, while shifting health care costs to employees is on the rise generally, the strategy is less likely among companies that place more importance on attracting, retaining and satisfying talent, and improving productivity. Companies that place more importance on employee health are more likely to increase their use of wellness programs and incentives since the passage of the ACA.

“These results demonstrate that to CFOs today, health management strategies extend well beyond controlling medical costs,” says IBI President Dr. Thomas Parry. “These findings go against the popular notion that CFOs demand a hard ROI from health promotion programs, and that companies are scrambling for the cheapest options. If we want to understand where companies are going with health benefits, we need to think of them within the context of business strategies beyond cutting costs.”

The report, “Finding the Value in Health,” is available here.

Mercer Releases 2016 Guide to Social Security

The Social Security guide and 2016 Medicare booklet can help with retirement planning.

Knowing what benefits Social Security and Medicare provide and the best age to start benefits is the first step in retirement planning, according to Mercer.

Mercer’s 2016 Guide to Social Security and 2016 Medicare booklet give simple explanations of both national programs, recent changes, and cost and benefit amounts for 2016—including many real-life examples.

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The 2016 Guide to Social Security is a 64-page booklet that includes vital information about the following topics:

  • Major Social Security program changes for 2016;
  • Retirement benefits—early, late and delayed retirement information, with examples;
  • Disability and survivor benefits;
  • Who receives benefits;
  • Easy-reference monthly benefit tables;
  • Medicare benefits overview—eligibility and enrollment;
  • “To Do” section; and
  • Answers to frequently asked questions about Social Security.

Mercer’s 2016 Medicare booklet is 32 pages and includes:

  • Major Medicare changes for 2016;
  • What is covered and not covered;
  • Enrollment and eligibility;
  • Part A (Hospital Insurance);
  • Part B (Medical Insurance);
  • Part C (Medicare Advantage Plans); and
  • Part D (Outpatient Prescription Drug Plan).

The minimum order for the Guide is 25 copies at $7.95 each. Quantity discounts are available, e.g., 100 copies are $6.95 each. The minimum order for the Medicare booklet is 100 copies at $3.95 each. Quantity discounts are available, e.g., 500 copies are $3.55 each.

Visit www.imercer.com/socialsecurity or call 800-333-3070 for more information and to purchase Mercer’s 2016 Guide to Social Security or 2016 Medicare booklet.

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