In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. In the last of our six-part series we will be discussing technology adoption. Check out the full series HERE.

As technology takes over the Employee Benefits space, professionals are rapidly adapting to create seamless processes and improve the employee experience. Apps are being introduced to serve as benefits guides, and virtual care is quickly becoming the norm, even post-pandemic.

The traditional approach to Employee Benefits is quickly dying out and professionals are choosing to adopt technology to save them time and energy, all while increasing efficiency and accuracy. In our recent COVID-19 survey, we found that over 70% of respondents are already using technology stacks for benefits administration.

Since the pandemic, services like telehealth and virtual care have greatly increased in usage. About half of respondents utilize telehealth systems and a third have implemented employee engagement technology. We also found that about a third of respondents are planning for and considering technology for both telehealth and employee engagement.

Technology may seem intimidating on the surface, but there’s no doubt about the endless benefits it holds for the insurance industry.

Click HERE to access the full COVID-19 report.

In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. In the last of our six-part series we will be discussing technology adoption. Check out the full series HERE. As technology takes over the Employee Benefits space, […]

COVID-19 Report: Maximizing the Benefits Experience with Technology

Did you know that 45% of companies have a DE&I program? In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. In the fifth blog of our six-part series we will be discussing diversity, equity, and inclusion. Check out the full series HERE.

More and more companies are recognizing the importance of developing diversity, equity, and inclusion initiatives to support their workforce. It’s important to remember that employees tend to perform better when they feel recognized for their individual identities. According to SurveyMonkey, almost 80% of employees want to work at company that values and prioritizes DE&I.

We also found in our survey that 15% of companies are starting a DE&I program in 2021. We’re hopeful that more companies will seek outside expertise to create and maintain these programs.

Here at ABD, we have six Employee Resource Groups (ERGs) – ABDher, Black at ABD, ABDparents, ABDfirstgen, emerge at ABD (ABD’s LGBTQ+ and ally inclusive ERG) and HOLA (Hispanic/Latino Organization for Leadership and Advancement) – to support our employees. We’ve found that our employees feel more appreciated and recognized when we create communities where they can learn and grow together with people of similar backgrounds and identities. Learn more about our ERG’s HERE.

Contact our team today to find out how to create an effective DE&I plan for your company.

Did you know that 45% of companies have a DE&I program? In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. In the fifth blog of our six-part series we will be discussing diversity, equity, and inclusion. […]

COVID-19 Report: Improve Employee Experience with the Right DE&#038;I Programs

In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. In the fourth blog of our six-part series we will be discussing healthcare cost containment. Check out the full series .

As employee needs continue to rise because of the pandemic, budget pressures have also increased significantly for HR departments. Cost containment is becoming a high priority for HR professionals. Because of remote work, there has been major cost reduction in areas like downsizing office space or cancelling leases.

According to our recent COVID-19 report, 75% of employers do not anticipate any cost reduction in healthcare costs. Those who are reining in healthcare costs are turning towards virtual care services and telemedicine as a lower-cost alternative. Not only is it more budget-friendly for companies, but employees can also get access to virtual care within minutes and in the comfort of their own home. Instead of spending a few hours at the doctor’s office, employees can spend less than half an hour at a telehealth appointment and have their needs met. What is your company doing to reduce costs and simplify healthcare for your employees?

Click to access the full COVID-19 report.

Contact us today to find out how virtual healthcare can save you money and improve your employee experience.

In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. In the fourth blog of our six-part series we will be discussing healthcare cost containment. Check out the full series HERE. As employee needs continue to rise […]

COVID-19 Report: Cost Containment Amidst the Pandemic

In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. In the third blog of our six-part series we will be discussing employee experience. Check out the full series .

Remote work has been the norm for over a year, yet it seems that employees are still adjusting. Employees have turned their homes into offices, while dealing with the numerous space and technology constraints. Employees with children are having to balance childcare and work all at the same time. Meanwhile, companies are working to find solutions to support their employees’ work from home lifestyles.

Though the struggles of work from home are prevalent even after a year of the pandemic, it seems that companies are still figuring out how to support their workers. In our recent survey, we found that only about a third of respondents provide, or plan to provide, a stipend to help with work from home costs.

Many employers also support remote work in ways that might not carry direct dollar costs. For example, we found that many respondents offer more flexibility in work schedules. Some also offer ergonomic assessments of home offices, all part of an effort to improve the work from home experience for employees.

Because work from home has become standard even post-pandemic, many workers have moved away from higher-cost metro areas to regions with lower living costs. Despite this migration of workers, only 13% of respondents have a schedule to adjust compensation according to cost of living. What has your company done to help your employees adjust?

To learn more, read the full survey HERE.

In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. In the third blog of our six-part series we will be discussing employee experience. Check out the full series HERE. Remote work has been the norm for […]

COVID-19 Report: Create a Meaningful Employee Experience During Remote Work

In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. We surveyed over 125 employers of all sizes about how they hope to meet with challenges posed by the pandemic. In the second blog of our six-part series we will be discussing mental wellbeing. Check out the full series .

The pandemic has not only taken a toll on physical health but has also caused serious mental health concerns for workers. As we emerge from this pandemic, it’s important to remember that there’s a direct correlation between employee well-being and productivity. Happy employees make for a motivated workforce and subsequently create a highly productive work environment.

Though investing in employees’ wellbeing has proven to have positive impact on company productivity, our survey findings showed that many companies have not made mental healthcare a high priority. In our recent survey, we discovered that almost 70% of employers have not changed their pre-pandemic approach to mental health in the workplace and most have no intentions of increasing their budgets for mental health care or services in 2021. Only a small number of survey respondents have adopted third-party platforms for their workforce to seek mental health support.

Additionally, about 25% of respondents said they rely on their broker for advice on how to effectively provide mental health care to their employees, giving them the opportunity to learn about new or expanded options that can be added to a benefits program cost-effectively and deliver ROI in productivity now and post-pandemic.

ABD is here to help. Click HERE to download the full COVID-19 Report.

Contact us today to find out how we can help you re-evaluate your benefits plan to better support your employees.

In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. We surveyed over 125 employers of all sizes about how they hope to meet with challenges posed by the pandemic. In the second blog of our six-part […]

COVID-19 Report: Happier Employees Means Improved Productivity

In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. We surveyed over 125 employers of all sizes about how they hope to meet with challenges posed by the pandemic. In the first of our six-part series we will be discussing COVID Testing and Vaccinations. Check out the full series .

Almost 50% of Americans are vaccinated and many companies are looking forward to returning to the office. Before they resume workplace operations, employers must be prepared and make sure their employees feel safe. However, surprisingly, only 17% are engaging directly with a testing partner.

Bringing workers back together after a global pandemic is no easy task. Healthcare authorities have been pushing vaccinations and routine testing to deter any variants. Though there is abundant concern around these issues, a large majority of respondents say they will neither provide testing services to employees nor have a policy that enables workers to get vaccines.

Though it seems that employers should take responsibility and protect their workforce, the solution is not quite that simple. If companies mandate vaccination or testing for their employees while it is not required by public health rules, it could cause employee backlash. Individuals may choose not to be vaccinated due to health conditions, personal beliefs, or other reasons. Conversely, companies that don’t require employees to provide proof of vaccination or negative tests run the risk of the virus spreading among employees. Because of this risk, there are now regulations in certain jurisdictions that require employers to determine and record the vaccination status of employees and to maintain records of who is vaccinated and who is not. Vaccination status may determine what health and safety protocols will need to be observed in the workplace and may have an influence on the activities in which personnel may participate. There is no easy answer on how to approach return to work. How are you handling the transition?

To find out more, download our COVID-19 Report HERE.

To learn more about what the best strategy would be for your workplace vaccination program, contact your ABD consultant today.

In our latest blog series, we take a closer look and examine 6 main issues that employers are still combating, even after a year of a global pandemic. We surveyed over 125 employers of all sizes about how they hope to meet with challenges posed by the pandemic. In the first of our six-part series […]

COVID-19 Report: Workplace Vaccination Strategy

Paul Martinez, SVP of Employee Benefits at Newfront, helps companies scale from startup to global, public organizations – advising on the risk, plan design, and compliance for their employee benefit programs throughout each growth stage. Primarily focusing on self-funded plans, Paul uses his expertise to improve member experience and eliminate wasted spend within employers’ self-funded contracts, while developing unique wellness and disease management programs based on each employer’s needs. As an expert in flexible plan designs and lowering healthcare spending for employers, he shares valuable insight on the benefits of self-funding.

A: Self-funding is a solution for employers’ benefit plans to achieve four areas of success – first, drive a better member experience. Second, only pay for claims that their covered members incur, not an amount the insurer believes will be incurred. Third, full transparency of what’s driving their health care costs, and fourth, the ability to develop unique strategies to control the elements that are driving those costs.

A: Simply put – customization and transparency. When you’re self-funded, not only do you receive concrete data around your healthcare claims, you, as the plan sponsor, can customize every part of the benefit plan to align with your global benefits philosophy and employee needs. Allowing employers to see the bigger picture as it relates to the past, present, and future – with key indicators around the health of your employees – indicators that can lead to a better performing and more robust healthcare plan.

Q: What’s an example of how a self-funding plan can be adjusted to fit a company’s needs and improve member experience?

A:  I had a client wanting to expand their mental health support to their employees. I participated in their employee resource group to listen in on what employees had to say about their Anthem and Ginger mental health benefits. It was clear that employees were dissatisfied with the in-network therapists (Anthem & Ginger) for being incompetent in the areas that were most important to them, like being trans or being black. Luckily, this employer was already self-funded, so we changed the out-of-network benefits for mental health outpatient, so this service was no longer subject to the out-of-network deductible. When we announced this change, the employees cheered. They were overwhelmed with excitement, knowing they could see their preferred therapists, and the medical plan will provide coverage on day one! Had the employer been fully insured, their only option would be to create HRA for out-of-network mental health claims, making a cumbersome process for employees. On top of that, the employer would bear an extra administration cost for a third party to administer the mental health HRA right.

Q: What are the cash flow impacts when transitioning from fully insured?

A: Usually, there are two main topics – claim payment volatility and accounting for claim lag. I find employers have the most questions about volatility when they transition to a self-funded plan because they are no longer paying a fixed dollar amount every month. With self-funding, the amount the employer pays varies from week to week, month to month, and year to year based on the incurred claims. A simple solution to help control the volatility is to create a separate healthcare bank account for the self-funded plan with the correct stop loss contract provisions. Our team will make the appropriate budgeting rates (premium equivalents) based on their fixed costs and projected claims. The employer can then transfer the budgeted premium equivalent rate into the healthcare bank account each month, similar to paying their fixed premium for a fully insured plan. All expenses from the self-funded plan are then debited from this healthcare bank account. Using this process from the start will allow the employer to accumulate roughly two months’ reserves due to claim lag. Claim lag is the period between when a claim is incurred and processed/paid by the Third Party Administrator. Employers often like to understand what type of liability they have outstanding for claims that have been incurred but not paid/reported. Our team creates quarterly Incurred But Not Reported (IBNR) to help the employer’s finance team understand their IBNR liability.

Q: At what size does it make sense to self-fund their benefits?

A: While size matters, it’s vital to ensure self-funding aligns with the employer’s benefits philosophy. Self-funding is a multi-year approach and cannot be measured by one great or poor year of claims experience. That said, the 2020 Kaiser Family Foundation Employer Health Benefits Survey shows 84% of large employers (200+ workers) and 23% of small employers (3- 199 workers) self-fund.

Q: What type of savings can an employer expect with self-funding?

A: I’ve seen a 600-employee company save over M in their first year. A 140-employee company save .4M over three years. However, there are several factors that go into how much an employer will save. Before we transition an employer to a self-funded plan, we put together our Self-Funded Likelihood Projection. The analysis uses the employer’s demographic, geographic, claim information, and plan designs to simulate the likelihood of beating their fully insured renewal on a one, three, and five-year basis. We often find the likelihoods exceeding 95% over the five years. Our analysis will outline the expected savings (e.g., 12K / ,562 per employee at 178 employees) running at expected over the five years. I’ve found this tool gives employers visibility into the savings opportunity they can expect with a self-funding plan.

For the entirety of Paul’s Employee Benefits career, his focus has been on self-funding, leading him to become Newfront’s resident expert in converting groups from fully insured to self-funded – enabling clients to drive a better member experience and reduce healthcare spending. Moving from a fully insured to a self-funded plan may sound difficult, but with Newfront, know that you have experts like Paul who will dig deep and provide the resources you need to succeed.

Paul Martinez, SVP of Employee Benefits at Newfront, helps companies scale from startup to global, public organizations – advising on the risk, plan design, and compliance for their employee benefit programs throughout each growth stage. 

Self-Funding: Drive an Improved Member Experience

93% of employees who feel valued also feel motivated to do their best at work. As we approach the one-year anniversary of working from home, it’s more important than ever to show employees that hard work does not go unseen.

To help make employees feel recognized and appreciated, we’ve gathered some ideas for celebrating Employee Appreciation Day, celebrated the first Friday of each March, this year falling on Friday, March 5.

These days, employees’ schedules seem to be crammed with back-to-back meetings, leaving them with almost no personal time for well-deserved breaks throughout the workday. Giving your employees some time back in their day will allow them to get in a daytime run or even spend extra time with their families.

You’d be surprised how many employees miss the fully-stocked snack bars and free lunches at the office. A simple food delivery gift card could make their day just a little brighter.

Invite an industry-relevant, inspirational, or entertaining guest speaker or performer to share their knowledge or wit! Hearing different perspectives can add tremendous value to your team members and give them a break from their usual routine.

Have an indoor plant delivered for those who may be willing to test their green thumb! Or consider implementing an office equipment allowance to ensure your employees are well-equipped with the furniture they need to be productive, ergonomic, and successful!

A small gesture of writing a simple “thank you” can go a long way.

At ABD, one of our Core Values is “In This Together.” In the past year, this value has been put to the test as new challenges and obstacles have surfaced. Truthfully, we wouldn’t have overcome those obstacles without the unwavering support and hard work of all our employees. And over the last year, the ABD Leadership Team has ensured our team knows each member of The ABD Team is appreciated.

Through surprise mail of ABD masks and wellness boxes; kick-starting our weekend early before holiday weekends; shutting down over the holidays to ensure everyone took an entire week off to start 2021 recharged; and a recent (and incredibly fun!) personal House of Blues concert in honor of Black History Month hosted by our Black at ABD ERG – encouraging each ABD team member to sign off and dance to beautiful music and enjoy poetry – at ABD we’re committed to our team, our values, and live by the idea that happy employees make happy clients!

While these ideas are suggestions specifically for celebrating Employee Appreciation Day, we recognize encourage you to try to implement these throughout the year to sustain a healthy work culture and show employees how much they’re valued year-round!

93% of employees who feel valued also feel motivated to do their best at work. As we approach the one-year anniversary of working from home, it’s more important than ever to show employees that hard work does not go unseen. To help make employees feel recognized and appreciated, we’ve gathered some ideas for celebrating Employee […]

Five Ways to Celebrate Employee Appreciation Day

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Articles from Hannah Chi

COVID-19 Report: Maximizing the Benefits Experience with Technology

COVID-19 Report: Improve Employee Experience with the Right DE&I Programs

COVID-19 Report: Cost Containment Amidst the Pandemic

COVID-19 Report: Create a Meaningful Employee Experience During Remote Work

COVID-19 Report: Happier Employees Means Improved Productivity

COVID-19 Report: Workplace Vaccination Strategy

Self-Funding: Drive an Improved Member Experience

Five Ways to Celebrate Employee Appreciation Day

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Newfront for Employee Benefits

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Articles from Hannah Chi

.css-13o7eu2{display:block;}COVID-19 Report: Maximizing the Benefits Experience with Technology

COVID-19 Report: Improve Employee Experience with the Right DE&#038;I Programs

COVID-19 Report: Cost Containment Amidst the Pandemic

COVID-19 Report: Create a Meaningful Employee Experience During Remote Work

COVID-19 Report: Happier Employees Means Improved Productivity

COVID-19 Report: Workplace Vaccination Strategy

Self-Funding: Drive an Improved Member Experience

Five Ways to Celebrate Employee Appreciation Day

Newfront for Businesses

Newfront for Employee Benefits

Newfront for Private Clients

Blog ‍

Connect ‍
with ‍
us. ‍

COVID-19 Report: Maximizing the Benefits Experience with Technology

COVID-19 Report: Improve Employee Experience with the Right DE&I Programs