This article provides a brief summary of the 5 recent posts that examined the employee benefits landscape in 2015.
The turn of the new year is bound to usher in a wealth of changes to employee benefits. As a result, it’s of growing importance to pay special attention to the new mandates of the ACA in 2015. Because of these employer mandates, health care costs are projected to rise. If these costs are not effectively managed, it could wreak havoc on the profitability of your organization. This means part of your benefit planning for 2015 should include a strong consideration for all possible cost-saving measures, including high-deductible health plans and health spending accounts.
While wellness programs have traditionally been seen as an employee novelty, more recent research suggests these programs present opportunities to decrease healthcare costs as well as bolster the bottom line. With such a proven ability to create positive change along with the available government incentives, 2015 could be the year your organization introduces a comprehensive health management program as an employee benefit.
In addition to all of the other considerations, the recent changes announced by the IRS and SSA require employers to revisit plan documents to ensure all information being presented to employees is accurate and in compliance. At the same time, it’s imperative your organization ensures its fiduciary responsibilities are being met and administrative tasks are performed to minimize fees and additional taxes.
Don’t forget, you can read more detail on all these points by following our series of articles written specifically about this subject. Please comment below if your organization is considering other aspects of benefits planning this year.
Peter Marathas is a partner in the Employee Benefits, Executive Compensation & ERISA Litigation Practice Center and heads both the Employee Benefits Practice in the Boston office and Marathas, Barrow and Weatherhead LLP's Health Care Reform Task Force. Peter is also a die-hard Red Sox fan from Boston.