Learn the advantages of Individual Coverage HRAâs
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Last updated on July 16th, 2021 at 06:51 pm
As companies re-shift their focus from survival to growth following the pandemic, many employers are placing renewed emphasis on employee health and wellbeing â and rethinking their health benefits packages in the process.
When youâre a business owner, offering employer-provided health coverage is a great way to attract and retain top talent, and improve job satisfaction in the workplace. But over the years, rising healthcare costs have become a source of significant stress for employers and employees, alike.
Since 2010, average family premiums have increased more than 55 percent. In the past five years alone, the Kaiser Family Foundation found that annual family premiums for employer-sponsored health insurance rose 22 percent to an average of $21,342 in 2020, with employers contributing more than two-thirds toward the cost of coverage.
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Recommendations made to plan sponsors and administrators
include:
Asking vendors what security practices they use and how those
measures are validated;
Determining the type and scope of vendors cyber
insurance;
Putting a formal cybersecurity program in place and conduct
annual risk assessments;
Using security measures like encryption, and conducting
periodic training;
Giving users information about common risks, like free WiFi or
improper password hygiene.
These guidelines provide clarity on how EBSA will
interpret regulations on electronic recordkeeping,
(which require plan administrators to put in place reasonable