Summary of the 2020 Employer Health Benefits Annual Survey

Each year, the Kaiser Family Foundation conducts a survey to examine employer-sponsored health benefits trends. This document summarizes the main points of the 2020 survey and suggests how they could affect employers. Health Insurance Premiums In 2020, the average premium rose by 4% for both single coverage and family coverage. The average premiums were $7,470 and $21,342, respectively. However, premiums for single coverage under high deductible health plans with a savings option (HDHP/SOs) were noticeably lower than the average single coverage premium.…

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SBA Announces Simpler PPP Loan Forgiveness for Smaller Loans

The Small Business Administration (SBA) and the U.S. Department of Treasury (Treasury) recently released a simpler Paycheck Protection Program (PPP) Loan Forgiveness Application Form 3508S and instructions. This updated, simple two-page application is for borrowers of $50,000 or less, and is not for use by borrowers who received PPP loans totaling $2 million or more together with their affiliates. This action streamlines the PPP forgiveness process to provide financial and administrative relief to small businesses. The SBA and Treasury have also eased…

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Closing Candidates Who Have Other Job Offers

Hiring can be a time-consuming, costly and stressful process, especially for both large and small businesses. Just when you think you’ve found the perfect candidate, you may be faced with the harsh reality that the candidate has multiple job offers. The hiring process involves getting to know as much as possible about a candidate in a short period of time. It’s important to know the candidate professionally, but also take the time to understand what the candidate is looking to get out…

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Cybercrime and Benefits Plans

According to recent estimates from the University of Maryland, there is a cyberattack every 39 seconds. Data breaches and cyberattacks are daily headlines—and employee benefits plans are no exception to that threat. In fact, employee benefits plans are even more vulnerable as the coronavirus pandemic continues. Organizations and benefits providers are relying heavily on electronic access, ultimately creating new vulnerabilities. The Risks Virtually any type of employee benefits plan is vulnerable to hackers. The plans can be exposed to risks relating to…

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Easing Employee Stress Surrounding Benefits During Uncertain Times

Employers are responsible for educating their employees about the health coverage options they offer. Now, amid massive uncertainty caused by events such as the COVID-19 pandemic, the upcoming presidential election and the impending court case over the constitutionality of the Affordable Care Act (ACA), employees may be more stressed than ever about the status of their employee benefits. That’s why it’s so critical to provide transparent and effective communication to employees about their benefits. Talking to Employees About Stressful Current Events Employees…

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