Employee Benefits Trends and Issues in Human Resources Essay
Issues and Trends in Human Resources
Instructor: Rickey Davis
October 25, 2010
This paper will address some of the issues and trends in employee benefits. It will cover employee services, financial services, health care, workplace flexibility and non-financial compensation.
“Employee benefits range dramatically between jobs and careers. Some jobs, such as those that pay minimum wage, do not provide employee benefits while others provide several benefits. Great employee benefits include a health insurance plan, dental insurance, vision insurance, life insurance and a retirement fund. Beyond the basic benefits, some careers …show more content…
If an employer does not keep its coverage the same, employers will need to make additional changes such as: * Extending 100 percent coverage for preventive care; * Removing any prior authorization requirement or increased cost-sharing for emergency * Services (regardless of whether the services are provided in or out of network); * No pre-existing limitation for children under age 19; and * Coverage of routine patient costs in clinical trials for life-threatening diseases.
3. FSA/HRA/HSA changes
“The law also will require changes to these types of accounts. In 2011, employees will no longer be able to receive pre-tax reimbursements from their FSA, HRA or HSA for non-prescribed over-the-counter medications, and the excise tax for nonqualified HSA withdrawals will increase from 10 percent to 20 percent. In 2013, employee contributions to FSAs will be capped at $2,500 annually, with the cap adjusted annually to the Consumer Price Index.
4. Employee notification of value of coverage and exchange information
Effective in 2011, employers will need to start reporting the value of the employer-sponsored coverage to employees on their W-2s. And in March 2013, employers will need to begin notifying employees about state exchanges and the availability of premium subsidies and