Employee benefits will rise in 2019 and employers should plan now if they haven’t already. For the employee, this will mean a better work environment and more benefits to choose from.
Whether you are an employer or an employee, you have probably heard of employee benefits, are currently giving them to your employees, or are taking advantage of them as an employee. These benefits, as defined by Wikipedia, include, different types of compensation that are above and beyond what is paid to them as a salary, or wages. In 2019, there will some changes to the employee benefit sector, and so, in this article we will not only discuss some of the benefits currently being given, but some of the options for the coming year, and what you should know prior to 2019. If you’re looking for a staffing agency, please google Staffing Agency Anaheim.
The current employee benefits contain items such as,
Housing, which can include rent payments
Health insurance for the group of employees
Income protection for disabilities
Retirement accounts and matching programs
Tuition and student loan contributions
In the case that the employer pays for housing as an employee benefit, the housing will range from furnished or unfurnished, and the payments may be monthly full-payments or partial payments towards rent or mortgages. It is up to the employer to decide. Health insurance can also be individually given, or as what is called, “group insurance”, which can cover health, dental, life, and much more. Income protection for disabilities gives employees peace of mind that they will have the same or almost the same amount of income they had when they were working, in case of an accident which interfered with them being able to work. Retirement accounts and matching programs are the most common employee benefits, because they can have an account to which a part of their monthly paycheck is deposited automatically. This allows them to not have to worry about saving, and if the employer chooses to, their savings can be matched, as a reward for a good financial habit. Finally, not many employers do this, but if your employer does, or if you’re an employer who want better employees to stick around, a tuition and student loan program can be a great option.
Things to Know for 2019
Now that we covered what some of the current employee benefits are, lets talk about some of the employee benefit trends that will come about in the year 2019. According to www.shrm.com, employers are projecting an increase of 5% to their total spending for health related employee benefits. This will be about a $750 increase from the previous year, with the total per employee rising to around fifteen thousand dollars. Some other areas that will experience employee benefits changes in 2019 include:
Co-Pay Assistance Programs
Direct Contracting with doctors and health systems
In conclusion, in this article we gave a brief description of what employee benefits are and a list of some of the benefits currently being offered by employers, both large and small. Due to the rising prices of healthcare, drugs, and medical procedures, on average, employers will see a 5% increase in their health related expenditures for employee coverage. Prescription drugs will be treated a bit more strictly due to the fact that some people abuse them, and by contracting with doctors and health systems directly, employers will be able to provide better services to their employees, while saving the third party contracting fee. 2019 should be an interesting year for Staffing Agency Anaheim as well.