Employee Benefits for the Future
Out-of-the-box Thinking to Drive Outcomes
Marsh & McLennan Insurance Agency LLC
Your Innovators
Amy Evans
Employee Benefits
Acrisure
Amy has 20+ years in the insurance industry
Specializes in group benefits for groups of 5 – 500, who need new programs or to have their programs optimized.
Sirena Dimas
Employee Health & Benefits Consultant
Marsh McLennan Agency
Sirena has almost 17 years in the employee benefits space
Specializes in groups with a multi-state footprint, fast growth trajectory and evolving compliance needs
Industry specializations: Legal, Finance, Not-for-Profits, Engineering, Tech/Life Science and Skilled Manufacturing
Marsh & McLennan Insurance Agency LLC
Premium Increases Over a Decade
Marsh & McLennan Insurance Agency LLC
Employee Benefit Challenges
It’s So Expensive
What plan mix to offer?
Is the plan mix accessible for my staff?
Compliance differs by jurisdiction.
Federal, State and Municipal rules change and evolve.
Which carrier to choose?
What networks are best?
Where do I measure up to my competitors?
How do I win and retain talent?
What do you mean pre-tax plans?
Is it hard to administer?
Do my people use it?
Which benefit is most important?
Marsh & McLennan Insurance Agency LLC
Benefits
Blog.accessperks.com
Any benefit is considered voluntary when the employer requires the employee to pay into the plan
Items with an asterisk may have a base benefit and offer a buy-up on a voluntary basis
Voluntary Benefit | Utilization Rate |
Adoption Assistance | <1% SHRM |
Pet Insurance | 2% SHRM |
Tuition Reimbursement / Education Assistance | 3% Uprise |
Employee Assistance Program (EAP) | 5% Uprise |
Legal Services | 5% SHRM |
Long-Term Care Insurance* | 5% SCAN |
Identity Theft / Credit Protection | 6% SHRM |
Student Loan Repayment Assistance | 12% SHRM |
Disability Insurance* | 13% SHRM |
Childcare Assistance | 15% SHRM |
Life Insurance* | 15% SHRM |
Critical Illness Insurance | 27% SHRM |
Wellness Programs | 40% BetterYou |
Flexible Spending Account (FSA) | 45% Marketplace |
Health Savings Account (HSA) | 54% PSCA |
Employee Discount Programs | 55% SHRM |
Health Insurance (private industry)* | 66% BLS |
Dental Insurance* | 68% NADP |
Retirement Savings Plans (401k, etc.) | 75% BLS
|
Marsh & McLennan Insurance Agency LLC
Health Savings Accounts (HSAs)
Marsh & McLennan Insurance Agency LLC
What exactly is an HSA?
7
Marsh & McLennan Insurance Agency LLC
How does an HSA work with a health plan?
IRS
There are some rules…
| SELF ONLY | FAMILY (2+) |
Minimum Deductible | $1,600 | $3,000 |
Minimum deductible + Out of pocket costs | $7,500 | $15,000 |
Marsh & McLennan Insurance Agency LLC
What about contributions?
Annual Limits and Catch-Up
Catch-up Contributions for those 55+:
$1,000
TYPE OF COVERAGE | 2023 CONTRIBUTION LIMIT | 2024 CONTRIBUTION LIMIT |
| | |
Self-only coverage | $3,850 | $4,150 |
Family coverage | $7,750 | $8,300 |
Marsh & McLennan Insurance Agency LLC
Tax Advantages?
You own the account
Save – Your deductible and out of pocket max
Max – Your contributions whenever possible
Invest – the extra in a retirement account
Pay – medical expenses or Long- Term Care Premiums
Marsh & McLennan Insurance Agency LLC
Health Reimbursement Arrangements (HRA) + HSA
Marsh & McLennan Insurance Agency LLC
Almost half of us already have high deductible plans!
Marsh & McLennan Insurance Agency LLC
HSA qualified plan + a Health Reimbursement Arrangement
High Deductible Health Plan
We structure a plan to have a deductible of $5,000+
Health Reimbursement Arrangement
Lays on top of the HDHP
Benefits pay after the first XXXX (whatever the IRS minimum is, but $2,000 is a good place holder
Employee Benefits!
The employee can fund their HSA
After they meet their deductible, the HRA kicks in
Completely customizable by the employer
Preventive care is always covered 100%
Marsh & McLennan Insurance Agency LLC
Health Reimbursement Arrangements
HRAs
Design
Is
Everything!
Employer funded
Employer chooses how to pay expenses
Administered by a third party
Employees access funds via a prepaid debit card
Marsh & McLennan Insurance Agency LLC
Plan Utilization Data
Marsh & McLennan Insurance Agency LLC
Simple Administration
Difference Card
Third-Party Administrator
Health Savings Account
Employees can access HAS Funds from the same card and pay for expenses directly
Flexible Spending
Health FSA, Limited FSA and Dependent Care accounts are also linked
One Invoice
All the accounts are billed on 1 invoice to the employer
Health Reimbursement Arrangement
Providers can swipe and access HRA funds, by charging preset amounts
Marsh & McLennan Insurance Agency LLC
What Kind of Company Might Benefit From This Strategy?
25 – 1000 employees
Fully Insured or Level-Funded
High Level of Benefits
Platinum + Gold
Interested in Healthcare Savings
Interested in Improved Benefits
Marsh & McLennan Insurance Agency LLC
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A business of Marsh McLennan
This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affected if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change. d/b/a in California as Marsh & McLennan Insurance Agency LLC; CA Insurance Lic: 0H18131. Copyright © 2024 Marsh & McLennan Agency LLC. All rights reserved. MarshMMA.com
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