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  • As business owners continue to face a tight labor market, companies have been searching for ways to stand out from their competition. While many businesses have resorted to increasing salaries and implementing hybrid work schedules, others have increased their benefit options. Researchers say that 51% of employees say that benefits play a significant role in talent retention. As 2023 approaches, finding ways to stand out from your competitors will be essential.

    Employer-Assisted Housing Programs

    Recently, businesses have begun helping their workers purchase homes by offering employer-assisted housing programs (EAHPs). EAH programs provide a channel through which employers can help their employees with the cost of owning or renting a home, typically in neighborhoods close to the workplace.

    The following are ways in which assistance could be provided:

    • Down payment grants
    • Loans
    • Homeownership counseling and education
    • Rental subsidies
    • Direct investment in the construction of rental housing

    Why This Is Becoming Popular

    The COVID-19 pandemic has affected everyone in various ways. Alongside that, inflation has increased prices for necessities for individuals to survive. 49% of Americans say that the availability of affordable housing in their community is a huge issue. In addition, mortgage rates throughout the U.S. have climbed over seven percent for the first time in 20 years.

    EAH programs help build employee loyalty and increase productivity through the following:

    • Improved morale
    • Enhanced employee work/life balance
    • Decreased absenteeism

    The unavailability of affordable housing makes it challenging for employers to attract quality employees. Employers can set themselves apart from their competitors when they offer housing benefits, ultimately improving their competitive position. A study showed that those who own homes often work harder and longer for their employer.

    Outsource Your Benefits Administration

    If retaining and attracting top talent is essential for you, you’ve come to the right place. Partnering with GMS provides benefits outsourcing services that allow your company to offer competitive, cost-effective benefits while you focus on growing your business. If providing your employees with EAH programs is too big of a step for you right now, we will work diligently with you to get you the benefits your employees want and need. Contact us today to learn more.

  • It’s without question that individuals across the world are burned out and exhausted. Clearly, burnout in the workplace exists, and we are a long way from ideal working conditions brought on by the great resignation. Burnout can take different forms, affecting individuals physically, emotionally, and behaviorally.

    The following are common causes of burnout: 

    • Lack of adequate social support
    • Taking on more than one can handle at work, school, or interpersonally
    • Poor self-care
    • Lack of sleep

    Burnout is a feeling of being exhausted or the point when you feel trapped in a job without growth opportunities. It’s a recognized medical condition that affects 77% of employees. On top of that, burnt-out employees are over 50% more likely to seek a new job. As a business owner, how will you ensure your employees feel less burnout than normal?

    Sabbaticals Could Be The Solution

    While many businesses provide their employees with paid time off, sick days, and personal days, there are still businesses that don’t. As a business owner, consider starting there if you don’t already provide your employees with these benefits. However, if you already do, great! If you notice your employees are still experiencing burnout, there is another action you can take. Implementing a workable sabbatical program might be the next step for you. Sabbatical leave is an extended time away from work granted to an employee for varying purposes, including:

    • Personal reasons
    • Professional and academic growth
    • Learning and development of new skills
    • Rest and recuperation while maintaining their status as an existing employee

    However, the Society for Human Resource Management (SHRM) conducted a survey that showed only 11% of employers offered an unpaid sabbatical program, and just 5% offered sabbaticals with pay. Talk about a benefit that will differentiate you from your competitors. Employers seeking to recruit and retain top talent may overlook a benefit many workers are likely to appreciate – a sabbatical program.

    What Will You Do? 

    It’s no secret that many of your employees are feeling burnt out and potentially looking for better opportunities. However, GMS has just the solution for you. Did you know that flexibility can decrease burnout by 50%? That means that if you provide your employees with the benefits they need, whether that’s PTO, a hybrid work schedule, or perhaps a sabbatical, you could eliminate half of your employee’s burnout. GMS’ benefits outsourcing services allow your company to offer competitive, cost-effective benefits while you focus on what you do best – growing your business. Maybe right now isn’t a good time to provide your employees with a sabbatical program. If that’s the case, let GMS review your current benefits program and determine how we can improve them to decrease the burnout your employees are feeling. Contact us today to learn more.

  • With today’s labor market, it’s vital that you provide the resources and benefits that will attract and retain the top talent you need to grow your business. One of the best ways is by providing your employees with the education and skills they need to succeed in their careers and bridge the widening economic divide. A study showed that 76% of employees said they are more likely to stay with their employer because of its tuition reimbursement benefits. Amidst the COVID-19 pandemic, many companies began implementing debt-free education benefits programs.

    Employer Education Funding

    While there are several types of employer education program funding, the most common one today is capped tuition reimbursement. Tuition reimbursement is a contractual agreement between an employer and an employee in which a company agrees to help pay for an employee to further their education. Businesses provide these programs to their employees to encourage employee loyalty and to invest in their future at the company. It ultimately allows business owners to develop the talent they already have on their team.

    How Does It Work?

    While companies have their own tuition reimbursement system, there are common features among the different systems. Most small business owners who choose to provide their employees with this benefit offer to pay for classes that are related to an employee’s current job role. Most businesses will only reimburse the tuition upon completion of the course. The employee needs to pay their tuition out of pocket, and then the company will reimburse them based on the repayment structure.

    Why Start Now?

    Whether or not you have a program like this in place, reshaping education funding in an equitable way to help you attract, develop, and retain top talent. Not quite sure where to start? Luckily, GMS can help you. GMS works with employers to help them decide which benefits make the most sense for their business operations, employees, and bottom line. Our benefits account managers assure you and your biggest asset, your employees, will be happy. Providing them with the resources needed to receive additional education so they can excel in their current roles is vital for the growth of your business. Contact us today to learn more.

  • Starting November 1st, open enrollment begins, where consumers can enroll in an Affordable Care Act (ACA) health plan. The ACA is a comprehensive health care reform law that was enacted in March 2010 and has the following goals:

    • Make affordable health insurance available to more people
    • Expand the Medicaid program to cover all adults with income below 138% of the federal poverty level (FPL)
    • Support innovative medical care delivery methods designed to lower the costs of healthcare generally

    The annual open enrollment period allows individuals to enroll in various major medical health insurance plans or ACA-compliant health insurance plans. Individuals may sign up for health insurance, make adjustments to their current plan, or even cancel a plan. The deadline to get enrolled is on January 15th, 2023. If you miss this open enrollment period, you will have to wait until the next open enrollment period in the fall of 2023.

    GMS Is Here To Save The Day

    If you choose to make your job simpler and partner with GMS, we’ve got you covered during this stressful time. Your designated benefits account manager works with you and your employees to ensure everyone gets the coverage they want and need. GMS does more than simply offer coverage like a medical insurance company. We also provide our clients with various tools and resources to find a coverage solution tailored to their needs. Let’s make open enrollment more efficient this year. Contact us today!

  • The Internal Revenue Service (IRS) announced the new amount individuals can contribute to their 401(k) plans in 2023. In 2023, individuals can contribute $22,500 to their 401(k) plans, a $2,000 increase from 2022.

    Additional Information

    The new contribution limit in 2023 applies to all employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. For more information regarding retirement plans, click here. The government enforces limits on how much money employers and employees can contribute to their retirement plans. There is a maximum limit for all retirement plan types. However, some limits change each year.

    Get The Support You Need!

    Are you a business owner considering offering your employees a 401(k) plan? Or perhaps you already do and are looking for ways to improve it. Offering retirement plans is essential to recruiting and retaining quality employees, but it’s a benefit with a lot of complexity and risk. Tom Smith, GMS’ Director of Retirement Services, explains, “Offering a retirement plan is a great benefit for business owners to be able to provide employees. From a cost standpoint, it’s typically one of the more economical benefits. A 401(k) gives business owners flexibility in terms of plan design options to meet their business needs.”

    In addition, a handful of retirement plans change the contribution limits each year. When you partner with GMS, we help you:

    • Cut costs and reduce stress
    • Save you time
    • Offer benefits your employees want the most

    Contact us to get started today!

  • The Biden-Harris Administration has extended the COVID-19 public health emergency to January 11th, 2023. This concern has adapted from the speculation of a winter spike in COVID-19 cases. The COVID-19 public health emergency first made its appearance in January 2020 by the Trump administration and has been renewed every 90 days since.

    Recall: The Purpose Of The COVID-19 Public Health Emergency

    The declaration allowed changes throughout the healthcare system which included the free distribution of COVID-19 vaccines and treatments. Millions of Americans gained Medicaid coverage, telehealth services were authorized, and hospitals gained flexibility in responding to patient surges.

    In addition, it provided the federal government with the flexibility to waive or modify specific requirements in a number of areas such as Medicare, Children’s Health Insurance Program (CHIP), Medicaid, and private health insurance. Alongside these, Congress also enacted the following legislation:

    What Next?

    When the COVID-19 public health emergency ends, an estimated 5.3 million to 14.2 million individuals could lose their Medicaid coverage. The loss of Medicaid coverage has been named, “the great unwinding,” and could take as long as a year to complete.

    It’s vital for small business owners to provide their employees with the health insurance coverage they need. What happens when the public health emergency ends and you have employees who were enrolled in Medicare during that health emergency period? GMS does more than simply offer coverage like a medical insurance company. We provide our clients with various tools and resources to find a coverage solution tailored to their needs. Contact us today!

  • Are you a small business owner who has found yourself asking if you should offer a retirement plan as part of your employee benefits package? Now more than ever, it’s important to stand out from competitors to attract and retain top talent. There are various retirement plan options available, including a traditional IRA, 401(k), ROTH IRA, Simple IRA, and many more.

    In recent legislation, The Secure Act 2.0 package included a proposed Starter 401(k), as well as new and expanded tax credits to small businesses offering retirement plans. The Starter 401(k) plan aims to allow small businesses to offer retirement plans while streamlining regulations and lowering costs. Under this bill, eligible employers – those that do not already offer a plan – are not required to provide matching contributions. In addition, it would also create a safe harbor for the non-discrimination and top-heavy testing requirements for defined contribution plans. Annual contributions would be limited to:

    • $6,000
    • Indexed to inflations
    • Additional catch-up contribution for those at least 50 years of age

    If the bill is passed, the Starter 401(k) plan will aim to eliminate common barriers to plan sponsorship. If the bill is passed, it will be effective after 2023 and include the following provisions:

    • Small businesses with no 401(k) plan in place can offer either a Starter 401(k) plan or a Safe Harbor 403(b) plan. 
    • Eligible employees would automatically enroll at the minimum default level of 3% of their income. 
    • Employer contributions are not required, therefore lowering costs for employers. 
    • Year-end testing is not required, saving time and reducing stress. 
    • Limits on annual contributions would be the same as the current IRA contribution limit, which in 2020 is $6,000 with an additional $1,000 in catch-up contributions beginning at age 50. 

    Traditional 401(k) Plan 

    The most common type of retirement plans small businesses provide their employees with is a 401(k) plan. A 401(k) plan is a retirement savings plan many employers offer that has tax advantages for the employee enrolled in the plan. Employees who sign up for a 401(k) agree to have a percentage of each paycheck paid directly into an investment account.

    The following are benefits for your business when you provide a 401(k) plan to your employees:

    • Lower tax liability
    • Improved work ethics
    • Business tax credits
    • Attractive benefits
    • Business tax deductions

    A small business 401(k) plan is designed as a multi-purpose tool for business owners. Employers can use a 401(k) plan to lower this taxable income, grow savings for retirement, and to even manage the future of their business. Ultimately, a 401(k) plan plays a significant role in making your vision for the future a reality. From a cost standpoint, this type of plan is typically one of the more economical benefits for small business owners.

    Get Started Before The New Year!

    As a small business owner, you wear multiple hats at once. So, adding an additional hat to your plate may not sound too appealing to you. However, offering retirement plans is essential to recruiting and retaining quality employees. Tom Smith, GMS’ Director of Retirement Services, expresses, “Offering a retirement plan is a great benefit for business owners. A 401(k) plan gives business owners flexibility in terms of plan design options to meet the needs of your employees.” GMS offers its clients the option of a profit-sharing 401(k) plan. This gives business owners flexibility in how much they contribute to their employees’ 401(k) accounts. With this option, instead of a standard employee-match program where the employer will match the employee’s contribution up to a certain amount, the employer has more flexibility and control over the contribution. Allow your employees to enroll in a retirement plan before the new year starts. Contact GMS today.  

  • Pennsylvania lawmakers have been working diligently to pass a bill that would expand coverage of medical procedures for chronically ill patients. While the bill mainly applies to private insurers, it would do the following for individuals in Pennsylvania:

    • Remove prior authorization for emergency care
    • Standardize timelines for insurers to approve or deny a request for treatment
    • Guarantee that doctors can request that plans cover medications without a patient first trying a cheaper drug

    Ultimately, the bill would allow medical providers more time on caring for patients as opposed to fighting with insurance companies. The patients will receive more clarity and flexibility when deciding on their treatment options.

    The current proposal passed the Republican-controlled state Senate in June. The bill is now waiting for the state House to vote, then the state Senate must approve the changes before taking additional measures.

    Diving Deeper Into The Bill

    The proposal aims to change two fundamental aspects of American health care which include:

    • Prior authorization
    • Step therapy

    Prior authorization is a process used by insurance companies to determine if a prescribed product or service will be covered. Step therapy means trying less expensive options prior to “stepping up” to drugs that cost more. Both ensure that medically sound and cost-effective medications are prescribed appropriately. However, the bill would not completely eliminate either practice. Instead, it would require insurers to offer exemptions for both along with creating a standardized process for doctors to apply for approval or request an exemption.

    To accomplish this, the bill would:

    • Establish standardized electronic forms for the application
    • Set a statutory deadline for responding to requests
    • Require insurers to provide written notification explaining the denial
    • Allow the state Insurance Department to review the decision

    In addition, this bill would allow physicians to dispute an insurer’s decision directly with a doctor employed by the insurer rather than an individual who may not have a medical degree. The goal of the bill is to create a new and more effective process for prior authorization of medical services which will keep everything consistent and transparent.

    What Now?

    While individuals in Pennsylvania wait for a further notice regarding this proposal, it’s important to understand alternative solutions. This proposal still must pass through multiple stages for it to become a law. Partner with GMS to ensure your employees are covered under any circumstance. When you partner with GMS, it’s possible to reduce your health insurance costs while still providing top-tier coverage. GMS changes the approach to increase affordable options by giving small businesses the buying power of a large corporation. Contact us today to learn more.

  • Inflation continues to rise, increasing health insurance premiums for Americans. Employer-sponsored insurance (ESI) is the largest source of health insurance coverage in the United States. Employer health insurance premiums have continued to rise quicker than wages and inflation.

    According to The Los Angeles Times, two in five adults enrolled in employer-sponsored coverage find it difficult to afford health care and insurance costs. Commercial rates for hospital care are averaging 224 percent of Medicare rates.

    The Cost Of Employer-Sponsored Insurance

    According to a recent analysis from the Kaiser Family Foundation, in 2021, the average ESI premium for single coverage was $7,739 per year, and the average ESI premium for family coverage was $22,221 per year. Additionally, with those plans, the average deductible for single coverage was $1,669, and the average aggregate deductible for family coverage was $4,705.

    To combat the increasing costs of ESI, it’s vital to take immediate action to bring down costs. As an employer, it can be challenging to negotiate prices on plans. However, many consider the option of joining other firms to combine buying power to obtain fair provider prices.

    Those with lower incomes may find it increasingly challenging to keep up with the ESI rates. In 2020, the Commonwealth Fund survey defined the word, “underinsured” as being covered by a plan with high out-of-pocket costs, the findings were that one-fourth of working-age adults in employer plans were underinsured.

    How GMS Can Help

    A partnership with GMS allows you to provide the best healthcare benefits to your employees. When it comes to medical coverage, this is a necessity for your employees. As the economy fluctuates, your health insurance pricing cannot. With GMS, we give small businesses the buying power of a large corporation. GMS represents over 40,000 worksite employees, allowing businesses to receive a lower rate. Retake control of this essential benefit, and contact GMS today!

  • While the benefits open enrollment period is quickly approaching, it’s essential to have a step-by-step plan in place to ensure a smooth enrollment experience. Open enrollment is the annual window where employees may enroll or make changes to their healthcare benefits package. 

    As a business owner, implementing an effective plan is important for your employees. Continue reading to learn simple steps to improve your open enrollment process for 2023. 

    1. Reflect On Previous Open Enrollment Periods

    Before the upcoming open enrollment period, reflect on last year’s wins and losses. Typically, business owners should sit down right after the enrollment period ends to reflect on the ups and downs and prepare for the following year. Being open about the mistakes made and how to improve the internal process provides significant value to employees and ultimately creates a smoother experience. The following are the most common mistakes that occur during the open enrollment period: 

    • Missing the deadline
    • Defaulting to last year’s plan
    • Over or under-insuring
    • Passing up tax-free savings
    • Assuming all employees should be on one plan
    • Ignoring add-ons

    If any of these mistakes occurred last year, what would you do differently to prevent them from happening again? When you partner with a PEO like GMS, we take on this entire process, so you don’t make the same mistakes. Your designated benefits account manager sits with you and your employees to ensure everyone understands the plan. 

    2. Have A Strategy In Place

    Having a strategic plan in place before open enrollment is the key to success. You may ask yourself, how can I change the way I approach open enrollment to ensure a successful one? Starting early is the most important way to create an efficient and positive employee experience. Creating a renewal timeline halfway through the benefits fiscal year will allow your employees to stay on track ahead of the renewal deadline. 

    Rules and regulations constantly change, especially in the healthcare industry. Ensure you stay up to date with the changing regulations, so you know exactly what you’re getting into before open enrollment begins. In addition, if you have any significant benefit changes, your employees need to know as soon as possible. Be sure to explain the previous plan, what the new plan entails, and any changes they need to be aware of so it’s not a surprise when the enrollment time comes.

    3. Ensure Your Employees Understand Benefit Details

    With the number of benefits available, it can be confusing for your employees to determine which package best fits their needs. In addition, offering a quality benefits package is one of the best ways to retain and attract top talent, which is why it’s more important than ever to explain your benefits plan accordingly.

    Did you know, nearly a third of employees don’t think their employer’s benefits communications are easy to understand? When you outsource your benefits functions to a PEO such as GMS, you are provided with experts who guide you and your employees on how to best utilize their plans, maintain compliance, and stay on top of Affordable Care Act regulations. In addition to a dedicated benefits specialist who is there to help you through the open enrollment period, you also gain access to a team of experts who train your employees on how their plan works and answer difficult coverage questions.

    4. Outline Employee Vs. Employer Costs

    When deciding on a benefits package, employees care about price. As an employer, it’s essential to consider how much the employee will have to pay with your plan. In addition, showing the plan’s overall value will provide them with additional information to help with their decision. They want to see what they will get from the benefits package to ensure they are covered accordingly and receive the best possible option. Ensure you are transparent about the cost upfront, so they have all the necessary information before entering the open enrollment period.

    5. Work With A PEO To Develop And Implement Your Benefits Strategy

    The most effective way to ensure a smooth and positive enrollment period for your employees is by partnering with a PEO like GMS. At GMS, our benefits outsourcing services allow your company to offer competitive, cost-effective benefits while you focus on what you do best – running your business. GMS helps small businesses offer customized health insurance tailored to your needs. Our experts manage everything from benefits enrollment to ongoing plan education through our proprietary technology and dedicated customer support. The following are the benefits of partnering with a PEO for employee benefits administration:

    • Saves you money
    • Saves you time
    • Simplifies employee management

    Set Yourself Up For Success, Partner With GMS

    Your benefits package is one of the best ways to attract and retain top talent. Your open enrollment period needs to be effective and positive for your employees. When you partner with GMS, your employees will experience an easy and seamless process. We offer flexibility, control of premiums, access to data and networks, and overall options that you can’t find elsewhere. Make your employees happy and partner with GMS today. Contact us here.