Note: Individuals who do not maintain creditable coverage for 63 days or longer following their initial enrollment period for Medicare Part D may be required to pay a late enrollment penalty. Accordingly, this information is essential to the decision to enroll in a Medicare Part D prescription drug plan.
- Medicare-eligible active employees and their dependents
- Medicare-eligible COBRA individuals and their dependents
- Medicare-eligible disabled individuals covered under the prescription drug plan
- Any retirees and their dependents
- Prior to the annual enrollment period for Medicare Part D that begins on Oct. 15th
- Prior to an individual's initial enrollment period for Medicare Part D
- Prior to the effective date of enrolling in the employer's prescription drug plan and upon any change that affects whether the coverage is credible
- Upon request by the individual
Online disclosure to the Centers for Medicare & Medicaid Services is also required annually, no later than 60 days from the beginning of a plan year, within 30 days after termination of a prescription drug plan, or within 30 days after any change in creditable coverage status.
- Prioritize skills-based hiring. While specific qualifications may be valuable for some roles or industries, HR professionals may consider candidates based on desired skills rather than experience or education.
- Support internal mobility. Employers shouldn’t forget about their current workforce. Many employees are willing to transition to job roles within the organization for higher compensation, better work-life balance or new learning opportunities.
- Focus on retention. A renewed focus on retention can help employers avoid having additional open positions to source or recruit for. Championing current employee skills and focusing on learning and development programs are good retention strategies to start with.
- Leverage technology. HR professionals can use technology like artificial intelligence and online recruiting platforms to streamline complex, tedious and time-consuming processes and workflow and expand recruiting reaches.
- Make submitting referrals easy
Clear communication is necessary so that employees know how to submit referrals. This process should be simple, allowing employees to send a resume, provide an email and phone number, or submit a standard form to start the referral process.
- Incentivize employee referrals
To enhance the appeal of referring friends and family to the company, employers may provide monetary rewards, paid time off or other gifts to current employees who refer quality candidates for open jobs. - Leverage technology
Small businesses may be short on staff, but technology can help manage programs and automate referral processes. - Keep employees informed
It’s best for employers to keep employees in the loop about the status of their referrals to avoid frustration and increase transparency. - Acknowledge good referrers
Public recognition can go a long way with employees, so small businesses should consider awards or public praise to let employees know they appreciate their effort in sending referrals. - Think beyond employees
Referral programs don’t need to rely solely on employee referrals. Companies can also decide to open referral opportunities to additional stakeholders, such as retirees and customers.
- Fixing health insurance budget to a set dollar amount per employee (similar to defined contribution)
- Employee choice in carrier and plan
- Getting out of the carrier selection process annually
- Low wage earners working for small employers could benefit from subsidies
- Potential financial penalties up to $4,460 per employee if not properly structured
- Plan selection can be confusing to employees if not properly educated.
- (Ask your Forsite rep about our proprietary BenIQ healthcare literacy training)
- Higher income households may be adversely affected
- Individual plan benefits and networks are generally not as comprehensive as group plans
The content herein is provided for general information purposes only, and does not constitute legal, tax, or other advice or opinions on any matters. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy.