Budgets for pay raises at U.S. employers have picked up from all-time lows, going from an average (mean) of 2.2 percent in 2009 to 2.9 percent in 2013, according to the 40th annual WorldatWork 2013-2014 Salary Budget Survey. U.S. salary budgets have averaged 2.8 percent for the past two years.
As more American employers turn to high-deductible health plans to reign in escalating health care expenses, many are offering health savings accounts (HSAs) in an effort to encourage workers to make cost-conscious health care decisions. But according to a recent survey by financial services firm Fidelity Investments, two-thirds (65 percent) of Americans who make household health-benefit decisions simply do not understand how an HSA works.
As more baby boomers approach age 65, they are confronting the complexities of making first-time Medicare enrollment decisions.
“At many companies, retiring used to mean transitioning from your employer’s health plan to a retiree health plan,” said Paula Muschler, manager of the Allsup Medicare Advisor. “Now, rather than selecting from one or two employer-provided options, more individuals are faced with trying to navigate through dozens of different Medicare plan options,” Muschler said in a media release.