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President Trump’s February State of the Union Address discussed several topics that may impact the employee benefits industry.
The unemployment rate reached a 5-year low in 2019. The nationwide average unemployment rate is 3.5%.
Due to low unemployment and a strong economy, the labor market has been tight. Employers will continue to feel the effect of a tight market which may include difficulty hiring and retaining talent.
Many states are passing and proposing their own versions of paid family leave. Trump asked Congress to pass the Advancing Support for Working Families Act. It would provide paid family leave to new parents in the federal workforce. If passed, Trump stated that it would serve as a model for the rest of the country.
President Trump has been focusing on lowering prescription drug costs over the past few years. Steps have been taken to increase the transparency of drug costs to help save employees money.
President Trump passed legislation requiring that hospitals provide transparency when it comes to pricing/billing information. This will become effective in 2021. He also reiterated that those with pre-existing conditions will continue to be protected.
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