Group health insurance plans are a popular employee benefit, allowing companies to provide quality healthcare coverage for their workforce. Rather than finding individual medical policies, employers can create uniform plans with limited options – ensuring staff members receive the same level of care while streamlining administrative processes.
There are several ways to reduce your company’s health care costs:
- Compare plan options each year. Take advantage of the variety among insurance plans available. Careful consideration must be taken when choosing an appropriate plan; shopping around is essential in order to get the greatest benefit for your business’ budget! If you need help or prefer an expert doing the hard work for you, give us a call and one of our benefits specialists can assist you!
- Hire young, healthy employees. Employees that are younger and healthier will also help to lower premiums, as they typically consume healthcare services at a lesser rate than more seasoned employees.
- Hire more employees. With more employees there’s reduced risk for insurance companies, and that translates to better deals for your business. By hiring additional staff, you can take advantage of lower premiums courtesy of the insurer’s decreased payer risks – a win-win!
- Secure a maximum out-of-pocket insurance plan. You can maximize your protection while keeping costs low, because with this plan employees must pay the highest amount of out-of-pocket costs for medical care before you pay.
- Reduce coverage. Your business can also save on costs by reducing coverage, such as vision and dental, but this shift may never be popular with your workforce. After all, employees accustomed to comprehensive benefits packages may not take kindly to the idea of shouldering more insurance expenses than before.
Small businesses with 25 or fewer full-time employees that offer a qualified health plan through the federal Small Business Health Options Program (SHOP) Marketplace and pay at least 50 percent of the cost of health care coverage for each employee qualify for the Small Business Healthcare Tax Credit. This allows employers to receive up to 50% of the costs paid towards healthcare for their employees for two consecutive taxable years!
Absolutely! The benefits you offer play a key role in enticing the talent that you’re looking for. In today’s competitive labor market, when deciding on a new job, employees don’t just look at the salary and benefits. The one thing that could give your company an advantage over others is a better benefit package that goes farther than just healthcare. An updated, comprehensive benefits package is also extremely important for retention because it shows employees that you are invested in more than just their performance at work.
According to SHRM’s 2022 employee benefits survey, healthcare is still the most valued followed by retirement & savings plans and leave benefits. Flexible work, professional career development and family care.
Your licensed insurance agent can help you explain benefits and answer questions in a clear and concise way. It’s important to be transparent and present every option to your employees so they can be empowered to make their decision.
A small group is defined as an employer and at least one employee, which is not their spouse, working at least minimum wage for 20 hours per week or more.
Small business owners have the opportunity to provide healthcare coverage for their employees with small business health insurance, another name for group health insurance. This type of plan ensures that your staff is supported, no matter how many members are part of your team!