The best way to find lower insurance premiums and prices on group health and employee benefit plans in Alaska is by going through a dependable and licensed insurance broker. When you go through an insurance broker or agency, you are likelier to find a plan that’s perfect for your business and its employees. Having a comprehensive employee benefit plan in place is one of the greatest ways to keep your hardworking employees around. It gives them a way to better care for themselves and their families at home.
Large businesses in Alaska, like other states, must offer health insurance to their employees to comply with the Affordable Care Act or pay a penalty for noncompliance. Most large companies prefer to offer the insurance, and many pay a portion of the cost for their workers. Across the U.S., 95 percent of large employers make some contribution to the premium cost, with three-quarters of those employers subsidizing as much as twenty-five percent of the cost for individual coverage. These figures come from the well-regarded Kaiser Family Foundation Benefits Survey.
In 2021 large employers offered a variety of insurance options to their workforce. Forty-six percent of covered workers in large firms participate in a PPO (preferred provider organization) with another eighteen percent in an HMO (health maintenance organization) and over thirty percent enrolled in a High Deductible Health Plan/Savings Option. What sets the HDHP/SO plans apart from others is that in many cases the employer is contributing a substantial amount to the savings option, thereby reducing the burden on the subscriber. That’s not necessarily the case for workers enrolled in other plans which may also have high deductibles but don’t include the has option and to which the employer isn’t contributing.
One way that small businesses in Alaska can try to reduce their health insurance costs is by offering a selection of plans to employees. If the employer offers the same subsidy for each plan, the worker can then choose how much they want to spend and decide between options based on cost and coverage. For this strategy to work, it’s essential that the employer provide comprehensive education for the employees about how each plan operates.
For example, despite growing use, many employees still aren’t fully aware of the details of a high deductible health plan with an HSA. The deductible amount seems intimidating, and the employee may not consider the balance offered by a lower premium. Also, some workers may not understand the difference between the HSA and older FSA accounts, which have unpopular “use it or lose it” provisions. Your Taylor Benefits Insurance can help you design educational material and communications to ensure that employees are fully up to speed on the differences between the plans available.
Aside from compensation, one way that employers can compete to attract talented employees is by offering a comprehensive benefits plan. The foundation often starts with health insurance, particularly for companies required by the ACA to provide the coverage. Beyond health coverage, employees’ wish lists usually rank paid time off for vacation, holidays, and illness at the top. No paid time off is required in Alaska, but many employers provide some. Other benefits that can offer a competitive advantage include:
The insurance plans and benefits you see listed above are just some of the options available to you when you go through Taylor Benefits Insurance, one of the leading insurance agencies around. We will help you create a plan that meets the needs and expectations of your company and its employees. After over 25 years in the insurance industry, we have formed a large network with the leading insurance carriers which allow us room for negotiations and modifications to our clients’ health insurance and employee benefit plans.
Taylor Benefits ensures consistent compliance with all local, state and federal laws including the Affordable Care Act. Although the policies for the ACA are constantly changing, complying with the laws is essential. By remaining in compliance with the laws, you’re not only avoiding astronomical financial penalties, but your business will qualify for annual tax breaks. We want to make sure your Alaska business is able to take advantage of these tax breaks.
To find out more about the health insurance and employee benefit options offered through Taylor Benefits, give us a call today. We will even offer a FREE estimate for services when you call in to discuss your options!
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