Austin Group Health Insurance & Employee Benefits

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Austin, TX Large Group Health Insurance Plans

In Austin, similar to other thriving cities, employers face a challenge in offering high-quality health insurance to their employees. Health insurance expenses seem to go up relentlessly. Still, large companies that fall under the ACA mandate must provide coverage and limit the share that employees pay. For 2023 the premium share paid by the subscriber must be less than or equal to 9.12 percent of their income. This requirement means that the company absorbs rate hikes they can’t pass on to the employees. 

As a result, many companies are working with their group insurers to look for cost-control tools. Some of the approaches include:

• Contracting directly with providers for coverage, although that can end up limiting subscriber options.
• Requiring subscribers to seek pre-approval for inpatient hospital services unless it’s an emergency.
• Mandating telehealth options for routine issues.
• Incentivizing subscribers to use more cost-effective providers.
• Sponsoring wellness activities, including health screenings and fitness classes.

Austin, TX Small Business Health Insurance Plans

Small companies are exempt from the ACA mandate if they employ fewer than fifty people. Furthermore, given the high cost of insurance, some small companies hesitate to sponsor a program, especially since they must follow the ACA requirements for cost sharing. One option for small businesses to consider is a High Deductible Health Plan (HDHP) combined with a Health Savings Account (HSA). The deductible must equal or exceed the IRS minimum of $1,500 for an individual or $3,000 for a family in 2023. Otherwise, the subscriber won’t qualify for the HSA, which is a crucial part of this choice. However, the deductible amount is much higher in many cases, reaching the out-of-pocket maximum. That maximum is increasing in 2023 to $7,500 for an individual subscriber or $15,000 for the family.

Health Savings Accounts can help workers cover their medical expenses by allowing them to use pre-tax income to pay. Sometimes, the employer adds funds to the HSA, but that’s optional. Also, suppose the worker has money in the account, and they don’t use it in that calendar year. In that case, they can accrue it indefinitely and keep it in reserve for future needs, even into retirement.

Austin, TX Employee Benefit Plans and Employee Benefit Packages

Texas doesn’t have a state requirement compelling employers to provide paid sick leave for workers, but Austin does mandate the benefit for employers within the city. All employees who work at least 80 hours in a calendar year are entitled to accrue sick time. Paid time off, including sick leave and vacation time, ranks among many workers’ top selections.

Employees also want paid health insurance, support for their retirement savings, dental and vision coverage, flexible work hours, and wellness options. Employers can create attractive benefits packages by choosing some popular benefits to include.

• Group Health Insurance
• Group Dental Insurance
• Group Vision Insurance
• Group Short and Long Term Disability Insurance
• Group 401k
• Group Retirement and Pension
• Section 125 Cafeteria

• HSA
• Group Life Insurance
• Group Long Term Care
• ACA (Affordable Care Act)
• Vacation Options
• Medicare
• Unemployment Plans

Finding the least expensive health insurance and employee benefits plan and having to explain it to all those that work for you, isn’t easy. That’s why it’s wise to hire a licensed insurance broker out of Texas. They have the experience and education in the insurance industry to get exactly what you need out an employee benefit plan.

• A broker is able to modify insurance plans and negotiate costs.
• They’ll provide you with the greatest tips and advice to keep costs low, employees happy, and everyone on the same page in regard to the chosen employee benefits package.
• You’ll have more insurance and benefits options. Through simple communication, our brokers will help you decide what is best for your business if you’re uncertain what would appeal to your employees most.

Get a hold of us at 800-903-6066 and right away we will provide you with all the information we can. At the end of the call, we’ll even give you a FREE quote that’s hard to refuse! We want Austin employers to thrive!

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