When inflation is rising, health insurance costs are typically also increasing. This fact concerns large companies that must provide health insurance for their employees. The ACA restricts how much of the premium they can require the workers to pay. In recent surveys, human resource executives stated their concern about holding down insurance expenses. One recent study by HR consultant WTW also found that their clients don’t want to increase the employee’s cost for health insurance because of the potential effect on competition for talent. So instead, group insurers are implementing some of these cost-management methods:
The cost may challenge small companies that don’t fall under the ACA mandate to provide insurance. Some find that one option to save money is a High Deductible Health Plan (HDHP) offered with a Health Savings Account. Such plans must meet the IRS standards for “high” deductible to be allowed to offer the HSA. The minimum deductible for eligibility in 2022 is $1,400 for an individual or $2,800 for a family. Often, deductibles are quite a bit higher, up to the allowable out-of-pocket maximum of $7,050 for an individual subscriber or $14,100 for the family. The higher deductibles mean the subscriber pays more, so the premium is lower.
Also, Health Savings Accounts can help reduce a subscriber’s overall expenses by letting them use pre-tax income to pay their medical costs. Sometimes the employer also contributes to the HSA. Another advantage is that the funds can roll over. If a worker has money in the account they don’t use in the calendar year they contributed, they can roll it over indefinitely without paying taxes on the contributions or the earnings.
Many companies prioritize health insurance when designing their benefits programs because employees want it. It’s an expensive benefit, but it’s crucial to worker satisfaction. Also, for large companies, it’s required by the ACA. Beyond insurance, Baton Rouge companies often want to add perks like dental insurance, short-term disability, and life insurance programs.
Next on the list, employees usually want paid time off. Vacation and holiday pay are great ways to encourage workers to recharge and refresh. Louisiana employers don’t have to provide paid holidays, vacation time, or sick leave, but many do.
The city of Baton Rouge in Louisiana enjoys a strong economy. This has earned it a place among the top ten places for young adults, by Portfolio Magazine’s ranking, and one of the top twenty cities in North America for Economic strength. As an employer in this city, you are faced with the challenge of offering a good package to potential employees. This goes beyond the salary to include group health insurance and employee benefits. Offering employee benefit packages plays a major role in enhancing your appeal as an employer-of-choice.
One of the things that job hunters look at before applying for a position in your company is your organizational culture. This includes whether you are offering group health insurance and employee benefits or not. Offering employee benefits sets you apart from your peers in the industry as you become more attractive as an employer. Employers who offer health insurance and other benefits are seen to be more caring about the welfare of employees compared to those who don’t. When employees believe you care about their welfare, they become more motivated with improves their productivity.
Dial 800-903-6066 and get free consultation on Baton Rouge Group Health Insurance & Employee Benefit Plans
Taylor Benefits is a leading group health insurance and employee benefits agency offering unmatched benefits plans for employers and businesses in Baton Rouge. We have built our reputation of crafting custom plans for our wide range of clients over the last 30 years. We remain committed to providing group health insurance and employee benefit plans that are in compliance with the standards of the Affordable Care Act (ACA) and other related laws. Our experienced insurance brokers are always striving to stay abreast with the changes taking place in healthcare laws that could have an impact on the plans we offer.
Our group health insurance and employee benefit options include the following:
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These are some of the common options that job hunters look for in a group health insurance and employee benefits plan. We can modify your plan accordingly to include just about anything you want.
Our licensed and experienced insurance brokers will listen to your concerns. They will then reach into our database of top carriers to meticulously create a benefit plan that meets your needs as well as the requirements of the Affordable Care Act (ACA), local, state and federal laws. Doing this ensures you avoid penalties. We also conduct a yearly audit and make the necessary adjustments that keep your plan in line with the laws.
Call us today to discuss your options for group health insurance and employee benefit plan with our knowledgeable and experienced insurance brokers. Our insurance agents are ready to help you find the best group benefit plan. Call our toll-free-number 800-903-6066. You can also request for a free proposal.
Written by Todd Taylor
Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.
Todd Taylor with Taylor Benefits gives our small business the kind of personal service we need. Insurance benefits are important to our employees and Todd helps us find a balance between benefits and value. Todd responds immediately to my phone calls & e-mails. He has even gotten in touch with me on a Sunday when we were in need of coverage answers immediately. We are very pleased with the hands-on service Todd and his staff provide.”
-Ken and Linda Orvick, Orvick Management Group, Inc.
We’re ready to help! Call today: 800-903-6066