The most important part of owning a business in Corpus Christiis keeping your customers and employees happy by protecting them from illness and providing for their futures. To attract and retain employees,show them how much you care about the education, health and financial aspects of their families by providing them with a flexible personal and individual group health and employee benefit plans. Those with families to care for are especially concerned with the insurance and benefits provided through their employer.
Every business that employs fifty or more workers must offer health insurance to the workers to comply with the Affordable Care Act (ACA.) Most large companies offered insurance even before the legislation was passed, but the quality varied. Also, health care is expensive, and the ACA limits how much employees can be required to pay for their coverage. For 2023, a subscriber’s share of the premium can’t exceed 9.12 percent of their income.
Many big companies are shifting to self-funding as a means of controlling their costs. Self-funding means the company pays for the employee's medical claims rather than buying coverage from an insurance provider. This approach is invisible to the employees, who submit their claims as usual. The employer may enjoy control over the coverage, have better cash flow, and save money overall. But they have to be able to accept the risk that a few catastrophic claims could push costs over the expected level. Some companies add a stop-loss policy which can limit their overall exposure. Most also engage a third-party administrator to process claims.
Health insurance is costly, and the expense can make it difficult for small businesses to offer coverage to their workers in the absence of an ACA mandate. While many small companies provide insurance, some prefer to find other ways to help their workers with these costs.
One option is to sponsor a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). These accounts enable workers to use pre-tax income to pay for healthcare. The QSEHRA lets companies help without taking on the full cost and risk of health insurance. The employer administers the program and decides how much to contribute to the employee’s accounts. Talk to your Taylor Benefits Insurance specialist about how QSEHRAs work.
The Society for Human Resource Management (SHRM) is a professional organization for human resource managers and executives. SHRM estimates that companies spend almost a third of their compensation budget on employee benefits. Of course, the amount varies depending typical pay for the workers and what the company includes in the package. Still, most workers expect to get benefits, including these typical choices:
Other benefits that employees would also like to have include:
For about 30 years, small and large businesses throughout Corpus Christi and the State of Texas have been coming to Taylor Benefits Insurance Agency. As licensed insurance brokers, we’ve formed close relationships with the best insurance carriers around. This gives us room to modify plans more personally while negotiating the rates and premiums of the plans.
The most basic health insurance plans available are PPO, HSA, FSA and HMO. Dental, vision, medical, 401(k), short and long term care, and life insurance are usually provided through these common plans. Of course, you can always have your own individual plan created or you may add other options to the basic plans. One of our cooperative and experienced agents will gladly help you with this.
To get your plan formulated and to figure out a cost, call Taylor Benefits Insurance Agency at 800-903-6066. We will offer an open line of communication filled with advice, tips and further information about how we can help your Corpus Christicompanyattract and retain hardworking staff. We also offer a FREE quote when you call in or fill out our online form!
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