Des Moines Group Health Insurance & Employee Benefit Plans

Des Moines IA Large Group Health Insurance Plans

With inflation rising fast, it isn’t a surprise that health insurance costs are also going up. In recent surveys, human resource executives for major companies expressed their concerns about holding down insurance expenses. For example, a study by HR consultant WTW recently 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:

• Contracting directly with providers for in-network coverage
• Requiring pre-approval for inpatient hospital services
• Adding telehealth options for common concerns
• Offering incentives for subscribers to use more cost-effective providers
• Offering free or discounted wellness activities like screenings, classes, and clubs
• Charging lower premiums to lower-paid workers and higher amounts to more highly compensated workers

Des Moines IA Small Business Health Insurance Plans

Small companies with less than fifty employees aren’t obligated to provide health insurance to their workers. Still, some do because it matters to workers and can give the business a competitive advantage in recruiting. In addition, some small firms are very generous, with almost thirty percent paying the total cost of coverage for their employees. Surprisingly, another ten percent also pay the entire premium for employees’ family members.

Small companies interested in health insurance can benefit from exploring SHOP (the Small Business Health Options Program). This ACA-created platform offers plans that may help companies provide affordable coverage to their workers. Taylor Benefits Insurance can help your business evaluate the options.

Des Moines IA Employee Benefit Plans and Employee Benefit Packages

Benefit plans are not just health insurance and sick leave. Employees often expect those as a fundamental part of the package. Still, many companies add more to attract the workforce they need. MetLife's completed a survey of workers in 2022 about benefits. The survey results showed that three-quarters of workers say a better selection of benefits would keep them at their current employer longer and reduce their stress. Not surprisingly, the MetLife survey also found that satisfied employees are likelier to stay loyal to their company.

Employers endeavoring to design a benefits package to help their workers maintain financial stability and plan for the future may consider adding life insurance, making contributions to a retirement savings plan like a 401(k), and perhaps offering assistance finding or paying for childcare. Other popular perks include dental and vision coverage, tuition reimbursement, flexible scheduling, and remote work.

Des Moines Group Health Insurance And Employee Benefits

Des Moines  is the capital of Iowa; a major player in the U.S. insurance industry and the world’s third largest insurance capital. Forbes Magazine has twice ranked this city as the best place to do business while NBC has dubbed it the ‘Wealthiest City in America’. The Des Moines metropolitan area was also ranked as the best place for business and careers. Employers in this city are alive to the needs of employees which includes the need for sound employee benefits package.

Group health insurance and employee benefits

Employees’ expectations have shifted over the years with the focus being on happiness at work. As such, they will change jobs often in search of personal satisfaction that they deem as important as the numbers on their paycheck. Employers should respond to these needs by investing in employee engagement and culture that includes providing a good group health insurance and employee benefits package. This is crucial in guaranteeing employees stability and protection while safeguarding your company against disruption. When you offer them this benefits package, they reciprocate by showing their appreciation through loyalty. This is backed by a study that found 59% of employees agree that health and holistic benefits increase loyalty.