Trying to rise above the competition as a company in Grand Prairie is hard unless you provide your employees with a way to protect them against illness and to prepare for other future medical expenses. As a business owner, it’s important to care for your employees so that they can better care for themselves and their families at home. The greatest way to do this is by providing them with health insurance and employee benefit options that come at low rates and premiums. You could use the Internet to search for the most reputable insurance carriers around so that you can compare prices and services, but this is extremely time-consuming. Fortunately, you have one of the leading insurance agencies in your backyard.
As the U.S. remains trapped in an inflationary cycle, health insurance costs are rising as fast or faster than other expenses. This fact challenges large companies that must provide health insurance policies for their employees since the ACA restricts how much of the premium they can pass on to the workers. One recent study by HR consultant WTW found that their human resources clients don't want to increase the employee’s share of health insurance coverage because of the potential adverse impact on recruiting. To help control costs, some group insurers are implementing some of these methods:
Since small companies don't fall under the ACA mandate to provide insurance, they may opt out of doing so when expenses add up. Some businesses find that one option to save money is a High Deductible Health Plan (HDHP) offered with a Health Savings Account. These plans must meet the IRS standards for "high" deductibles if they want to include the HSA. The minimum deductible for eligibility in 2023 is $1,500 for an individual or $3,000 for a family. However, deductibles may go much higher, up to the allowable out-of-pocket maximum of $7,500 for an individual subscriber or $15,000 for the family. Accepting a higher deductible helps lower the premium for both subscriber and employer.
Also, Health Savings Accounts can help reduce a subscriber’s overall expenses by letting them use pre-tax income to pay their medical costs. Employers can also contribute to the HSA as long as the combined contributions adhere to the limits. Another advantage is that the HSA funds can roll over. So if a worker has money they don't need for medical expenses in the calendar year they contributed, they can roll it over indefinitely without paying taxes on the contributions or the earnings.
Health insurance is one of the critical components of a good employee benefits package. Workers value access to insurance through their employer. Insurance is also the most commonly provided benefit, along with paid time off. Other priorities for employees include:
When you go through a licensed insurance broker at Taylor Benefits Insurance Agency, you will have the advantage of finding exactly what you need or expect out of a group health insurance and employee benefit plan due to the cooperative help of one of our agents. While consulting and planning with the broker, don’t hesitate to tell them what you want. They can individualize your company’s plan to meet your expectations and budget.We know we can offer you some of the lowest quotes without jeopardizing the quality of your plan.
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