Companies subject to the ACA (Affordable Care Act) mandate to offer health insurance must ensure that the insurance they provide for their employees provides the designated essential benefits the ACA requires and satisfies the affordability standards. Companies can use any insurance they prefer, whether they choose a PPO, HMO, or POS, as long as it offers the coverage and affordability that the ACA requires.
If the company is large enough, allowing workers to choose between plans makes sense. For example, some may want a “bare-bones” option with a lower premium but costs more for services that the subscriber uses. These plans make sense for consumers who don’t anticipate heavy reliance on their insurance and who can afford to pay the cost of expenses that may occur. Others want the security of a lower deductible and lower co-payment, even if the monthly premium is higher. And many prefer the flexibility of a POS or PPO structure rather than the constraints of an HMO network. If a large company has enough workers to sustain the variety of plan choices, workers are likely to be more content with their program.
SHOP is the acronym for Small Business Health Options program. SHOP is a creation of the ACA, designed to help smaller companies find health insurance plans to help their employees. A business with as many as fifty employees can use SHOP to research insurance and look for information about the ACA tax credits for small companies. A Taylor Benefits Insurance representative can help you evaluate your SHOP eligibility and is available to help you navigate the options. SHOP can help you whether you want to give your workers one plan or possibly more than one from which to choose.
Of course, with fewer than fifty employees, you don’t have to provide insurance access. It’s up to you whether you want to share the cost and whether you allow dependents to enroll.
Health insurance and paid time off top the lists for most-desired employee benefits, and both are more commonly offered as the employer’s size increases. Although smaller companies may not provide health insurance, they usually give some paid time off to full-time workers. Since Hayward is a California city, employers there must offer at least 24 hours of paid sick leave. Workers also get paid family leave if they qualify. In addition, many companies provide paid time for official holidays and vacation time.
Employees express interest in having retirement plans, although participation is low in companies that offer them. Workers also want dental coverage and flexible schedules.
For more than 25 years Taylor Benefits has helped businesses find creative and innovative solutions to offering group health insurance and employee benefit plans in the Bay Area and Northern California. We partner with all major health insurance carriers in California to offer a broad selection of options that allow you to tailor an offering specifically to the financial and coverage needs of your business or employee group. Here’s what we provide:
Easy Management – For some companies, providing a comprehensive health care plan can mean an additional strain on an already busy human resources staff. We make management and administration of benefits easy with a free online HR tool that simplifies the entire process in one easy-to-use interface.
Maximize Value – When it comes to finding a comprehensive benefit and health plan for your company or employee group, one size does not fit all. What may work for a small business may not be appropriate for a mid-sized business. When we design a plan we help you choose from among all major insurance carriers in California to determine the best coverage, at the best value, available on the market. We meet with you to discuss the financial obligations, coverage limits and potential incentives of offering different types of health insurance at benefit packages to employees so you can make the most informed decision.
Incentivize Employees – Most businesses understand that a great benefit offering can help a business to attract and keep the best employees–it’s often the most important factor to job satisfaction after pay rate. What often get lost in the discussion is that healthier employees are more productive employees. According to the Centers for Disease Control and Prevention, the costs from loss of productivity can often outweigh the cost of a medical program that would have prevented them!
Health Insurance Terminology (PDF) – A helpful guide to health insurance and medical plan terms from the Bureau of Labor Statistics. Good information if you need some clarification about health terms like flex spending accounts, indemnity plans, manage care, deductibles or any other term related to the industry.
Alameda County Public Health Department – The public health department has programs and services that contribute to the overall health of residents of Alameda County, covering Hayward and 12 other local cities.
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