There’s so much to think about when it comes to planning your company’s group health insurance and employee benefit programs. You want to make sure that you accommodate the needs of your employees, making sure you care for them and their families the best you can.
It’s important that they’re provided with the greatest health insurance options at the most affordable cost. Affordable health insurance is available to employees through employers, Medicare plans, Medicaid, and the federal Health Insurance Marketplace, which offers subsidies in the form of tax credits.
The best-known portion of the Affordable Care Act requires large companies to provide health insurance to their workforce. Most companies subject to these rules already offer this benefit. Still, some have had to make changes to comply with other parts of the legislation. For example, the regulations concerning coverage, preventive care, pre-existing conditions, and lifetime benefit caps have new provisions. The ACA also changed the maximum age young adults can reach while retaining parental coverage. Finally, the ACA created an affordability standard for all policies.
The premium share the subscriber pays can’t exceed 9.6 percent of their gross income. Also, every policy must cover these essential coverage options:
Small companies often struggle with maintaining health insurance benefits as expenses for coverage rise. A health insurance broker like Taylor Benefits Insurance, Covered California or Buettner Insurance Agency can help sort through the alternatives. Taylor Benefits has helped several industries in Orange County to offer group healthcare, life insurance, dental and vision insurance plans.
One option to consider is a High Deductible Health Plan (HDHP) which may offer savings if combined with a Health Savings Account. However, to use the HSA, the deductible must meet the IRS standards.
In 2022 that requires a minimum of $1,400 for an individual or $2,800 for a family. Many of these plans have much higher deductibles. Some equal the out-of-pocket maximum, which can’t exceed $7,050 per individual or $14,100 for the family. Health Savings Accounts are advantageous because they enable the subscriber to use pre-tax income to pay for medical expenses. Also, any funds in the account that the subscriber does not spend in the calendar year can roll over to subsequent years and even into retirement
In Huntington Beach, like the rest of California, employees are eligible for paid family leave benefits and job guarantees. Companies also must allow a minimum of 24 hours of paid sick leave annually and let employees accrue up to 48 hours.
California has a mandate for retirement savings. Any employer with at least five employees that doesn’t have a retirement plan must facilitate payroll deductions for their workers to save in the Calsavers state-sponsored IRA. Employers don’t have to contribute; they just have to manage the employee savings and provide information about the program.
Of course, we have a lot more to offer but it’s always easiest to provide such information over the phone. Consulting with one of our brokers will prove to be invaluable. We will work with the insurance agencies we have throughout California to help your business find the most affordable healthcare, wellness programs and benefit plans.
Instead of spending countless hours of your time searching for the right insurance agency to get your employees’ benefits and healthcare through, come to us for help. Set up an appointment or give us a call and start consulting with one of our brokers. They’ll start providing you with information and planning out your company’s health and benefit plans, keeping your financial situation in mind.
It’s extremely important that your group health insurance and employee benefit plans meet the standards and requirements of the Affordable Healthcare Act. We offer our assurance and can certainly customize any of the services offered throughout California to create the proper health and benefit program or plan for your company while staying current with government policy.
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