To sustain a happy, hardworking staff as a business in Idaho, give them the option of affordable and reliable group health insurance and employee benefit plan. They depend on these benefits from their employer so that they can care for themselves and families at home. Without the ability to get insurance and benefit plans through their work, it’s nearly impossible to afford such coverage.
Don’t bother searching for an insurance carrier to help your business get the right plan. An insurance broker will help you create a plan even if it means going through several carriers. Here at Taylor Benefits Insurance Agency, we’re capable of tailoring plans to meet the needs of our clients as well as negotiating the costs and premiums of their plans. We also provide yearly audits to make sure your business’s group plan complies with local, state and federal laws, qualifying you for tax breaks.
Since the implementation of the Affordable Care Act (ACA), group health insurance plans are required to meet established standards for essential benefits. If the program doesn’t provide all the components, the employer offering the coverage can be found non-compliant with ACA rules. Also, people who obtain their coverage through Idaho’s official marketplace, Your Health Idaho, will find plans that cover the required benefits. Those components cover the fundamental needs of individuals in obtaining medical services, but employers can and often do include more.
For example, one of the required pieces is preventative and wellness services, including chronic disease management. All insurers must include preventive services without cost-sharing by the subscriber. Preventive care includes vaccines, cancer screenings, and testing for other illnesses and conditions like high blood pressure and cholesterol. Some large employers are going further, offering additional screenings plus information about disease avoidance and management. Many add incentives and support for health-conscious activities like exercise, smoking cessation, and stress reduction. Incentives can be as simple as offering employees a step counter (exercise monitor) when they sign up to participate.
Small companies may have to pay more per capita for health insurance than bigger businesses. One reason is they don’t have the same buying power or enough clout to negotiate for a group discount. Another potential cause is that the cohort of subscribers could have a higher risk when compared to the larger company demographics.
Many small companies still prefer to offer health insurance, and it’s a good idea to talk with a representative from Taylor Benefits Insurance about your small group health insurance options. Although companies with fewer than fifty workers aren’t obligated to offer coverage by the ACA, the legislation does have some support that may make doing so more affordable. Plus, small firms may be able to obtain a tax credit to cover some of the administrative costs.
When workers are financially insecure, they may focus on a job with better pay. However, savvy employers can also help by providing some benefits that come in handy. Some of these options are low-cost, like identity theft protection, which a company can often obtain for a minimal price. Employers can also investigate and secure discounts that other businesses are willing to offer their workforce at no charge to the company. Such perks can range from ten percent off at the local auto repair shop to pay-in-advance discounts on movie tickets or theme parks. In addition, more significant items may be possible, like life insurance offered as an ancillary benefit.
One creative way to attract and retain employees might be to build a more employee-friendly culture. For example, employees with families usually appreciate social events like company picnics and outings or the opportunity to volunteer at their child’s school without using up vacation leave. If the company has a less family-oriented workforce, consider social hours after work, like cooking lessons or athletic clubs. If you are the star pitcher on the office baseball team, you are probably more likely to stay at your job. By considering the workforce demographics, your company can build in some benefits that help with retention.
Give us a call and learn more about your options. We can provide health, dental, vision, 401(k), retirement and pension, long term care, disability insurance, and much more. Discuss all your options with one of licensed insurance agents and they’ll make sure they tailor a group plan for your business at a price you can’t pass up.
We’re ready to help! Call today: 800-903-6066