It’s extremely important to provide your employees with comprehensive health insurance and employee benefit plans if you wish to keep them around. They need to provide for themselves and their families in the best way possible and that’s through the group insurance and benefit plans they get through the company they work for. It must be affordable and able to meet the needs of all those working for the business. Taylor Benefits Insurance Agency can help. Our 25 years of experience helped us form close relationships with some of the greatest insurance carriers in California.
Large employers provide health insurance to their workers, both because of the ACA mandate and to assist in their recruiting and retention efforts. However, as costs keep rising, companies seek ways to hold expenses down and share those costs with the employees. The ACA limits the percentage of income subscribers must pay for their health insurance premium as part of the affordability requirements.
One way that some larger firms are trying to hold down increases is by self-funding their programs. Self-funding refers to paying claims workers have for medical care rather than buying insurance from a provider. The risk can be more significant, but there is also an opportunity for saving. In many cases, the employer will employ a third-party administrator to manage the disposition of claims. The company can also limit risk with a stop-loss policy. This approach is transparent to the subscribers, who may be unaware that the program is funded by the employer rather than a traditional insurance policy.
Small businesses are not obligated to offer health insurance to their workforce, but many want to. Since self-funding may be more exposure than a small company is willing to accept, they might choose a level-funded plan. Level-funding is a combination of traditional insurance and self-funding. The practice provides more flexibility and cash-flow control for the business. Still, it limits the risk that can accompany higher claims.
Crafting a benefits package often starts with health insurance and paid time off. For example, at a company in Lancaster, every worker is entitled to a minimum of three paid days for sick leave and is eligible for paid family leave through California's short-term disability and family medical leave program. California also has a mandatory retirement savings program called CalSavers. Any employer (with at least five workers) without a retirement program must facilitate access to the CalSavers accounts by handling payroll deductions for enrolled workers.
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HMO- a strict health plan that encourages employees to find health care within a specified network of providers and facilities. This plan is less expensive than most other options.
PPO- gives employees more freedom by allowing them to find healthcare where they choose. They can choose their doctors and healthcare facilities. They have the option to save more by choosing in-network providers.
HSA- a tax-free savings account that’s used to provide financial relief when insurance doesn’t cover all health expenses.
FSA- a tax-free, flex spending account provided through the Section 125 cafeteria plan.
Aside from the most basic plans, you can look into other services and programs. Ask our staff about 401(k), workers compensation, retirement, long term care, disability, and other health and benefit services that you think your employees or company might take advantage. Keeping them happy will make the work environment more productive while increasing the longevity of your their stay with the company.
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