Midland Group Health Insurance & Employee Benefit Plans

The city of Midland, Texas had the lowest unemployment rate in the United States in 2014 at 2.3%. This is mainly attributed to the fact that this city is home to multiple employers and the availability of skilled labor. As an employer in Midland, you definitely want to recruit the best talent to join your human resource. This does not come easy even with the availability of skilled labor. You need to have an insight into what potential employees are looking for in an employer. A majority of employees are attracted to employers who offer a competitive salary and benefits package.

Midland TX Large Group Health Insurance Plans

Group health insurance is an essential safety net for many people. Those employed by large companies can obtain it at an affordable cost due to the Affordable Care Act (ACA). While most companies subject to the requirement already included insurance in their benefits packages, now they must do so. However, now they must also show that the policies comply with the ACA rules for comprehensive coverage and affordability. Furthermore, the ACA changed critical aspects of group insurance, like allowing dependents to remain covered by a parent’s policy until age 26. Another crucial improvement for subscribers was the elimination of exclusions for pre-existing conditions. Previously, subscribers and patients could be denied coverage for numerous reasons.

On the other hand, the need for companies to hold down how much the subscriber pays for the premium has led to costly co-pays and deductibles, according to the Kaiser Foundation survey. In 2023, the subscriber’s share of the premium can’t exceed 9.12 percent of their income. As a result, some large companies may charge more to higher-paid employees rather than maintaining a level premium share across their workforce.

Midland TX Small Business Health Insurance Plans

The ACA mandate exempts companies with fewer than fifty workers. However, if a non-mandated business does provide the benefit, it must comply with the ACA affordability and coverage requirements. That provision can be problematic for small companies since health insurance may cost more per person than it does for a larger organization. Small businesses can get information and guidance from SHOP (the Small Business Health Options Program) that the ACA developed.

Some options allow small companies to assist without shouldering the risk of sponsoring health insurance policies. One is the administration of a QESHRA, which helps workers pay for insurance they obtain individually.

Midland TX Employee Benefit Plans and Employee Benefit Packages

Texas-based companies aren’t required to provide workers with any paid leave. However, paid time off is a benefit that employees often rank at the top of their wish list, along with health insurance. Typically, large companies are more likely than small ones to offer paid time off for illness, holidays, and vacation.

If your company offers health insurance and some paid time off, you can create an attractive benefits package by adding a few more items. The perks don’t have to cost much to appeal to your workers. Many workers want flexible schedules, the ability to work remotely, and a casual work environment.

Most people also would like help with retirement savings and other financial concerns. Some companies add wellness benefits, like fitness activities, stress reduction classes, or meditation guidance. These are great for the employee and also for the organization.

Group Health Insurance and Employee Benefits

As it becomes more and more difficult to hire and keep talented employees, you need to strategically leverage employee benefits packages as an attraction and retention tool. You will do well to look at the most valued employee benefits and craft a package that takes these benefits into account. Thus, you will position yourself as a competitive employer that every top candidate wants to associate with. If you already have an existing benefits package that is not working for you, consider altering the benefits to attract and retain talented individuals.

What To Look For In An Insurance Provider

Not every insurance provider you will find in Midland is guaranteed to offer you the exact product you are looking for because they are probably not qualified enough. Here are some guidelines to finding an ideal insurance provider:

• What is the quality rating of the insurance provider?
• Does the insurance provider have the capability of providing group health insurance and employee benefits plan that is sufficient for your needs?
• Is the insurance provider licensed to operate within your city and do they have a physical presence within your locality where you can easily reach them?
• Does the insurance provider negotiate for you the best premiums and rates for your policies?
• Are the plans offered by the insurance provider flexible, affordable and comprehensive?

Benefits of Working with an Insurance Broker

Finding the best group health insurance and employee benefits plan can be an expensive and time-consuming exercise. Below are some benefits of working with an insurance broker in Midland:

• Insurance brokers have the expertise to get you the best cover for the best rates and premiums.
• Brokers are able to offer sound advice in cases where you have limited knowledge of the insurance products.
• Brokers are independent hence they work with carefully selected carriers they have regular contact with while being able to secure great deals.