The City of Mobile boasts of being home to the only saltwater port in Alabama that has made immense contributions to it economic growth. Employers in this city are striving to have the best professionals as part of their human resource. However, this is not easy even with the availability of skilled labor. Job hunters are looking for opportunities in companies that have a reputable culture. They want to be associated with excellence. One of the elements of company culture is group health insurance and employee benefits plans.
Large employers in Mobile, Alabama that are seeking to lower their large group insurance costs may want to consider how much of the price they pay versus how much the employee must contribute. Companies take widely diverse approaches to this issue, depending on size and industry. On average, within companies that offer health insurance, the employer pays most of the premium. According to the Kaiser Foundation 2021 survey, the median cost for all types of coverage in 2021 was $7,739 for an individual and $22,221 for a family. Of those amounts, the employer paid $6,440 for the individual coverage and $16,253 for a family.
The same research notes that larger businesses are moving toward an approach in which workers who earn less pay less. The rationale is equity. A system that allocates the same share to works regardless of pay level places a higher burden on lower-paid employees. Some employers extend the concept to deductibles and co-payments, offering lower-paid workers proportionately lower obligations for their share of care. A very small (but growing) number also includes a higher contribution to the Health Savings Accounts for employees who earn less if they subscribe to a plan that qualifies for participation.
One advantage that small companies have over larger organizations when shopping for health insurance is that they may be able to more carefully target the kind of coverage that best suits their workforce. For example, if your small business primarily employs workers who are low-incidence medical service users, consider a high deductible plan to get the lowest premiums. Conversely, suppose your workforce relies on regular medical visits and prescriptions. In that case, a good choice might be an HMO (health maintenance organization), where the cost for each visit is typically less.
One growing trend that has accelerated during the Covid pandemic is also helping reduce small business health insurance costs for some plans—telemedicine. Checking in virtually with the medical provider for some situations saves the doctor's time. Usually, it costs less than a routine in-person visit. Small companies can benefit from incorporating these cost-saving changes into their approaches.
Creating an appealing benefits plan is essential—the 2022 MetLife Benefits survey reports that employees who are satisfied with their benefits package are twice as likely to self-report as happy with their job and seventy percent more likely to stay where they are than those who are unhappy with the benefits offered.
In addition to health insurance and paid time off, many companies are adding wellness options and employee assistance programs to their packages. In fact, since 2018, the number of companies with an EAP has increased from thirty-six to fifty-seven percent. Offerings vary by plan, but most start with a solid mental health and crisis intervention component. Typically, the employee can obtain quick, confidential counseling for various needs, including family conflict, grief resolution, substance abuse, and even financial concerns. Consult with your Taylor Benefits Insurance representative about options and costs.
Companies that offer a good benefits package in Mobile definitely make a name for themselves as they are able to easily stand out from their competition. Top professionals are attracted to these companies because apart from taking home a good paycheck, they have their healthcare needs taken care of. Thus, they consider companies that provide a benefits package as being an employer of choice. When you offer your staff a competitive benefits package, it also shows that you care about their needs.
Taylor Benefits is a licensed insurance broker specializing in offering group health insurance and employee benefits for employers in Mobile. We have the expertise and experience of crafting custom benefits plans spanning 30 years. Our licensed insurance agents know how to balance between your bottom line and the needs of your employees. We are committed to helping you retain a competitive advantage when it comes to attracting and retaining top quality staff. Our employee benefit plans are guaranteed to increase your appeal as a choice employer among top candidates.
We offer a variety of health insurance and employee benefit plan options including:
We are an independent insurance agent offering the most affordable rates for group health insurance and employee benefits in Mobile. Our agents are committed to giving you a group benefits package that is suitable for your needs. We work with a chain of top insurance carriers; hence will modify your plan and negotiate for the best rates to ensure your workers get even lower premiums for a comprehensive plan. We understand the laws governing healthcare insurance in Mobile consequently we ensure compliance with each of them helping you earn yearly tax breaks.
Are you looking for a Mobile Group Health Insurance & Employee Benefit Plans? Click the quote button to get an instant quote.
Get in touch with us today if you’re thinking of giving your employees a decent benefits plan in Mobile. Our licensed insurance agents are ready to help you put together a plan that responds to your company’s needs and the needs of your employees. Call us now 800-903-6066.
We’re ready to help! Call today: 800-903-6066