
Nevada Large Group Health Insurance Plans
As an owner or manager of a company based in Nevada, it can be challenging for you to take the time out of your busy schedule to look for a comprehensive and affordable group health insurance coverage and benefits plan to offer your employees. On top of finding the right health plan, you must keep up with yearly audits and any changes made to healthcare reform regulations so you can ensure that your business is in compliance with the frequently changing policies.
Taylor Benefits Insurance Agency has over 25 years of experience helping businesses all over the nation obtain group insurance and benefits plans that are not only affordable but also attractive to employees. Having major medical coverage and low premiums is one of the best ways to attract highly qualified individuals to seek employment with your company. It is also a great enhancement to your retention efforts.
Large group health plan insurers in Nevada and across the country pass along cost increases to their client companies. Large companies have been reporting substantial price hikes this year. As we all know, insurance costs often drive inflation. Some employers pass the premium increases along to the workers. Still, some hesitate to increase the share that employees pay over concerns that employees may change employers. Of course, you also have to ensure that the employees premiums pay don’t violate the Affordable Care Act affordability requirements.
If your business is trying to hold costs and premium payments down, consult your Taylor Benefits Insurance representative to discuss options, including high-deductible plans and self-insurance. Many large employers use full or partial self-insurance to lower costs, increase cash flow, enhance flexibility, and customize offerings. However, some limit their risk by choosing a stop-loss policy to absorb the costliest claims. In most cases, employers choosing self-funding engage a third-party administrator to manage the process.
High deductible group health plans, together with HSAs (Health Savings Accounts), are another way to reduce the cost of health insurance. The plan must have an individual deductible of at least $1,500 and $3,000 for a family to qualify as a high-deductible plan. The maximum out-of-pocket expenditure is capped at $7,500 for an individual or $15,000 for a family. However, individual health insurance plans must cover preventive services separately from the deductible.
Nevada Small Business Health Insurance Plans
For Nevada small businesses that are hesitant to oversee a healthcare program for their employees, one alternative is a QSEHRA (Qualified Small Employer Health Reimbursement Account). Setting up and contributing to these accounts allows the company to help workers pay for healthcare costs without taking on the responsibility for small business health insurance. In fact, companies that offer insurance coverage can’t also provide a QSEHRA.
If the employer does offer the account, it must be available for all full-time workers. Reimbursement levels may vary based on the participants’ ages and whether dependents are enrolled.
Nevada Employee Benefits Plans and Employee Benefits Packages
In a tight job market like this one, companies must find innovative ways to compete for workers. Higher pay and signing bonuses are one way, but inflation takes a bite out of every hourly increase. Studies across the U.S., including in Nevada, show that workers care about their health benefits almost as much as they do about their pay. You can attract the talent you need with essential health benefits.
Start with the basics: health insurance, paid time off, and retirement assistance are crucial for a benefits package. Next, select additions to appeal to your workforce. For example, maybe you have a concentration of recent college graduates who would welcome help with student loan debt. Matching those loan payments is one increasingly popular way to support workers who are overburdened with debt and feel unable to contribute to their retirement plans. Or, if your employees are more likely to be parents with young children, consider a childcare subsidy or flexible spending account contribution.
Think creatively about how to add to employee satisfaction without spending heavily. For example, many employees want flexible hours and remote work options. Depending on your company’s needs, allowing workers to shift their schedules or work from a different location might not have a financial cost. But in return, you could reap the reward of an engaged, dedicated team.
Call 800-903-6066 for a free consultation on Nevada Group Health Insurance & Employee Benefits Plans.