Oklahoma City Group Health Insurance & Employee Benefit Plans

Oklahoma City is the capital city of Oklahoma State. It has big business opportunities considering that it has a large livestock market, natural gas, petroleum products and oil, which employ large number of workers. This presents high competition for employees which compels employers who want to stand out from the competition to look for ways to offer incentives. Group health insurance stands out as one of the best incentives to offer.

Oklahoma City, OK Large Group Health Insurance Plans

With inflation rising, health insurance expenses seem to go up even faster than other costs. Still, large companies must provide health insurance for their employees, and the ACA limits the amount of the premium they can require the workers to pay. For 2023 the premium share paid by the subscriber must be less than or equal to 9.12 percent of their income. This requirement means that the company absorbs rate hikes they can’t pass on to the employees.

As a result, human resource leaders express concern about insurance costs. So, group insurers are trying other cost-management methods, including:

• Contracting directly with providers for coverage, which may have the result of limiting subscriber options.
• Requiring subscribers to seek pre-approval for inpatient hospital services unless it’s an emergency.
• Providing and encouraging telehealth options for minor and routine issues.
• Incentivizing subscribers to use more cost-effective providers.
• Sponsoring wellness activities, including health screenings and fitness classes.
• Charging different premiums to different workers based on compensation so that those with higher salaries pay higher premiums.

Oklahoma City, OK Small Business Health Insurance Plans

Small companies may struggle with the cost of health insurance for their workers, and they are exempt from the ACA mandate if they employ fewer than fifty people. One option for small businesses to consider is a High Deductible Health Plan (HDHP) combined with a Health Savings Account (HSA). For the plan to be eligible to include an HSA, the deductible must equal or exceed the IRS minimum of $1,500 for an individual or $3,000 for a family in 2023. However, the deductible amount is much higher in many cases, reaching the out-of-pocket maximum. That maximum is increasing in 2023 to $7,500 for an individual subscriber or $15,000 for the family.

Health Savings Accounts can help with expenses by allowing subscribers to use pre-tax income to pay for their medical costs. Sometimes, the employer adds funds to the HSA, but that’s optional. Also, if the worker has money in the account and they don’t use it in that calendar year, they can accrue it indefinitely and keep it in reserve for future needs, even into retirement.

Oklahoma City, OK Employee Benefit Plans and Employee Benefit Packages

Companies need to hire and retain talented workers. One excellent way to gain a recruiting advantage is by offering an outstanding benefits package. Current and potential workers consider the company benefits along with the pay. A good package often starts with health insurance, especially for large companies subject to the ACA mandate. Even small companies offer insurance in many cases because employees rely on it. In addition, many workers expect paid time off for illness, vacation, and holidays.

Other benefits that workers want include:

• Contributions to retirement savings
• Dental and vision insurance
• Flexible schedules
• Remote work
• Childcare assistance or subsidies
• Tuition reimbursement

Group Health Insurance and Employee Benefits

Group health insurance saves a person’s or a family’s income by being able to pay for their healthcare which would otherwise be quite expensive. That is why offering this employee benefit makes you stand out as an employer of choice to a majority of those seeking employment. You will be able to attract the best employees in the market, recruit and retain them, which makes your business successful. The general health of your workers is improved enabling them to go to work regularly, which boosts their productivity. You also cultivate loyalty among your employees since they know you care about their welfare, which makes them more attached to your company.

What to Look for in an Insurance Provider

Not all insurance providers will provide the right insurance policies for your particular needs. It is therefore advisable that you do some research before settling for one. Some of the factors to consider include:

• Licensing – You should work with an insurance provider who is licensed to work in your area and offer the products you are interested in.
• Claim reliability – Check the reputation of the insurance company for settling claims. The time taken to pay off claims and the openness of the process is very important.
• Complaints – Check the complaints filed against the company and how well they were handled.

Benefits of Working with an Insurance Broker

When shopping for insurance policies, involving a broker can be very helpful. Some of the qualities that make working with a broker good include:

• Brokers work quickly and will generate several quotes at a go. They also have personalized services and will reply to direct services like emails and calls, and personal follow up. They proactively do a follow up once you have contacted them.
• Sincethe insurers give the brokers different rates so as to have lower premiums, their pricing is quite competitive.
• Working with an insurance broker ensures access to a wide selection of policies, some of which are not available to the customer.