Olathe Group Health Insurance & Employee Benefit Plans

Olathe KS Large Group Health Insurance Plans

Since the passage of the ACA (Affordable Care Act), any company with more than fifty workers must provide affordable, comprehensive insurance to their employees. Many already offered plans, but now they must document their compliance with the regulations. Companies must balance the employees’ needs, the company’s budget, the rules, and the costs. Health insurance is expensive everywhere, but employers must restrict how much employees pay as a percent of their pay.

One way to control the cost is to offer a High Deductible Health Plan (HDHP), which can be affordable when combined with a Health Savings Account. In 2022, the IRS minimum deductible for these plans is $1,400 for an individual or $2,800 for a family. If the policy’s deductible is lower, or if any services aside from preventive care can be paid before the deductible, the plan won’t qualify. However, these programs often have higher deductibles, which helps lower the cost for both employer and employee. For example, some deductibles reach the out-of-pocket maximum of $7,050 per individual.

The advantage of a Health Savings Account is that the subscriber pays for their medical expenses with pre-tax income. Also, suppose the employee (or employer) contributes money to the account in one year but doesn’t spend it. In that case, it rolls over indefinitely for future needs.

Olathe KS Small Business Health Insurance Plans

Small companies concerned about paying for health insurance because it costs so much may want to investigate other ways to help their workers.

One option is establishing a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). These accounts allow small businesses to facilitate an arrangement for their workers to use pre-tax funds for healthcare. The QSEHRA lets companies help without shouldering the administrative burden and risk of offering health insurance. Of course, the company can also contribute to the accounts, but that’s optional, and they can decide annually. Talk to your Taylor Benefits Insurance specialist about how QSEHRAs work.

Olathe KS Employee Benefit Plans and Employee Benefit Packages

Kansas employers don’t have to offer benefits besides the health insurance mandated by the ACA for large businesses. Paid sick time or vacation days are not required. Still, many companies recognize the value of providing benefits as a recruiting tool and to improve worker satisfaction. Those companies want to develop an attractive package.

Health insurance costs are high, but other perks can be cheap or even free. For example, suppose it’s feasible for a company to allow flexible scheduling. Employees appreciate the chance to change their schedule to meet their personal needs if the company doesn’t have a business reason for uniform hours. In that case, it may save money while providing a perk for workers. Similarly, some employees want to be allowed to work remotely, which may not cost the company anything.

Group Health Insurance and Employee Benefits

Employers who offer employee benefits packages especially group health insurance stand a better chance of attracting and keeping the best talent when it comes to recruiting in the city of Olathe. Thus, you will do well to reconsider your competitive strategy. Keep in mind that employees are keen on the kind of benefits that you offer so that employers who offer lackluster benefits will continue to experience a high turnover, as employees will be actively looking for a new role. Ultimately, for the majority of workers a good paycheck and a sound benefits plans is the reason they would choose to stay with an employer.