Keeping your employees happy is a battle for most large businesses. However, when a company takes the time to put together a group health insurance and benefit plan, they’ll notice how appreciative and happy their staff is. Anyone looking for a career or long term job will expect to have such care provided to them through their employer. Offering insurance and benefit programs and plans help employees care for their families and prepare for any unforeseen emergencies.
With inflation so prominent in the news, it isn’t a surprise that the cost of health insurance is also rising rapidly. In recent surveys, big company human resource professionals cited holding the line on insurance expenses as a significant concern. HR consultant WTW notes that their responding clients don’t want to increase the employee’s share because of competition for talent. To manage costs, group insurers are implementing some of these options:
Brokers like Taylor Benefits Insurance can share information about the cost-effectiveness of their coverage choices.
The Affordable Care Act requires large companies—defined as those with fifty or more employees– to offer health insurance to their workers. However, small firms don’t have the same obligation. Nevertheless, the ACA offers incentives and resources for small companies to help them develop and implement compliant plans. SHOP (Small Business Healthcare Options Program) is a platform that small businesses can use to find affordable plans and get help.
Businesses may be eligible for a tax credit if they qualify using these criteria:
MetLife’s 2022 Benefits Survey reported that most employees say that better benefits would encourage them to stay at their current employer longer. Workers also state that good benefits choices reduce stress and enhance financial wellness. Further, the MetLife survey found that employees reporting themselves as happy with their benefits are twice as likely to be pleased with their jobs and seventy percent more likely to be loyal to their employer.
The Society for Human Resource Management estimates that companies spend as much as forty percent of their overall compensation budget on benefits. Workers expect to get benefits, including these common items:
PPO, HSA and HMO are the three most basic group health insurance packages. Through these packages your employees are usually offered medical, dental, visual, 401(k), disability and life insurance. Of course, by talking with one of our brokers, you can have a package customized to suit the needs of your company employees more thoroughly.
Taylor Benefits Insurance Agency works with some of the leading health insurance and benefit providers in the State of California. We can help you find the right packages and plans at an affordable cost. We will even customize your insurance and benefits package to meet your company’s needs more suitably. With our widespread network of connections, we are able to negotiate the best rates.
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