Oxnard Group Health Insurance & Employee Benefit Plans

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.

Oxnard CA Large Group Health Insurance Plans

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:

• Contracting with providers for in-network coverage
• Adding pre-approval requirements for hospital services
• Adding telehealth options
• Providing incentives for subscribers to use cost-effective providers
• Offering onsite wellness activities like screenings, classes, and clubs
• Charging variable premiums based on compensation

Brokers like Taylor Benefits Insurance can share information about the cost-effectiveness of their coverage choices.

Oxnard CA Small Business Health Insurance Plans

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:

• Have fewer than 25 employees.
• Employ workers with lower wages, averaging under $53,000 a year.
• Offer insurance through the federal SHOP (Small Business Health Options Program) platform or with the assistance of a broker like Taylor Benefits Insurance.
• Pay at least half the cost for subscribers.

Oxnard CA Employee Benefit Plans and Employee Benefit Packages

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:

• Medical insurance
• Paid time off
• Life insurance
• Disability insurance
• Retirement income assistance
• Educational assistance