In 2010, Forbes ranked Rochester the third best place to raise a family. This city, that is also the third populous in New York was rated as the fifth best for families, citing low cost of living, low jobless rate and top public schools. Although there are numerous Fortune 1000 and international businesses, small businesses can also thrive in this city with the right positioning. One of the ways small businesses can thrive is by developing a competitive company culture that will attract top candidates. There is no better way to improve your company culture than offering group health insurance and employee benefits.
Providing group health insurance and employee benefits plays a pivotal role in retention of good employees. Having a good benefits plan in Rochester is rewarding especially when you can’t afford the tumult of a turnover. Findings of a survey by Guardian life show that 80 percent of employees admit that a comprehensive benefits package is a major determiner of whether they will stay with their current employer or not. Offering group health insurance and employee benefits is a secret attraction and retention strategy.
ALEs (applicable large employers) must comply with the Affordable Care Act or potentially face penalties. Those provisions include offering affordable, comprehensive coverage to at least 95 percent of their employees and dependents. For 2023, the affordability threshold is 9.12 percent of the employee’s household income (down slightly from the 2022 level of 9.61 percent).
However, determining household income can be challenging for employers, so the IRS established safe harbor provisions that allow companies to use alternative methodologies for calculating an acceptable premium cost. For example, employers can use the federal poverty line, which limits self-only premiums to $103.28 monthly. Businesses can also use a rate of pay calculation as a safe harbor, considering the lowest paid hourly and salaried workers to determine the threshold amount.
As costs continue to rise for both employers and employees, a study by consultant mercer reported that large companies are continuing to hold the employee’s share of expenses to 22 percent and that 11 percent of large businesses offer at least one plan with no premium cost for the worker.
Small companies are exempt from the mandate to provide insurance if they employ fewer than fifty people. Because the per capita cost may be higher, it can be challenging for small companies to manage the cost. One option for small firms to consider is a High Deductible Health Plan (HDHP), combined with a Health Savings Account (HSA). For the enrollee to qualify for the HSA, the plan’s deductible must match the IRS minimum of $1,400 for an individual or $2,800 for a family. In 2023 those are increasing to $1,500 and $3,000. However, the deductible amount is much higher in many cases, reaching the out-of-pocket maximum. The 2023 maximums are $7,500 for an individual and $15,000 for the family.
Health Savings Accounts can help with expenses because the subscriber can use pre-tax income to pay for their medical costs. Also, suppose the worker has money in the account, and they don’t use it in that calendar year. In that case, they can accrue it indefinitely and keep it in reserve for future needs, even into retirement.
Businesses trying to hire and retain talented workers must develop an attractive benefits package. Employees and candidates evaluate the benefits in addition to the pay when considering whether to accept an offer. A good package often starts with health insurance, especially for large companies under the ACA mandate. In addition to insurance, workers usually prioritize paid time off for illness, vacation, and holidays.
Other benefits that workers want include:
Taylor Benefits is a leader in group health insurance and employee benefits plans in Rochester. Our insurance agents have in-depth knowledge of the healthcare insurance industry for affordable but comprehensive benefits plan. We offer group benefit plans that are tailored to meet the unique needs of your business. Our group health insurance plans cover all sizes of companies. Whether you have a small or large pool of employees we will find you a perfect plan.
We offer a range of health care and benefit plans that are customized to suit your needs. They include the following:
We are an independent, group insurance agent and have unlimited choices when it comes to crafting a benefits package for you in Rochester. We work with top insurance carriers that you can access when you partner with us. This means that you will have a wider pool of benefits options to choose from compared to working with a single provider. We have worked with hundreds of businesses in Rochester to provide cutting edge employee benefit plans.
Contact us today for a free consultation on your employee benefits plan in Rochester. Our team of insurance agents will also provide you with a free proposal, at no obligation. We are ready to assess your healthcare insurance needs, research every angle to find laws and policies that apply to your needs and customize a plan for you. Contact us on 800-903-6066.
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