Spokane Group Health Insurance & Employee Benefit Plans

Spokane is not only Washington’s second largest city but also the economic and cultural center of the Spokane Metropolitan area. This city provides diverse employment opportunities across different industries even though the unemployment rate stands at 6.5%. If you are an employer in Spokane, you definitely want to attract and retain top talent when recruiting. In fact, finding and keeping the right talent is critical especially for small businesses. To achieve this, you must focus on the needs of your employees by offering them benefit packages other than just good salaries.

Spokane WA Large Group Health Insurance Plans

Across the country, employers struggle to hold down health insurance costs, regardless of the company size. Insurance always presents a high cost, and due to the ACA rules, companies are limited in how much of the expense they can pass along to their workers. Healthcare costs, including premiums and service costs, increase at or above the inflation rate. The Kaiser Family Foundation reported this year that premiums for large group insurance have risen by over twenty percent in the last decade.

One method employers can use to manage costs is choosing high-deductible health plans (HDHPs). A high deductible plan must meet specific IRS guidelines for the subscriber to establish an HSA (health savings account). For example, the minimum deductible for 2023 policies is $1,500 for an individual or $3,000 for family coverage. However, many of these plans have much higher deductible amounts in practice.

HSAs are helpful because participants contribute pre-tax dollars to their HSA, saving them money, and many also receive contributions from their employers. They use the funds to pay for qualified medical expenses, and any money not used in the year contributed can roll over indefinitely.

Spokane, WA Small Business Health Insurance Plans

Spokane-based companies with fewer than 50 workers aren’t obligated to offer insurance coverage under the Affordable Care Act. As a result, many decline to do so because of the high cost. However, including health insurance in your benefits plan can definitely help you attract the employees you want to hire. There are ways to reduce the price, but it can be challenging.

Insurance providers are responding to rising costs by offering plans that can help companies hold down their share of the expense while still providing access for workers. In most cases, subscribers can expect to pay a deductible and a copayment when they use their plan’s services. The popularity of high-deductible programs continues to rise, along with health savings accounts for those subscribers. HSAs are more functional than old-style flexible spending accounts. They offer substantial advantages for paying premiums and other current costs with pre-tax funds and even saving for retirement. Consult your Taylor Benefits Insurance specialist for expert advice.

Spokane WA Employee Benefit Plans and Employee Benefit Packages

For traditional employers, the benefits package often starts with health insurance and paid time off. In Spokane, Washington laws require that workers get paid sick time, but many also enjoy paid vacation time. Depending on their industry’s competitiveness, some companies add additional benefits to their package. Some of the widely offed perks include:

• Additional insurance coverage, including dental, vision, life, legal, and pet coverage
• Remote or flexible work options
• Wellness activities
• Retirement savings support
• Childcare assistance
• Tuition reimbursement
• Spokane large group health insurance

Group health insurance and employee benefits

Offering your employees group health insurance and employee benefits goes a long way towards driving business goals. According to a Benefits Trends Study, 83% of small business employees agree that benefits give them peace of mind. As an employer, you will therefore do well to offer a competitive benefits package instead of focusing on just an attractive salary. Offering the right benefits will better position your business. This will add to the company’s culture and give you a competitive edge when competing for new employees and maintaining a strong team.