Tacoma is a mid-sized port city in Washington that serves as a center of business activity for the South Sound region. It has been named one of the most livable places in the United States. This city is home to both small and international companies. Small businesses can take advantage of the city’s top talent by offering a group health insurance and employee benefits package. This is because job hunters rate employers based on the benefits plan they have on offer.
If you are responsible for choosing group health insurance for your company, you will be happy to realize that you have excellent choices available. Even while health insurance costs continue rising, you can manage the expense by considering some recent plan innovations. For example, besides indemnity and point-of-service plans, employers can instead choose to offer preferred provider and health maintenance organization programs—which may reduce premium costs. In addition, the subscribers often look for lower prices and may find some relief by selecting high-deductible plans.
Most people who choose preferred provider organizations do so because of the price and flexibility. Many subscribers want the option to seek care outside their network, which a health maintenance organization might prohibit unless it's an emergency. Since the passage of the ACA, policies have been identified by the name of a metal tier (bronze, silver, gold, and platinum), according to the total value. Higher premium plans offer lower out-of-pocket costs in most cases. For example, platinum coverage costs the most but usually covers the most and has lower expenses for provider services. Each tier may provide a different deductible, co-payment, and out-of-pocket maximum in addition to a separate premium.
Since the ACA defined small companies as those employing fewer than fifty workers and did not include these businesses in their coverage mandate, these businesses may opt out of providing insurance for their workers. Still, when small employers do offer insurance policies, they often contribute more toward the premium cost. Thirty percent of workers in small firms (if covered) pay nothing toward the cost of their insurance, compared to five percent for larger ones.
Small employers may find helpful resources by contacting a broker or visiting the Small Business Health Options Program (SHOP). It’s designed to assist companies excluded from the mandate but still interested in helping their employees with coverage options.
Employers may go big or small when developing an employee benefits package. Many workers put health insurance at the top of their benefits wish list, and paid time off is a widespread request. (Spokane companies aren't required to provide paid vacation but must give workers paid sick time.) If the company has those basics, it can add other benefits designed to appeal to its employee population. The most common benefits include the following:
Employee benefits are a big deal. They show that you are truly concerned about the well-being and success of your team inside and outside the workplace. In return, offering benefits will help you attract and retain an awesome work-force in Tacoma. A survey by employee benefits done by Glassdoor Economic Research revealed that there is a correlation between benefits and employee satisfaction. The findings of this survey also found that the benefits that matter the most for, majority of employees, are health insurance, retirement plans and paid time off. These benefits are highly correlated to employee satisfaction.
Taylor Benefits is a reputable insurance agency dealing in group health insurance and employee benefits for small businesses. We have 30 years of industry experience offering competitive benefit plans to small and large businesses. Our team of insurance agents is trained to understand your company culture and needs so they can develop a plan that will work for you and your employees. We always strive to deliver a sound customized benefits plan.
We specialize in the following group health insurance and employee benefits plans:
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Taylor Benefits is an independent insurance agency that works with top insurance carriers in Tacoma. We draw resources from different insurance companies to ensure we provide you with an affordable and comprehensive plan. Whether you have ten or a thousand employees, we can help you find a customized benefits plan. Our insurance agents are constantly following up on the changes in healthcare insurance to ensure your company remains compliant throughout the year. This includes conducting an annual market analysis, when the time to renew your policy comes, to ensure that your current carriers still maintain a competitive position in the market. We also offer Cobra administration through a third party agent.
Our agents are on standby to help you get started with your group health insurance and employee benefits plan in Tacoma. Call us today, for free, on 800-903-6066 for a consultation with our agents. You can also request a free proposal by completing the form.
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