Picking the right health insurance can be confusing, especially when making a significant financial commitment to pay for employees’ health coverage. Will it be enough coverage? What if it’s cost-prohibitive?
Health benefits are important for your overall health and well-being. This is why you want to be informed about employee health benefits in the workplace. There is a lot of information related to the subject of employee health benefits, but this article can serve as a helpful resource when it comes to getting a better grasp on some of the facts about it.
Small Business Owner And Basic Healthcare Coverage
Some small business owners might not know this, but offering health insurance is a significant advantage for attracting good employees and keeping them. “That’s great—how about you pay the bill?” is what you might be thinking!
Most small business owners might not know that the new Affordable Care Act has changed the landscape from more traditional, hard to afford health insurance coverage plans. High costs and low employee morale are now things small business owners can put in the rearview mirror.
Employers can now choose coverage through the Affordable Care Act and avoid paying high fees for just tiny benefits. However, there are several things to consider before going in full bore and picking the right insurance plan. Tailoring your plan to fit both your and your employee’s needs requires a bit more knowledge.
Will You Automatically Be Required To Offer Health Insurance For Employees?
Employees can’t just automatically expect that when they get any job they will also be getting employee health benefits because there are different guidelines for different types of employers. With the Affordable Care Act, certain employers are required to offer health benefits, or they will need to pay a penalty on their taxes. In short, employers who have 50 employees or more, are technically required to provide health benefits to those employees if they are full-time employees. Some large companies will still find that it is more cost-effective for them to just pay the penalties instead of offering the benefits.
If the company that you are shopping around for health insurance for has less than 50 employees, then you will not be subjected to those tax penalties and will therefore not feel the pressures of being under the gun about offering health benefits. However, if you do offer them, then you may be eligible for credits on your business’s taxes.
In What Other Ways Would A Company Benefit From Offering Employee Health Benefits?
Regardless of penalties or credits, there are just some companies that recognize the other important benefits of offering employee health benefits to those who work for them. Some of these benefits can include the following:
Employees look for the benefits – When a company is hiring, they may find that they get a better selection of candidates applying for the job if they offer employee health benefits to those who work for them. A lot of times, people who have a better education and better resumes will hold out for a company they feel deserves them and will offer them great benefits which include health benefits. Employees may also be happier with their job when these benefits are offered and end up staying there much longer than they would if not offered benefits.
Healthier employees benefit the company – Another great reason for offering employee health benefits is that there will be an increased chance of the employees being proactive with their health by making it to their annual exams and by having health-related concerns tended to early on. This means that employers will likely take off less time for illnesses and other health-related issues.
A healthier work environment will be created – With the employees taking better care of their health, there will also be a decreased chance of a lot of sicknesses sweeping through the company and causing mass sick days because employees who do get sick will be able to get started on antibiotics right away and when a person is on antibiotics they won’t be contagious once the antibiotics start working.
Health Insurance Guides And Brokers:
When working as a broker or advisor, you’ll find that getting the best for you and your employees is the top priority. Tailoring a health insurance plan requires knowledge of how small businesses work and navigating a path through the Affordable Care Act. Experts in this field offer several suggestions to make it easier for you, the business owner, to make a good decision for all concerned parties.
Watch for customer service interaction – If the company you call for health insurance has lousy customer service, guess what? They’re probably not good at helping your employee morale! Knowing how to treat people is the number one thing to look for when choosing the right insurer.
Do they work with doctors? – Some Insurance companies work closer than others with doctors. Important things to ask your prospective insurance provider is how closely they share data with doctors. A good insurance provider works very closely with doctors and hospital groups to provide better recommendations for care.
Are there hidden costs? – Some insurance carriers are obligated to their company and don’t do their due diligence in offering the best plan, as they have certain agreements that are made at the corporate level. An independent insurance provider would have no obligation other than to the customer. Because of this independence, you can often find great health plans without taking extra commissions or additional, hidden costs for using their service.
Knowledgeability with the Affordable Care Act – The new Affordable Care Act can be confusing for the individual, let alone a group of employees, with various health needs and requirements. Finding the right insurance provider should include a company knowledgeable in navigating the tricky waters of the ACA. Tailored health coverage that incorporates this confusing bill can make a huge difference in your bottom line and employee happiness.
Final Word On Choosing The Right Employee Coverage:
Affordability and good health care coverage are doable if you pick the right company. An Independent, knowledgeable, and customer service-oriented health care provider can make a world of difference in you and your employee’s happiness!