Insurance News
Be sure to Subscribe to keep up to date!
Do your new employees ask about your benefits plan options? Do you want to expand your offering, but don't want the extra hassle of administration.
Here are some tips on how any small business can offer as many benefits as large corporations without the high costs and admin headaches... 1. Core Benefits - Decide on a couple of core benefits that the company can contribute toward. Usually it is Medical and Dental. Usually the starting amount is $100/employee per month. 2. Voluntary Benefits - You can offer all other benefits on a voluntary basis, which allows the employee to get a group plan and discounted rate, and the company does not have to contribute toward the plan. 3. Range Of Options - After selecting your Core Benefits, you can offer: Dental, Vision, Short and Long Term Disability, Group Term Life Insurance, Accident Insurance, Hospital Reimbursement plans, Critical Illness, 401k, and more. You will be surprised how many employees take advantage of these benefits when made available to them. 4. Administration - Your Benefits Broker can set up a Benefits Admin System that explain the benefits, show the employees their costs for selecting them, calculates payroll deductions and generates reports. Some Benefits Admin Plans have a fee, and some will connect back to payroll and communicate the payroll deductions. You can even use it to help with your hiring process. 5. Additional Benefits - By setting up an expanded benefits plan, the Business and the employees gets some additional benefits that are sometimes overlooked. First, the Company and Employee will pay less in payroll taxes, as many of the premiums are deducted on a pre-tax basis. Next, Employees benefit by getting better benefits and group rates that are not always available on an individual basis. 6. Competitive - Now, all businesses can have a competitive benefits plan with any large corporation. Ask your Benefits Insurance Broker for more information. Have Questions? Contact Us: Call/Text: 714-900-2363 or Click Here to set up a Conference Call
0 Comments
California is Responding to COVID-19 Pandemic by Announcing a Special Enrollment to Help People Get Insurance
Good News! Covered California announced today that effective Feb. 1, anyone uninsured and eligible to enroll in health care coverage through Covered California can sign up through May 15. Selecting a plan can be difficult, here are some things to consider: Benefit Level: There are 4 benefits levels to choose from. Bronze, Silver, Gold, Platinum. Bronze is the lowest cost level; however, it has a high deductible from $5,000 - $7800/year. As you go up to Silver, Gold and Platinum, the deductibles and cost of care go down, but the monthly premium goes up. Consider what you expect to accomplish with your health plan this year, then choose the appropriate level for your needs. Planning a procedure or surgery? Choose a Gold or Platinum plan so that your hospital costs are lower. Not expecting any doctor visits this year? A Bronze or Silver plan will provide a safety net, without costing as much every month. Type of Plan: HMO, PPO or EPO The most important factor in choosing the type of plan is what providers you want to use. If you have multiple specialists in different locations, a PPO may be best for you. However, if you only see your primary doctor or you have multiple doctors in the same medical group, then an HMO will be fine. Sometimes an EPO can work like a PPO where you have doctors in various groups, and EPO may have coverage across medical groups and it would be ok to choose an EPO plan that covers them all. Get Help: Of course, it is important to do your homework before choosing a plan for the year. You can get assistance from your HR Department, Health Insurance Brokers, or Covered California to choose the best plan for you that includes your medical providers and the lowest premium for the services that you need. Feel free to contact us for more info, call/text: 714-900-2363 Click here for the full article from Covered California |
AuthorInsurance News from the insurance experts to the business and personal community. Archives
March 2023
Categories |