Top 5 Questions for Employee Benefits:

1. Can a group medical plan help prevent turnover in my company?
The cost of employee turnover is expensive and is estimated at the equivalent of 6 to 9 months in salary. Other studies predict the cost is even more - that losing a salaried employee can cost as much as 2x their annual salary, especially for a highly-educated employee. Health benefits are the number one benefit offered by employers, and are an important part of employee recruiting and retention strategies. Many employers look at health benefits as an investment in employees. Employers can save approximately half of these expenses, $10,000 or more per replaced employee, with a health benefits plan that helps them recruit new employees and retain existing employees.

2. How can I avoid penalties and fines from the Affordable Care Act reporting requirements?
By working closy with a benefits broker, you will be able to determine whether you are an Applicable Large Employer (ALE). Your broker will be able to walk you through the requirements and help pair you with an affordable reporting solution if it is required.

3. I can’t afford to offer health insurance for my employees. What can I do to provide a benefit package?
Providing worksite benefits to your employees allows them to purchase insurance products that some would not be able to qualify for due to health conditions or afford in the individual market. These benefits are paid by the employees, typically through payroll deductions. These types of products include but are not limited to dental, vision, guaranteed issue life insurance, medical bridges, disability coverage, cancer plans, critical illness plans and accident coverage. These also can help employees cover their medical expenses during a catastrophic health event.

4. What is the minimum exposure to offer health insurance to my employees on a group medical plan?
The employers minimum responsibility is to pay 50% of the plan for the employee. This plan would need to cover the minimum essential benefits required by the affordable care act. Employers are not required to pay the dependent portion of the medical insurance premium under a group plan. Providing the minimum coverage is sometimes less expensive than employers expect it to be. Also, premium paid by employers is tax deductible!

5. What’s one message we hope employers take away from a meeting with our agency?
Employee benefits compliance is important and not something to ignore, but it’s also not as overwhelming as it may seem. Our agency’s goal is to help our customers feel less apprehensive of the situation and help them through the proper steps to maintain compliance.