A key component employees consider when taking a job is if the company offers group health benefits for employees. Health and medical benefits are weighted equally with salary requirements, according to Forbes. So for organizations hoping to grow or recruit top talent, offering health insurance for an individual or family can be clutch.
And once you’ve hired staff, retaining them can come down to a perk like health insurance.
Benefits packages are the number two reason (preceded by salary) people leave jobs they generally enjoy, according to the Society for Human Resource Management.
Size doesn’t necessarily matter when it comes to offering group health benefits for employees
As the employer, you only need two employees to offer group health insurance. One of those employees can be the business owner, and if both you and your spouse take income, you can still qualify for a group health insurance plan.
But there is a catch.
All insurance carriers have participation requirements, and they all differ slightly. A broker should discuss those requirements with you once they have quotes from a variety of carriers.
One example of a participation requirement is 75% after valid waivers. Valid waivers include employees who have other health insurance. Those employees do not count against you in the participation calculation.
You can offer one group health plan to all your employees, even if they work in other states too. Benefit Concepts can assist in network searches in those states to be sure the health plan works best for everyone in the company.
There is a cost to the employer who offers employee health insurance benefits
Most insurance companies require the employer pay at least half of the employee’s cost. The employer is not required to pay anything toward dependent coverage, though.
Since there are many group health insurance options, prices vary. Rates can be based on the age of your employees or based on the health of your employees.
There are also ways to pay for individual coverage through an HRA for employees.
At Benefit Concepts we can walk you through these options, and working with us doesn’t cost you anything. As a broker, we can show you all options available to you in South Carolina offered by credible group health insurance companies.
Implementing health insurance benefits for a small business is painless with a broker
Once the employer decides on the plans to offer, the team at Benefit Concepts can help discuss those options with employees looking to sign up for the group health benefits.
Through a combination of in-person meetings, zoom calls, and on-demand videos, we will assist each employee. Benefit Concepts also offers a free enrollment portal when you select us as your broker.
A health insurance broker is available to you through the coverage year
Once enrollment is done, Benefit Concepts will stay on for the year. We can assist employees and advocate for them even after the enrollment period ends.
Reach out to Caroline Battey or Sara DeBiasi for questions about group health benefits for employees or if you need help navigating health insurance benefits for small businesses. Our phone number is 843-763-7718.
