Many workers nationwide use employer-sponsored retirement plans to help them stash money away when they’re no longer working. These retirement plans have many benefits, including potential employer matching funds and tax advantages.
2023 is here, and with the new year comes new health insurance requirements from The Department of Labor (DOL). This year, all group health plans and insurance issuers must provide internet-based price comparison tools.
Beginning on January 1, these price comparison tools are required—no exceptions—and must be available for all 2023 group health plans. For the remainder of the year, this tool must be available to compare over 500 shoppable items, services, and drugs. However, beginning in 2024, the comparison tool requirements will extend to all covered items, services, and drugs.
Finding a group health insurance plan for your business is a major task. With so many policies to choose from, it can also be overwhelming. Fortunately, with a few helpful tips, you can navigate group health insurance with more confidence and ease. If you’re ready to start your search for the perfect plan, our team at Beckham Insurance Group is here to help. Read on to learn more about group health insurance for small businesses. We’ll also answer key questions concerning coverage requirements, options for pre-existing conditions, ACA requirements, and potential tax benefits.
Retaining top-talent employees is vital to any business, and health benefits can go a long way in helping your retention rate. After all, it is one of the primary benefits that most working professionals seek when job hunting. However, you need to be strategic with your health benefits options. Offering the wrong options, charging too much for healthcare, or making your policies confusing can make employees want to switch and find their health benefits coverage elsewhere.
Attracting the best employees for your business can be hard in a competitive job market. Fortunately, there are several ways you can make your company more enticing to top candidates. One of the best ways to draw in the best talent is by providing a range of benefits in addition to their salaries. Keep in mind that while many benefits options are available, some rise above others in drawing the most qualified professionals to your business.
The cost of healthcare has steadily risen over the past few decades. One way that companies work to reduce this financial burden for their employees is by providing solid insurance options that cover everything from hospital visits to annual check-ups. Yet, even the best medical insurance may come with expenses that just aren’t covered. These out-of-pocket payments can quickly add up for your employees. Fortunately, gap health insurance can solve this problem. If you’re wondering if a gap plan is a good option for your company, read on to learn more about this unique policy type.
As more small business owners feel the pinch of rising healthcare costs, many have turned to high-deductible health plans. These plans are popular because they are cheaper for business owners and in some cases, they may be cheaper for employees. However, there are times when these plans can put your employees at a disadvantage. Fortunately, there are a few ways to mitigate that, and it all boils down to working with a professional who will help you design a plan that is completely customized for your business.
In 2018, America’s Health Insurance Plans (AHIP)—a trade association for health insurers—conducted a study on the impact that healthcare coverage has on employee retention. The study revealed the following:
Designing enrollment plans for your employees can be tricky, but it doesn’t need to be when you have the right support. To help you get started, read on to learn about the different options available when designing your health plan enrollment.
Health reimbursement arrangements can be very beneficial to employers and employees alike. They provide tax-free money to employees that they can use to offset the often expensive costs associated with healthcare, and they provide employers with tax deductions that can help them save money on their insurance options.
There are several different health reimbursement arrangement policy types available to businesses today, but before we dive into those, let’s take a minute to learn a bit more about what this kind of arrangement is and what the tax benefits look like.
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