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.
Time off is one of the best benefits employers can offer their staff. And whether the leave is paid or unpaid it can go a long way toward making your employees’ lives easier. Leave is divided into two main categories–mandatory and voluntary leave–and each of these covers a wide range of opportunities and circumstances where employees may need to take time off.
The Patient-Centered Outcomes Research Trust Fund (PCORTF) fee is a cost charged to those who issue specific health insurance policies and to those who are plan sponsors of qualifying self-insured healthcare plans. It is the main fee that helps to fund the Patient-Centered Outcomes Research Institute (PCORI). Read more
An HSA, or Health Savings Account, is a specific type of personal savings accounts individuals typically have access to through their workplace’s insurance plans. It’s a savings type that allows you to set tax-free money aside to use as you need it to cover medical and health-related expenses like deductibles, copayments, coinsurance, and much more.
Supplemental insurance policy types are very attractive to employees for many different reasons, but are the added expenses and benefits worth it for your company? For some businesses, the answer is no, and for others, it’s a resounding yes.
Creating a healthy workplace environment is essential to maintaining positivity and productivity among your employees. There are many different ways you can foster a healthier work environment including investing in standing desks, recognizing your employees’ accomplishments and rewarding them accordingly, providing a clean and comfortable workspace, fostering good communication, and encouraging the all-important work-life balance. Read more