You didn’t start your business because you want to deal with operational tasks like benefits administration. You created a company to make money by sharing your talents with the world.
Today, running a successful business means you need to keep your employees happy. That means you need to provide your employees with a good benefits package. The most sought-after benefit is health insurance.
It’s Complicated to Care
Setting up employer-sponsored health insurance can be painful unless you work with a partner like PT Business Solutions.
Choosing the right plans, determining your contribution amount, and applying for coverage require complicated and sometimes frustrating steps. You risk selecting ineffective plans that cost you more than they are worth and leaving your employees disgruntled with inadequate health coverage.
Business of Benefits
We carefully consider several factors that can impact your business and your employees. Depending on your staff’s health needs, we help you weigh the pros and cons of different plans accordingly.
Network coverage
Some plans restrict your provider choices or encourage you to get care from the plan’s network of doctors, hospitals, pharmacies, and other medical service providers. Others pay a more significant share of costs for providers outside the plan’s network. We can ensure that your plan includes highly-rated medical centers and doctors that cover a variety of medical specialties. In addition, we check to see that there are doctors close to where your employees live.
Costs and Contribution
Plan premiums impact how much you will contribute toward your employee’s coverage and how much employees will have to pay out-of-pocket. Low premiums plans can reduce your monthly costs, but they come with higher copays, deductibles, and out-of-pocket expenses for employees.
According to Kaiser Family Foundation’s 2021 Employer Health Benefits Survey, surveyed employers covered an average of 83% of individual premium costs and 72% of family premium costs. But it’s up to you to determine how much to contribute to your employee’s health benefits.
If your company contributes a minimum of 50% of premiums costs, you may qualify for the Small Business Health Care Tax Credit that helps small business owners get a discount on their employees’ health insurance premiums.
If an employer covers a significant portion of a health insurance premium, employees are more likely to enroll in the coverage, allowing for a more diverse risk pool.
Plan design
Each insurance company offers plan options that follow different designs. They often include different blends of premiums, deductibles, copays, and coinsurance. The schedule of benefits (e.g., what’s covered and not covered) varies as well.
Depending on the demographics of your workforce, they may value different elements of their health plans and overall benefits. It may make sense to provide Health Savings Accounts (HSAs). Perhaps your employees want the choice between HMOs or PPOs. We will craft the best plan to meet your needs.
Wellness offerings
Wellness perks may help you retain and attract talent in a tight labor market. Providing your employees with healthy options and initiatives can help prevent sickness, fatigue, and mental burnout while expressing your care for each individual, positively impacting your company culture.
Customer Care
In addition to customizing your employee health care offering, we manage your application process through completion. In addition, we offer health care coordination for you and your team of employees.
We take the time to get to know you and your employees so that we can craft solutions as unique as your business because we understand that a one-size-fits-all approach fits no one. In addition, we offer health care coordination for you and your team of employees. This means our team of experts will be your dedicated support team pre- and post-enrollment so that you and your employees can spend your time focusing on your business forward.
