Despite the recent layoffs, unemployment rates are still at a 50-year low. For many small businesses, competing with larger companies for talent is an uphill battle—particularly regarding benefit offerings. Your health benefits are a selling point to your potential employees and support your recruiting and retention.
As a full-service provider of employee benefits, PT Business Solutions enables your company to access the same medical group plans as big corporations. We help SMBs formulate their health benefits strategy and make informed decisions about health benefit offerings.
Consider these five questions when thinking about providing employee health coverage:
1. Am I required to provide health insurance for my employees or potentially pay an ACA penalty?
Under the Affordable Care Act (ACA), SMBs with a monthly average of more than 50 full-time equivalent employees during the prior calendar year qualify as “applicable large employers” (ALEs) and are required to offer affordable health insurance to full-time employees or potentially pay a penalty. ACA requirements vary based on business size, number of full-time employees and hours worked by part-time employees.
2. Will all employees receive coverage?
SMBs who are ALEs must ensure that at least 95% of their full-time employees are offered coverage under their health insurance plan or potentially pay a penalty. Coverage for part-time employees is not required by the ACA and varies along with services such as prescription drug coverage and dental and vision insurance.
3. Is health insurance related to employee satisfaction?
Yes, health insurance is directly related to overall employee satisfaction within a business. Due to rising costs for individual coverage, many job seekers look for companies with attractive benefits packages.
It has been proven many times via research that employee health and wellness directly influence everything from productivity to engagement and revenue generation.
4. What does the plan cover?
Understanding the plan’s coverage is one of the essential parts of choosing your company’s health insurance. We help you find a comprehensive plan to help you meet your employees’ needs so you can grow your business. Top talent wants benefits plans that include primary medical coverage, dental, vision, life and disability insurance, and retirement programs. When we review the details of prospective health insurance with you, we discuss geographic coverage needs and whether plans cover special procedures, family members, and more.
5. What does the network of doctors look like?
We examine the network of doctors available to your workforce. The two basic types of networks are:
- Health maintenance organizations (HMOs): A set network of hospitals, doctors, and other health care providers offering coordinated care within this network. Typically, the monthly premiums and out-of-pocket costs are lower.
- Preferred provider organization (PPO): Provides your employees with the flexibility to choose their doctors. Care is typically more affordable when you choose doctors within the network, but you can see out-of-network doctors too.
These questions are the starting point to bringing quality health care to your company. We will thoroughly analyze the needs, goals and culture of your organization. Then, we will provide you with optimal options for a valuable, quality program that you and your team will appreciate.