You are legally required to provide health insurance if you have 50 or more full-time employees. The fines for not doing so are steep. For a smaller company, health insurance can be the most expensive benefit, but also the most necessary. You should offer health insurance as soon as you are able to do so, and bear in mind you can get tax credits if you have less than 25 employees and pay at least 50% of their premiums. Depending on the demographics of your staff, you might consider health savings account, (HSA’s), high deductible plans, (HDP) or a tax-free health expense reimbursement program with a small business HRA (QSEHRA). You might also look into ACA compliant alternative health plans built for today’s small business owners. These plans offer multiple options without the restrictions of traditional health insurance requirements. They allow employees access to care such as expanded Telemedicine (remote medical care) and formulary prescription coverage as well as standard medical coverage.
Wellness programs. Offering an employee wellness program can both reduce your health insurance costs and attract and retain employees. While small businesses generally can’t have on-site gyms and other expensive programs, there are things you can do. If you have a vending machine, make sure to offer healthy options. Consider giving out pedometers and offering health risk assessments (which can be very cheap, but must be voluntary). Your health insurer may include a wellness program.
Supplemental Voluntary Health Insurance Plans. We also provide you voluntary benefits for hospitalization, critical care, accident, and sick pay plans to supplement your employees and their dependent’s medical coverage that pays cash benefits directly to your employees. it can be no cost to you but you will be the hero. As we all know, hiring and training is a headache and an expense.
Our goal is to increase your employee’s satisfaction and retention and help reinforce your value to your employees.