Offering Health Insurance Benefits Attracts The Employees That You Want
Employers can be under a lot of pressure to maintain health insurance coverage for employees, but it is expensive and not always easy. The minimum contribution that you have to offer as an employee is you have to pay 10% of the health insurance premium. Unfortunately, when you only pay 10%, you're not getting the employee that you want. Or you're getting employees but they are leaving you because of the great job market right now, and so they're going to other employers.
“I want to offer health insurance benefits to my employees. I'm not getting the high-end employees that I want, but it's just not affordable for me right now to pay these insurance premiums.”
Minimum Contribution As an Employer
You need to find a way to justify paying a little more for the health insurance premium because if you don't, you're going to lose your employees. You're not going to get the high-quality employee that you want. It's going to take you to hire somebody else, train them, and then they may leave you anyway. You need to factor in paying something substantial for the health insurance cost for your employees. In the market right now at a minimum, employers are paying 50%. Again, that's a minimum.
Are you a business owner? See another helpful post: Retain MORE of What You Earn So You Can Pursue Your Passion by Dennis Harabin
For a lot of people, retaining more means: focusing more on the actual net, fewer expenses, fewer taxes, or getting to keep what you make. When we talk about retaining more, it's retaining more after basic expenses so that YOU can spend it however you are. It's not about putting together big savings in your savings account. It is retaining more after the core basic expenses. If you don't have a plan you're never going to be able to do it.
Recommended Affordable Plans For Employers
- Oxford offers something called the Oxford Metro Plan
- Horizon offers a plan called the Horizon Omnia Silver
- Health Savings Account (HSA) Plan
The first two plans are cost-effective, and employees are happy with them. However, if you're looking to offer kind of the minimum, another option is to go with an HSA Plan. James and his team always address all three options when they're looking at the census. Learn more from Relax Benefits about the existing plans you can choose from.
ABOUT JAMES RESTAINO
James Restaino is part of Relax Benefits. He is a Managing Partner/Broker at Specialized Health Services LLC, an Employee Benefits Company that specializes in group health insurance, life insurance, and dental/vision insurance servicing companies in New Jersey and New York. His ideal clients are companies that have at least 2 enrolled employees on Employee Benefits. With his 25 years of experience, he can help you find the right coverage for you or your employees.
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- The Role of a Broker in The Health Insurance Marketplace
- Why Choose a Level-Funded Health Plan?
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