Offering Great Health Insurance Benefits Packages: All You Need to Know
Without great employees, your company won’t be able to reach its maximum potential.
Sure, you may think that with seven billion plus people in the world it would be easy to replace them. Right?
The truth is, employee turnover is expensive. In fact, an employee exit costs 33% of the employee’s salary on average. Because hiring new employees requires you to set aside time for interviews, orientation, and training.
The question is, what can you do to retain your best employees?
You can offer large salaries and professional growth. But without the basics of employee benefits, even your most loyal employees may bail. Also, competitors are ramping up their benefits packages with perks that match the benefits offered by Fortune 500 companies.
In this blog, we’ll go over ways to satisfy and protect your greatest asset, your employees. We will delve into the secrets of optimizing your employee benefits package while minimizing the cost, all while complying with government requirements. We know that an affordable, robust benefits package will help you to retain your valuable employees.
Plus, you’ll get a complete checklist that’ll help you avoid bloated costs and keep your expenses to a minimum.
Let’s dive in.
What Makes Health Insurance Benefits Packages Expensive?
It seems easy at first. You choose a small business health insurance benefits package for your employees that fits your budget, satisfies, and protects your employees. And that’s it. Right?
Not exactly.
For many businesses, health insurance benefits lead down a long dark tunnel that results in massive and unexpected expenses. The reason is that when your company makes mistakes in employee benefits and human resources, it leads to complaints, lawsuits, penalties, fines, and extra benefits added to the package.
The key is to avoid these extra costs so you can stay within your budget while giving your employees great benefits.
How to Minimize the Cost of Small Business Health Insurance Benefits Packages
Surprisingly, it’s not difficult to minimize the cost of your small business health insurance package. Below, we’ve compiled a list of things to do in order to keep your costs low. Follow this checklist and you’ll avoid fines, extra expenses, and trouble down the road.
How to Keep Your Extra Costs to a Minimum: Your Ultimate Checklist
Prepare a plan document or summary plan description.
Immediately communicate SPD changes to participants.
Compare group disability insurance policies.
Maintain a consistent health plan with an HSA.
Don’t allow employees to stay on group health coverage beyond the required period.
Coordinate with state and FMLA requirements.
Classify your employees correctly. Be careful not to misclassify a regular employee as an independent contractor or temporary employee.
Save Time While Keeping Up with Your Checklist
Of course, you’re busy running your company. You have a lot on your mind, and a ton of duties to complete. How do you keep up with your checklist and ensure your company is not incurring extra fees and penalties?
One option you have is to hire additional staff. However, this could also be costly to your company. You need to hire specialists, which includes paying a monthly salary, plus benefits.
If you’re looking for another option, you may consider benefits solutions services. With guidance from a company that handles this, you’ll be able to focus on running your business. You’ll enjoy peace of mind while your employees remain happy and your costs stay low.
At Benefit Concepts, Inc., that’s our mission. We have over three decades of experience, and we are a leading company in benefits solutions. With us, you’ll get:
A solution tailored to your employee benefit needs: We offer customized plans that will perfectly fit your company’s needs. Just let us know what they are.
Savings on money: Hiring extra employees to take care of your benefits packages may cost you a lot in the long run. We make sure you save by offering you cost-effective solutions that fit your budget. You tell us how much you can spend, we tailor your plan to fit it.
Help at every stage: We’ll be with you through the preparation of your employee benefits packages – from start to finish. We’ll help you design and customize your packages, then go ahead and implement them.
If you’re interested in how we can help you, our benefits advisors will get in touch with you, evaluate your needs in great detail, and walk you through the process.
Improve Your Business by Offering Outstanding Small Business Health Insurance Benefits Packages to Your Employees
Business today is competitive. Employees have more workplace options to choose from than ever before. What this means is you now need to go the extra mile to ensure their safety, happiness, and well-being to retain great workers.
However, doing this is not easy. As a small business, you need to stay within your budget while keeping your employees satisfied.
The answer is to find a solution that helps you eliminate the common fees, penalties, and even lawsuits that make benefits packages so expensive. With professionals to take care of all the ins and outs of this process, you can focus on running your business without worry.
Want us to help you minimize the cost of your small business health insurance packages? Fill out this form and tell us exactly what you’re looking for.
NOTE: This content is not intended to be taken as legal, benefits, or HR advice. Since regulations change over time and can vary by location and employer size, consult a licensed broker or HR certified expert for specific guidance.