Benefits typically make up more than 30% of an employer’s compensation package. The nature of your business and its employees’ needs determines how much you as an employer should contribute towards health insurance, retirement plans and other perks. Federal law requires benefits like COBRA, FMLA and minimum wage standards, but what else can a business do to remain competitive for the top end of the employment pool? We can walk you through the enrollment process or provide you access to our easy-to-use enrollment software, again customizing to meet your companies’ individual needs.
How It Works
EBD develops plans for the fully insured, self-insured or a hybrid plan fitting the employees’ needs and your budget. Affordable and effective health insurance plans are the priority. If it’s cheap, but isn’t there when you need it, that is a sunk cost. Though health insurance is the most expensive for both employers and employees, it is also the most important to get right. We want our investment in insurance dollars to work for your employees and for your business. Health insurance is arguably the most important recruitment and retention tool you can offer, make sure it is done with a team that has you, and your employee’s best interest.
Many problems can be found in routine exams. We will find a coverage plan that provides you with routine dental and vision exams, with varying levels of coverage, that will find problems before becoming costly. Claim processing and reporting is straightforward and a service we can offer to your team. Let us find the best solution for your employees in a strong provider network. Vision can be under the voluntary umbrella, providing access to private practice clinics and an abundance of retail options as well.
Showing you care and protecting your employees’ families in a time of loss and crisis, is an effective and inexpensive way to bolster a benefit plan. With group pricing, you can also offer a voluntary life insurance plan at affordable rates.
A voluntary benefit that holds more importance in manual labor and physical in nature occupations. Different injuries/incidents can render your employees unable to work and receive income they depend on to live. Disability insurance allows the employee to protect their income, in such an occurrence. These products may include a pre-existing condition exclusion provision and could possibly be declined coverage based on current health.
Your business may want to deepen the benefits plan and offer additional benefits governed by Section 125 of the IRS code, often called cafeteria plans. These often consist of Health Savings Accounts (HSA), Dependent Care Assistance Plans (DCAP), Flexible Spending Accounts (FSA), full flex plans and premium only plans (POP) where an employee’s pretax contributions can only be used to cover the cost of group health insurance premiums.
We will provide you and your employees local access to financial support giving you educational programs, group and one-on-one evaluation, program development and retirement prep and guidance. We will consult meeting your fiduciary obligations with the protection of discretionary management practices guiding plan sponsors in their decision-making process, documentation, and other fiduciary responsibilities.
Paid time off, company bonuses, trips, meals/entertainment, paid sick leave, flexible work hours, remote work options, wellness programs, student loan repayment, continued education. Modern day employees need more than a paycheck to stay, they are seeking a work life balance and additional perks. We will help you learn what drives your employees and how to keep them happy working for you.
There are many voluntary benefits that make sense for your occupation or the similarities within your workforce and you can offer on a voluntary basis to your employees within their benefit package. Critical illness, cancer, accident, identity theft, legal services, vision, life, and other occupation specific options can be customized for your plans.
A Health Savings Account (HSA) is a tax-advantaged medical savings account that allows individuals with high-deductible health plans to save money on a pre-tax basis for qualified medical expenses. The funds in an HSA account grow tax-free and may be used to pay for deductibles, co-payments, and other out-of-pocket medical expenses. The account belongs to the individual, so even if they change jobs or retire, they can continue to use the funds in the account for qualified medical expenses. By contributing to an HSA, individuals can save money on their healthcare costs and reduce their taxable income.
A Health Reimbursement Arrangement (HRA) is an employer-funded account that reimburses employees for eligible out-of-pocket medical expenses. Employers typically set aside a specified amount of money that employees can then use for qualifying medical expenses, such as deductibles, copays, and prescriptions. Unlike Health Savings Accounts (HSAs), HRAs are solely funded by employers and do not allow employees to contribute pre-tax funds to the account. Any unused funds in an HRA at the end of the year typically do not roll over, but the employer can choose to offer this option. HRAs are a popular way for employers to help their employees with medical expenses while also maintaining control over costs.
COBRA, ERISA, and HIPAA are all laws related to employee benefits and healthcare. They each fall under the category of healthcare compliance services, which aim to help employers comply with various federal and state laws related to employee benefits and healthcare. Specifically, COBRA (Consolidated Omnibus Budget Reconciliation Act) governs the continuation of health coverage after an employee’s job loss, ERISA (Employee Retirement Income Security Act) sets rules for retirement savings plans and health benefit plans, and HIPAA (Health Insurance Portability and Accountability Act) regulates the use and protection of medical information.
Conduct a needs assessment to identify the wellness needs of your employees. Establish wellness goals and objectives that align with the needs of your employees and company. Develop a wellness committee or designate a wellness champion to lead the program. Create a comprehensive wellness plan that includes fitness, stress reduction, and healthy lifestyle components. Provide resources and support for employees to participate in the wellness program. Monitor and measure the success of the program and adjust as necessary. If your program is well received, then it will be yet another reason to stay working at your company.
Commonly referred to as penalty or premium, when the Patient Protection and Affordable Care Act became law, it included that the employer shared responsibility provision, or employer mandate. To ‘play’ means that a company would offer employees health insurance that meets essential health benefits and is affordable to employees, and you’ll pay the premiums. To ‘pay’ means the company would choose NOT to offer health insurance and instead pay any applicable tax penalties.
Many health insurance plans can include virtual doctors’ visits. It is up to the individual to determine if they’d take advantage of these services and the business to evaluate if this is a service that should be included in all employee’s plans or an optional add-on, not covered by the employer.
A health advocate is a person who works on behalf of patients to promote healthcare rights, access to healthcare, and quality health care. They work with patients to help them understand their health care options, navigate the healthcare system, and make informed decisions about their care. Health advocates can help with a variety of healthcare-related issues, such as finding the right healthcare provider, understanding medical bills and insurance options, and connecting patients with other resources and support programs. They may work independently or as part of an advocacy organization, hospital, or healthcare provider.
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