One of the questions often asked by small business owners is: can I offer my employees ACA Marketplace coverage and qualify for subsidies? The answer to this is actually yes and no. If you are a small business owner looking to offer insurance to your employees, you cannot apply for the subsidies that individuals shopping on the Marketplace can. However, you can offer your employees plans that are basically identical to individual Marketplace plans, and possibly qualify for a tax credit when you do so. If you run a small business but still want to offer your employees healthcare, you may want to look into the Small Business Health Options Program, or SHOP.
SHOP Plans
The good news about SHOP is it’s easy to understand: the plans offered look basically the same as those offered on the individual ACA Marketplace. Just as on the individual Marketplace, there are four types of plans that are based on a “metal tier” system. You can choose from Platinum, Gold, Silver, or Bronze plans, and, as Healthcare.gov points out, the levels do not indicate quality of care; rather, the categories are based on how the cost of care will be shared by your employees and your insurance company. Cost sharing for these plans generally look like this:
Platinum – 90% on average paid by insurance, 10% on average paid by employee
Gold – 80% on average paid by insurance, 20% on average paid by employee
Silver – 70% on average paid by insurance, 30% on average paid by employee
Bronze – 60% on average paid by insurance, 40% on average paid by employee
You can also choose to add dental coverage to these plans, or even offer a stand alone dental plan to your employees if they are interested.
How to Qualify
You can qualify for SHOP as long as you meet 4 requirements.
SHOP is an easy and straightforward way to offer insurance to your employees, but not every business qualifies for it. Your business needs to meet 4 requirements:
Have 1 – 50 full-time (or full-time equivalent) employees. This does not include you, your spouse, or other family members.
Offer coverage to all full-time employees. This includes all workers averaging at least 30 hours per week. You can offer coverage to part-time employees, but you are not required to do so.
Enroll at least 70% of your full-time employees in your plan. However, if an employee already has another healthcare plan, they are not counted as rejecting your plan.
Have an office or employee worksite that is located in the state whose SHOP coverage you are using.
Also make sure to look at the specific plans offered in your state; they may have other specific requirements.
Why SHOP?
Now that we’ve looked at what SHOP actually is, let’s take a look at why it might be a good option for you and your business. As mentioned above, both the plan options and requirements are fairly straightforward. There are other advantages to it, as well:
SHOP offers you choice and flexibility. You can offer your employees one plan, or multiple options, you decide how much to contribute to their premium costs, and you can also decide how long new employees must wait before enrolling. There is also no need to wait for an open enrollment period; you can start offering your employees SHOP coverage at any time during the year.
You can work with an agent. You don’t sign up through Healthcare.gov, or need to start an account with them. You can work with a trusted insurance agent or broker to help you through the process.
You may be able to get the Small Business Health Care Tax Credit. This is where your alternative to ACA individual subsidies comes into play. If you meet certain requirements, you can get a tax credit worth up to 50% of the costs of employee’s healthcare premiums. To qualify for the minimum credit, you must have fewer than 25 full-time employees making less than an average of around $52,000; to qualify for the maximum credit, you must have fewer than 10 full-time employees earning less than an average of around $25,000.
Health insurance is complicated, especially if you’re running a small business and trying to figure how you can do the right thing and offer healthcare to your employees. SHOP might just be a way for you to simplify things a bit for yourself – and maybe get a little of that hard-earned money back in your pocket. And remember, whatever type of group health plan you’re looking into, EZ.Insure can help. We’ll connect you with your own personal agent who will answer all of your questions, get you the most accurate quotes, and even sign you up – all for free! Get started with us today by simply entering your zip code in the bar above, or you can speak to an agent by emailing or calling 888-998-2027.
There’s more to healthcare than just physical health. Annual check-ups and care for injuries or illnesses are important, but so is managing stress, anxiety, and other mental health concerns. You can offer your employees a group healthcare plan that emphasizes both of these aspects of their well-being. Doing this will not only have a positive impact on your employees’ lives, but will also help keep your business running smoothly.
Stress & Anxiety in the Workplace
More than 70% of workers say that stress and anxiety interferes with their lives.
It won’t come as a surprise to any employer that working can sometimes equal stress, and even anxiety. But there are some concrete numbers that may surprise you. Around 1 in 5 adults in the U.S. suffer from some form of mental illness in a given year, close to 60% say they are suffering from “burnout,” and more than 70% of workers say that stress and anxiety interferes with their lives.
According to theAnxiety Disorders Association of America (ADAA) 2006 Stress & Anxiety Disorders Survey, employees said that stress and anxiety most often impacts their:
workplace performance (56%)
relationship with coworkers and peers (51%)
quality of work (50%)
relationships with superiors (43%)
These numbers should sound an alarm for you. Stress at work affects job performance, negatively impacts the culture of your workplace, and can also spill over into your employees’ outside life. They may have troubling sleeping, difficulties with their relationships, and may even end up suffering from depression.
A Culture of Silence?
There is hope. Almost 90% of employees who get help for mental health issues report feeling better about their job, more productive at work, and less likely to take time off, according to a study in the Journal of Occupational and Environmental Medicine. But before that relief can come, they need to be able to ask for help. Is your workplace a safe environment for expressing anxiety and talking about stress? It might not be.
Many employees are not comfortable speaking to their employer about their stress or other mental health concerns. Again according to the ADAA survey, only 40% of employees whose stress was getting in the way of their job had talked to their employers about it. Of those who did speak to their employer, only 4 in 10 reported being offered some sort of help.
It is up to you as an employer to make sure that your employees know they can ask for help if they need it. They also need to know that they will be listened to and offered some sort of help. One way you can do this is by normalizing mental health care: make clear that you take your employees’ mental health seriously, and make your mental healthcare plan as comprehensive and accessible as your physical healthcare plan.
Make Mental Health a Priority
You can find a plan that offers good mental health services for your employees.
Employees need to feel safe and comfortable asking for help at work, but they also need practical ways to access that help. Fortunately, it’s much easier nowadays to prioritize mental health care. To show your employees that their mental health is a priority, you can
Offer them an ACA-approved healthcare plan. Simple, right? You were going to offer them this benefit anyway, and mental health coverage is actually one of the 10 essential benefits that must be covered under all of these plans. Make it clear to your employees that these benefits are included, and give them all relevant info on how to access the included services.
Look for mental-health specific add-ons. One of the fastest growing and most popular “extras” you can add to your employee health plan is an Employee Assistance Program (EAP). EAPs offer, among other things, a number of helpful mental health services at no cost to employees, like in-person or telephone counseling. Adding these programs may cost you a little bit extra, but they are worth it: you are showing your employees that you care about their mental health – and you are keeping your workforce healthy and productive. You are also protecting them against future stress-related physical illnesses that could end up costing more in the long run.
Try out well-being apps. While these digital benefits don’t replace therapy, they are easy to use and a great supplement to other mental health care benefits, especially for younger employees.
Add telehealth options to your plan. While apps can be fun, quick, and easy, some people prefer to speak to someone directly. Offering telehealth options removes some of the barriers of seeking in-person counseling or therapy.
Make your workspace a mental health-friendly place. If you have a workplace wellness program, don’t just focus on weight-loss goals or quitting smoking, focus on mental well-being, as well. Even if you don’t have one of these programs, you can still do small things to reduce stress in your workplace like offering yoga classes, having a meditation room, or even just encouraging break times that allow employees to get outside and walk together. These small steps obviously will not treat mental illness, but they will help to relieve stress and will also show that you care about your employees’ mental health.
Mental illness, stress, anxiety – all of these things are steadily increasing in our complicated world. Unfortunately, for most people, work is just another part of the problem. However, you can be the kind of employer who takes these issues seriously, listens to your employees, and offers them the help that they need. Make mental health a priority in your workplace, and you will find yourself with a happier, healthier, and more productive workforce. If you need help finding the right healthcare plan with the right mental health coverage, come to EZ.Insure. We’ve got the answers that you’re looking for, right now, for free. You can start by simply entering your zip code in the bar above to get a quote, or call 888-998-2027 to speak to an agent.
HMO, PPO, and POS, oh my! These are just some of the many different types of group health insurance options on the market. While it’s good to have options, having so many of them can make choosing a healthcare plan intimidating. There are many factors you have to consider, from the types of benefits offered, to your employees’ needs, to your own bottom line. Group health insurance can be costly, but there are ways to cut costs and keep benefits. That’s where EZ.Insure comes in. We are experts in the insurance industry, and so will find you the best value for your money by assessing the needs of both your business and your employees.
Assess Your Employees Needs
Finding out what kinds of benefits are important to your employees is the first step in deciding what kind of plan to offer. For example, some employees will have a family they need coverage for, some will need extra coverage for chronic health conditions, while others will just want the basics. One way you can figure out what your employees want in a healthcare plan is by distributing a health survey.
Remember to assess your employees’ plans on a yearly basis, because what worked well for them one year, might not work the next year.
Make Your Premium Dollars Count
HSAs allow employees to put aside pre-tax money to help offset the out-of-pocket expenses of a high deductible plan.
When choosing a plan, you also need to consider how much cost sharing you can afford. The cost of monthly premiums are generally shared by employees and the employer, and the more you contribute, the more likely your employees are to enroll in your plan. There are ways to save both you and your employees money while still offering them quality insurance. For example, if you choose an ACA Bronze plan and pay 100% of your employees’ premiums, you will still be saving more money than if you were paying a lower percentage of a high premium Gold plan.
If you decide to offer your employees a plan with a lower premium but a high deductible, and decide to pay either most or all of the cost of their premiums, consider also offering a health savings account (HSA). These accounts allow employees to put aside pre-tax money to help offset the out-of-pocket expenses of a high deductible plan. They’ll be saving money on premiums and will be able to put more money into their HSAs. This way, they’ll be more likely to seek care and remain healthy, which can save you money in the long run.
Comparing plans with one of our agents is the best way to make sure that you know what all of your options are.
Compare ALL Available Plans
The more you know, the less you spend. Not only are there HMOs, PPOs, and POS plans, but there are also the metal tier plans from the ACA, QSEHRA, and more. Comparing plans with one of our agents is the best way to make sure that you know what all of your options are. EZ’s agents are trained, licensed, and highly experienced with all the different types of group plans, and they know what will work best for you and your employees.
Our agent will navigate through all the plans to find the most coverage for your employees, while keeping more money in your pocket. We get how time consuming and irritating it can be to comb through all the different group plans in your area. We will provide you with a personal agent who will assess everyone’s needs, and compare all of the plans available within minutes. All of our services are free, and there are no obligations. To get free quotes, enter your zip code in the bar above, or to speak to an agent, call 888-998-2027.
Any way you look at it, offering health insurance to your employees is a good thing to do. Not only does a healthcare plan keep your employees healthy and protect them from huge medical bills, but studies have also shown that it is the most desired benefit you can offer. Employers who offer healthcare are more likely to attract high quality job candidates and also to retain the employees that they already have. So, if you’ve carefully researched and chosen a plan and offered it to your employees, but only a few have decided to enroll, what could be the problem? Here are 4 common reasons why employees choose not to enroll in an employer-based healthcare plan, and what you can do about it.
1. Your Plan Doesn’t Match Your Employees
The first reason employees choose not to enroll in your healthcare plan is that they don’t like it.
The first reason employees may choose not to enroll in your healthcare plan may seem obvious: they just don’t like it. Even if you’ve done hours of research and you think you’ve found the perfect PPO plan with a low deductible, you may not be taking into account your employees’ ages, family size, and financial situation. If most of your workforce is young, healthy, and childless, then they might prefer a high deductible health plan. But, if you have a very diverse workforce, then they might all have different needs. In that case you might want to look into an la carte healthcare plan, like a cafeteria plan.
Since asking your employees about their healthcare is a pretty sticky subject, you may be unsure how to solve this particular problem. The answer is actually very simple and will only take a little bit of time: give your employees a healthcare survey. Ask them all the relevant questions to gauge what they are looking for in a healthcare plan, and be sure to keep it anonymous to encourage participation. Their answers will give you a much better idea of what they want and where you should be looking for a plan.
2. The Network Isn’t the Right Fit
Most healthcare plans have a set network of providers that the insured can see without incurring out-of-network charges. So, even if your employees are happy with the PPO plan you chose for them, they might be unhappy with the providers included in the plan’s network. Some employees may find that their trusted doctors are not included in the offered plan – and that could be a deal breaker for them.
The solution to this problem can be the same as above: ask about your employees’ provider and network preferences in a survey. Be as specific as possible, asking about what doctors, hospitals, facilities, and prescription drugs they would like covered.
3. The Total Costs Are Too High
Even if you’re contributing 50% of your employees’ premium costs, that cost can still take a big chunk out of their paychecks.
Premiums, deductibles, copays, coinsurance…there are a lot of costs to add up when it comes to a healthcare plan. Even if you’re contributing 50% of your employees’ premium costs, that cost can still take a big chunk out of their paychecks. And premiums aren’t the only thing they need to budget for: around 80% of covered workers have a deductible they need to meet before their healthcare costs are covered. The average deductible for covered workers in small businesses is over $2,000, which is a very significant sum for a working family.
One way to help offset these costs and encourage your employees to enroll in your plan is to consider putting money into a tax-advantaged account like a flexible spending account (FSA) or health savings account (HSA). Both you and your employees can make pre-tax contributions to these accounts, and your employees can use the funds in them to pay for qualified healthcare expenses. An FSA can be used with any kind of healthcare plan, but the contributions are “use it or lose it.” In contrast, an HSA must be combined with a qualified high deductible health plan but the contributions can roll over each year.
4. Your Employees Don’t Understand Their Options
There are some that believe that effectively explaining and communicating the importance of benefits to your employees is just as important as offering the right plan. As a business owner, you already know that people don’t buy what they don’t understand. Employees need to understand the benefits you’re offering them and how important they are to themselves and their families in order to want to spend their money on them.
A recent survey by Colonial Life found that one-third of employees spent less than 30 minutes looking at their benefits options, and another third spent less than an hour. And this doesn’t just affect them: the same survey found that the employees who sped through their benefits choices were 55% more likely to leave their jobs, 32% more likely to feel dissatisfied with their jobs, and 18% less likely to feel cared for by their employer.
The solution to this problem is simple: communication. As the employer, you need to find an effective communication strategy that works for your employees. In addition to the printed or digital material you offer, consider holding individual and/or group meetings to talk about benefits. And don’t assume that just because some of your workers are younger, they want everything to be done online. Another Colonial Life survey found that Gen Z and Millennial workers are actually slightly more likely to want human interaction when learning about or enrolling in benefits: 91% for Gen Z and 83% for Millennials, as compared to 76% of employees overall.
At EZ.Insure, we know that you’re working hard to find the best options for your employees, but sometimes you just need someone to point you in the right direction. That’s what we’re here for. When you come to us, you’ll get your own personal agent who will give you instant, accurate quotes, answer all of your questions, and never, ever hound you with endless calls. And we do it all for free. You’ve got your employees’ best interests at heart, and we’ve got yours at heart, so get started with us today. Simply call 888-998-2027, or enter your zip code above.
We live in a time of technology. Many people own multiple portable devices that allow them to access videos and communicate with anyone, anytime. Recent stay-at-home orders have meant that people are relying even more on telecommunication, both for staying in touch with loved ones and for working. But how about using an app on your phone or tablet to access healthcare? Telemedicine might be the future of healthcare, and not just in times of crisis. As an employer, you should consider adding this benefit to your employee healthcare plan, as a way to keep costs down and keep your employees healthy.
The Benefits of Telemedicine
U.S. employers could save up to $6 billion per year by providing telemedicine benefits to their employees
Adding telemedicine to your benefits plan can be a win-win. It can help your company’s bottom line and give your employees greater access to healthcare.
In terms of the benefit to you, consider that healthcare costs were projected to rise anywhere from 5-6.5% in 2020, and that was before the coronavirus pandemic hit in the early part of the year. Anything you can do to keep costs down continuing to offer your employees healthcare is worth looking into. In terms of savings, studies show that:
U.S. employers could save up to $6 billion per year by providing telemedicine benefits to their employees
Adding a telemedicine program generates about 11% in cost savings, which leads to an estimated return on investment of about $3.30 in cost savings for every $1 spent on program implementation
Net cost savings is estimated at $19 – $121 per telemedicine visit, depending on where the employee would have otherwise sought care
The most obvious benefit for you employees is convenience. Employees may find it difficult to take time off of work to take their children to checkups, or those managing chronic illnesses might have a hard time constantly heading to a doctor’s office. Some may not even have a primary care physician that they are regularly seeing – like 67% of millennials. Being able to easily access care from a phone or tablet could mean the difference between staying well and putting their health on the backburner.
Telemedicine can save you and your employees money, but there is no need to worry that you would be skimping on care for your employees. In fact, a study of the health outcomes of 8,000 patients found no difference between patients who saw a doctor in person and patients who had a telemedicine appointment. Many people even say that the level of care they received during their telemedicine appointment was equal to or better than the care they received in person. Over 50% said that they felt that they were more involved in their own healthcare decisions when they met with a doctor virtually. And, according to a Geisinger Health Plan study, patient hospital re-admissions were 44% lower over 30 days and 38% lower over 90 days, compared to patients not enrolled in a telemedicine program.
The Demand for Telemedicine
One thing to consider is whether employees are actually interested in using telemedicine. One way to find out is to do your own employee health survey. According to many surveys that have already been done, it seems that many employees are very interested in the idea of virtual doctor visits. According to one, almost 80% said they would be open to using it. To take it one step further, a study of millennials, who are one of the largest segments of the working population, found that almost half of them said that having a telemedicine option in their benefits plans was “extremely or very important.” Offering a competitive and cutting-edge healthcare plan is one way to attract the best talent, and keep them once you’ve got them.
Encouraging Usage
Even with all the benefits and availability of telemedicine, employee usage of telemedicine has been relatively low. If you do decide to add a telemedicine option to your healthcare plan, there are ways you can encourage employees to take advantage of it.
Communicate the quality of care they will get, and the credentials of the doctors in the telemedicine network
Speak with the providers your employees are already using, and see if you can encourage them to add a telemedicine option. If you can create a network of telemedicine providers that your employees are more familiar with, they may be more likely to use this option
If at all possible, try to create a plan that has very low – or no – copays for telemedicine appointments
Offer a room in your workspace dedicated to telemedicine appointments
There are so many ways you can offer your employees access to care and, while it may take time on your part, looking into all of them is worth doing, especially if you can find innovative ways to save money. Remember, though, you don’t have to do all of the legwork on your own: EZ.Insure is here to help. We’ll answer all your questions, sift through all the plan options, and give you instant quotes when you need them – all for free! Get started with us today by simply entering your zip code in the bar above. Or to speak with an agent directly, call 888-350-1890. No hassle, no obligation!
Did you know that 56% of employees would prefer health insurance over an increase in pay? Offering health insurance also means recruiting the best candidate for a job – most job seekers will not look twice at a posting if an employer does not offer health insurance. Having the right benefits plays a big role in your employees’ job satisfaction and productivity. Your employees will feel more valued, and will be able to stay healthier when they are insured. A healthcare plan is a small price to pay for the success of your business.
Studies show that small business health insurance plans increase employee loyalty and decrease turnover. There’s scientific proof that purchasing insurance for your employees can increase retention and aid in recruitment of new employees.
Employees who aren’t provided health insurance are more likely to avoid seeking medical attention when they are sick, and less likely to go to the doctor for routine preventative care. In short, they are at greater risk of being unhealthy. When you offer health insurance, you offer your employees an opportunity to remain healthy and happy. And when employees are healthy and happy they are more likely to come to work and not call out sick. According to a Willis survey, 93% of employers say that healthier employees are more productive employees.
Workplace Wellness Programs
One way to make sure that your employees remain healthy is by offering a workplace wellness program as part of your healthcare plan. These programs give incentives for employees to meet their health goals, like quitting smoking, or getting more exercise. Encouraging even small changes in employees’ lifestyles can make a big difference in productivity. In fact, one survey found that employees who eat healthy are 25% more likely to have higher job performance. Your wellness program can also include perks like discounts on gym memberships, which can go a long way in not only promoting better health, but also greater job satisfaction.
The Cost
You can still save money while offering insurance to your employees.
Happiness is not cheap. Group health insurance can be costly, but the trade-off is a healthier, more productive workforce and less employee turnover, which can save you money in the long run. And remember, the more employees you have, and the more employees that participate in your health plan (offering perks can help with that!), the lower the cost of providing benefits. When you have a lot of employees in a pool, there are more options available at a lower price.
You also save money with the tax benefits of offering group health insurance:
Employer contributions are tax-deductible
Employer payroll taxes are reduced by 7.65% of employee contributions
Employer workers compensation premiums are reduced
We get that trying to find a group insurance plan for your employees isn’t easy. There are a lot of different plans to choose from and you may not be sure which benefits you should offer your employees. One way to help you figure it all out is to have your employees complete a health insurance survey. After obtaining the results of the survey and deciding which direction you want to go in, come to EZ.Insure. We will make the process easy and pain-free. You will be provided with a highly trained agent who will compare all available plans and help you decide which plan is best for your business. To get free quotes on plan, enter your zip code in the bar above, or to speak with an agent, call 888-998-2027.
