Affordable Group Health Insurance
What Every Small Business Owner in Georgia Needs to Know
Affordable group health insurance is a hot topic for small business owners in Georgia. Affordable Care Act (ACA) regulations are confusing. Premiums are increasing. And employees, not as loyal as they once were, are leaving small employers because of sub-par employee benefits.
We are here to help. And below are just a few facts to help clarify requirements and reduce the struggles involved in finding affordable group health insurance.
Am I Required to Provide Group Health Insurance under ACA?
In 2019, the ACA still requires organizations with 50 or more full-time employees (FTEs) to provide health coverage to all FTEs or potentially pay a tax penalty. (Under the ACA, an FTE is defined as one who works an average of 30 hours per week or at least 130 hours per month.)
If you have fewer than 50 FTEs, you are not legally required to offer group health insurance to your employees. Coverage is your decision, but it’s a decision that can impact employee retention and productivity.
How Can I Reduce My Group Health Insurance Premiums?
Small business owners are throwing away money on group health insurance IF they are not taking advantage of a few key opportunities.
1) Talk to a qualified agent. If you have had your current plan for a year or more, there are likely new options. Get a free consultation and discover affordable group health insurance options for small business owners in your area. Make sure you choose an agent who will help you with the transition.
2) Consider partially self-funded coverage or “Level-Funded” group health insurance. Here’s how it works: You make monthly payments to the health insurance company as you would with any other health plan. A portion of those funds are placed in an account and used to pay covered employee medical costs. If your employees’ covered medical costs exceed your account balance, the insurance company pays for the extra costs. If your employees’ covered medical costs are lower than the account balance, you can get the balance of that account back as a refund at the end of the year. There are risks, but a healthy group could save 25-40% annually on group health insurance premiums!
3) Implement employee wellness programs. Most insurance companies offer incentive programs that help educate and motivate employees to take responsibility for their health. These incentives sometimes include savings on group health insurance premiums. Not to mention the health and wellbeing of your employees WILL impact your bottom line.
How Can I Compete With Big Business When Employee Benefits are So Expensive?
All employers are struggling with high turnover rates this year. And many small business owners are losing valuable employees to bigger businesses with better benefits.
At Otis Wood Agency, we can help you build a competitive employee benefits package including affordable group health insurance, plus supplemental benefits such as vision, dental, life and 401(k) to mention just a few. And we can help you save money!
We also have affordable employee perks that can help contain costs and increase access to care. With one low membership fee, you can offer Telehealth ($0 visit fee), Doctors Online, Advocacy PLUS, and nine best-in-class savings networks including Rx, Dental, Vision, Chiropractic and more.