Is Group Health Insurance something that my business needs to offer?

According to www.healthcare.gov, no employer is required to offer coverage. There may be changes coming for large businesses in 2015.
That said, offering group health insurance as part of your company’s employee benefits is a very good idea for many reasons. Offering a good benefits package:

  • Attracts talented job candidates that you are interested in hiring
  • Improves morale and production
  • Helps retain great employees
  • Is THE primary benefit (I.e. considered a ‘must have’) that employees look for when considering employers

How to offer Group Health Insurance without headaches?

Get an expert to help you. Providing your company employees insurance coverage opens up a lot of potential headaches for a business owner. Legal Concerns:

  • Offering health insurance ramps up the amount of complexities that you must handle.
  • Health insurance benefits are scrutinized by the government.
  • The possibility in making mistakes in setting up your companies benefits is significant.
  • Any mistakes in crafting the benefits your company offers can be very costly.
  • Audit troubles can be very expensive. If an audit by the IRS or the U.S. Department of Labor reveals a lack of compliance with regulations, then you’ve opened your company up to loss of current tax benefits, repayment of lost retroactive tax benefits, as well as penalties that may be imposed.
  • Twelve additional reasons you need an expert and trusted advisor

    As if the five reasons above are not sufficient, also consider you may need someone to help you build the right solution while navigating a minefield of important decisions that go into building the right solution:

    • Which employees must you offer benefits to if you do decide to offer them?
    • How much of the cost of offering group health insurance should my company absorb?
    • How much of the cost should I ask employees to absorb?
    • Exactly who can be covered by what group health plan? What about employee spouses and children? Can my company group health insurance also cover members of my family? Which ones?
    • Who is going to handle all of this insurance paperwork? I already wear way too many hats!
    • What about open enrollment periods?
    • What other liabilities are there that I need to consider?
    • How can I best contain the costs of offering group health?
    • Are there any health-care benefits in my state that are mandated by the State Government?
    • What strategies can my company use to help reduce the cost of providing benefits?
    • How do I avoid getting scammed or overpaying?
    • What is COBRA?
    • We are here to help!
      Eck Agency is ready to help you navigate the complexities of offering group health insurance to your company’s employees. The client comes first at Eck Agency. Our agents and representatives work to get to know you on a personal level and a first-name basis. By scheduling an annual review for updates to your policy, we are able to continually grow our client/agent relationship and further provide the best possible coverage by ensuring your current plan is right for you.