Since the advent of the Affordable Care Act, group health insurance has become increasingly complex and expensive. Groups of 50 employees or more are now required to offer affordable health insurance to all employees. Also, there are still many employers with less than 50 employees who want to offer quality health insurance to their employees. While traditional fully insured plans may still be the best option in certain situations, employers are increasingly looking to self-insurance as an answer for their health insurance needs.
Since the advent of the Affordable Care Act, group health insurance has become increasingly complex and expensive. Groups of 50 employees or more are now required to offer affordable health insurance to all employees. Also, there are still many employers with less than 50 employees who want to offer quality health insurance to its employees. In certain situations, traditional fully insured plans are the best option. KBA works with all employers to design and implement the most affordable option available, utilizing HSA’s, HRA’s, and FSA’s when appropriate. “One size fits all” used to be the norm for health insurance plans, but no longer. Let KBA help you to determine the plan that best suits the needs of your company.
When developing a benefits package, employers typically begin with health insurance. Other group products, however, can be just as valuable to employees and not nearly as expensive. For many employees, the only insurance products they own are the ones provided by their employer. Life, Dental, and Vision Insurance are often offered to employees along with the Health Insurance. An employer will sometimes pay the entire premium, but more often the premiums are shared. Group Short Term and Long Term Disability Insurance also are sometimes offered.
Employers can often use the advantage of simply being a business to offer their employees preferred rates for insurance and non-insurance products on a payroll deduction basis, sometimes pre-tax. Term life and permanent life insurance can often be offered to a predetermined limit without underwriting. Dental, vision, short term and long term disability can also be offered at preferred rates. Other voluntary products can include accident and critical illness insurance, as well as legal services and identity theft protection. Voluntary products are generally individual products offered on a multi-life basis.
An employer has several considerations when making the decision to offer benefits. The obvious initial consideration is financial but is closely followed by administrative concerns. Even the best benefits package can be a nightmare if not implemented and serviced properly. Let KBA assist in the planning, implementation, and servicing of your benefits package. We can assist with open enrollment, eligibility support, HR support, and consolidated billing.