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What is a small company to do about health insurance?Until a company reaches 50 employees (FTE – full-time equivalent), health insurance is not a requirement. Therefore, not offering health insurance is an option for many small groups. Most business owners want what’s best for their employees, and a robust employee benefits package is attractive to most employees. When it comes to benefits, all companies face the dilemma of how to structure them, and smaller companies face the additional dilemma of limited choice. Total employee compensation Because of this limited choice, health insurance may or may not be a feasible option for a business. But all companies can put together a total employee benefits compensation package with their employees’ welfare in mind. Employee compensation takes many different forms. The first and most obvious form of compensation is salary, but here are some additional examples of employee compensation: Paid time offWork and company cultureFree and/or close parkingMeals, snacks, and coffee For many companies, the benefits package is second in costs only to salaries. Health insurance is the centerpiece of many benefits packages. If you want health insurance to be a part of your business’s benefits package, let’s look at what small group employers face when trying...

Life insurance is critically important because it provides protection when it is needed the most. Thoughtful planning is required. There’s much to consider: What is the purpose (loan protection, estate planning, to fund buy-sell agreements)?Is a split-dollar agreement or deferred compensation agreement appropriate?Is the primary purpose tax avoidance?How long will the coverage be needed?How should the premium be paid, and by whom?Should I buy term insurance or permanent insurance?What are the valid options?Should my accountant be involved, or my attorney? Life insurance planning can be complex. It’s easy to get bogged down in the details and lose sight of what’s important. Don’t let it overwhelm you. Keep what’s important at the forefront of your mind and in your sights, and work with an advisor to help you through the process. Life has no guarantees Over 70% of Americans don’t have enough life insurance for their families to maintain their current standard of living, and if 2020 and COVID-19 have taught us anything, it should be that life has no guarantees. Knowing what agreements to use and learning how to avoid unnecessary taxes are undoubtedly important. Still, agents need to begin every life insurance discussion with “How much life insurance will it take to protect...

The Affordable Care Act caused a dramatic shift in the health insurance landscape, particularly for small businesses. Underwriting a fully insured plan under 50 employees is no longer allowed. While this simplifies the process and offers many protections, the inflationary impact has been enormous, driving many employers to evaluate the feasibility of having no health plan at all, or to consider self-funding....

The Affordable Care Act caused a dramatic shift in the health insurance landscape, particularly for small businesses. Underwriting a fully insured plan under 50 employees is no longer allowed. While this simplifies the process and offers many protections, the inflationary impact has been enormous, driving many employers to evaluate the feasibility of having no health plan at all, or to consider self-funding....

The Affordable Care Act caused a dramatic shift in the health insurance landscape, particularly for small businesses. Underwriting a fully insured plan under 50 employees is no longer allowed. While this simplifies the process and offers many protections, the inflationary impact has been enormous, driving many employers to evaluate the feasibility of having no health plan at all, or to consider self-funding....

The Affordable Care Act caused a dramatic shift in the health insurance landscape, particularly for small businesses. Underwriting a fully insured plan under 50 employees is no longer allowed. While this simplifies the process and offers many protections, the inflationary impact has been enormous, driving many employers to evaluate the feasibility of having no health plan at all, or to consider self-funding....

The Affordable Care Act caused a dramatic shift in the health insurance landscape, particularly for small businesses. Underwriting a fully insured plan under 50 employees is no longer allowed. While this simplifies the process and offers many protections, the inflationary impact has been enormous, driving many employers to evaluate the feasibility of having no health plan at all, or to consider self-funding....

The Affordable Care Act caused a dramatic shift in the health insurance landscape, particularly for small businesses. Underwriting a fully insured plan under 50 employees is no longer allowed. While this simplifies the process and offers many protections, the inflationary impact has been enormous, driving many employers to evaluate the feasibility of having no health plan at all, or to consider self-funding....

No one needs to study detailed tables to be aware of the rising costs of prescription drugs.  Daily headlines and your wallet tell the tale.  In 2004, 100ml of Lantus, a basic insulin, was priced at $52.  Today, 15 years later, it is $300. Take control of the prescription benefit your company offers and buck the trend by decreasing your costs while still offering a robust benefit that rewards you with healthy employees, less presenteeism and absenteeism, and a more appealing bottom line!...