Compliance with Labor Laws Is Top Priority
Did you know that every company in the United States with 50 or more full-time employees is required to offer affordable health insurance coverage to its employees?
Did you know that anyone who works more than 30 or more hours per week is considered a full-time employee?
These are stipulated by law across the country. They are also just a couple of things business owners and their HR departments need to know to remain compliant.
BeneTrend Partners can help navigate the world of group insurance plans for any-sized group, from two people to two thousand or more.
Options for Group Insurance
Typically a group plan at the higher end of that range has a good chance of being self-funded. That’s pretty self-explanatory; the more employees, the more money in the pot to pay the medical expenses of the (hopefully) few who need it.
Smaller groups will take a long look at a level-funded program, in which the company makes set payments to an insurance company or some other third party each month to create a reserve fund for liabilities that might arise. Companies that do this often can be refunded surplus payments.
In either case, the overall health of the employees should be considered. When insurance underwriters are involved, medical pre-screening comes into play and a group always is at risk of being declined. And as for the 50+employee rule mentioned above, you can’t pick and choose which 50 employees to include. Some businesses find a way to combine self-funded and level-funded or even utilize aspects of the Affordable Care Act, or Obamacare.
Is It Affordable?
If a company is required to offer affordable health insurance, who decides what is affordable? That number has gone up and down in recent years, but in 2023 it is 9.12 percent or less of an employee’s annual income. But this requirement does not extend to an employee’s dependents. Offering affordable insurance to an employee but not to the spouse or children can create a tricky situation where the employee has norecourse through the health insurance marketplace. These kinds of details often factor into whether a company can retain its best people.
Service beyond the Signature
What sets BeneTrend Partners apart from other insurance professionals is their service after you have signed up for insurance. They will take as much off your HR plate as you are willing to give them. Some of the services they provide at no additional cost to employers include
For example: BeneTrend’s COO Cindy Baker tirelessly advocated for one of our client’s employees prescription medication to be covered, even after their company had deemed it “experimental.” The result was that the employee got their important medication covered, and the employer was so grateful for Cindy’s work that they wrote a thank you note.
Health care costs in general are not going down, so businesses must continue to be diligent in finding the best benefits they can offer within their budgets. BeneTrend Partners can help steer them in the right direction, for the two or the two thousand. BeneTrend will do their best to find your company the right coverage that’s in compliance with regulations at a price that is not too hard on the company’s budget. The partners’ 50+ years of combined experience makes amazing problem solvers at protecting the bottom line.If you are lookingfor individual health insurance between ages 18-64, please see this page.
