Category Archives: Health Insurance (Employer Group)

More than two years in, and companies around the world are still learning how to navigate the COVID-19 pandemic. In addition to the ongoing threat of new virus variants, employers now face another unforeseen reaction to the pandemic that the media has dubbed as The Great Resignation.

According to the most recent report from the Bureau of Labor Statistics, U.S. workers quit their job in near-record numbers in November of 2021, and employers followed up by posting 10.6 million job openings.

The pandemic has forced millions of individuals and families to re-evaluate their priorities, and a startling number of them have yet to return to the workforce. So how can businesses hang on to their existing staff while attracting new talent?

In a word, benefits. The employee benefits landscape is changing, fast. For starters, a base salary, alone, is no longer enough to stay competitive. Companies leading the way have added perks such as flexible working arrangements, increased paid time off, mental health support, parental leave, and even education assistance. And if the pandemic has taught us anything, it’s that taking care of one’s health has never been more important. Businesses embracing this are presenting their employees with more group health insurance options than ever before. For instance, some groups are electing to increase their employer contribution amounts toward health insurance plans from 50% to 100% and are even offering richer benefit plans. And what were once voluntary ancillary group benefits, such as dental and telehealth, are now part of many companies’ standard offering.

Your employees invest a lot into your business, and you invest the time and money to train them to be successful in their positions. Over time, you’ve come to value and rely on their consistency, dedication, and hard work. Make sure that they value you just as much.

Our team of licensed benefits counselors can help you curate an employee benefits package that stands out from the rest. Visit our group health & employee benefits page today to schedule an appointment or request a free quote.

Just over a year ago we never suspected that wearing a face mask in public and social distancing would become part of our new normal. Concerts, festivals, and sporting events have been rescheduled or canceled, countless businesses have been forced to permanently close, and even Disney World temporarily shut their doors to the public.

With health and safety becoming a major focus this past year for everyone, how can employers prepare for changes to the group health and benefits planning process?

Planning Your Benefits

To accurately plan your health benefits going forward, you’ll want to begin by identifying any trends or changes from this year. Here are a few questions you should be considering:

• Have your claims gone up?
• Have you lost employees?
• Does your plan offer a low or no copay telemedicine product?
• Is this the year you should consider a level-funded plan (which can save 10%-15% in premium costs)?
• Do you have capabilities for employees to enroll online without having to collect paper forms?
• Do you need to get even more creative with plan options and your contribution strategy?

Our team can offer expert advice, creative solutions, telemedicine, and best-in-class digital capabilities so you never need to collect paper enrollment forms again.

The Newness of the Virus

While plenty of data exists for viruses that have been around for decades, there just isn’t a lot of solid information on COVID-19 costs yet – which can make planning for the next year difficult. How long will the virus last? Can normal activities be resumed after a vaccine is received? What kind of long-term health complications may occur from the virus? These are the kinds of questions that the medical, healthcare, and business communities don’t have the final answers to just yet.

We’re here for you.

Need help determining which group health options may work best for your organization? Our licensed benefits counselors are available to answer questions regarding your group health benefits, and may even be able to help you save some money. Learn more about our employer group solutions and what our team can do for you.

Offering health insurance to your employees may sound like an overwhelming process — but it doesn’t need to be. Once you’ve identified your business’s needs and know the basics of group health insurance, the rest is easy. So, what do you need to know first?

What’s the difference between group and individual health plans?

According to the U.S. Department of Labor, “A group health plan is an employee welfare benefit plan established or maintained by an employer or by an employee organization (such as a union), or both, that provides medical care for participants or their dependents directly or through insurance, reimbursement, or otherwise.”

In other words, a group health plan is designed to cover a group of employees, but each enrollee has their own plan with benefits – and the plan’s monthly premium is calculated differently than if it were purchased as an individual health plan.

The monthly premium for all health plans is determined by the perceived risk of the carrier in offering coverage. With a group health plan, the group seeking coverage has their risk pooled together as one, which in some cases, may lower the monthly cost.

Unlike individual plans, group health plans are also available in different types designed to help your business save the most money and make the best coverage decisions. To learn more about these different plan types and ways that your business can save money on group health coverage, feel free to check out our latest group health webinar.

As a business owner, do I have to offer group health insurance to my employees?

Depending on the size of your business, the answer could be no. The Affordable Care Act (ACA) stated that businesses with fewer than 50 full-time employees are not legally obligated to provide health insurance to their employees — but many choose to regardless.

Looking for a better benefits package is one of the most common reasons people change jobs. And if your business doesn’t offer a health insurance benefit, it may give current and prospective employees reason to look somewhere else for employment.

If you are federally mandated to offer health insurance to your employees, you will need to ensure you are following the rest of the ACA’s rules and regulations for small businesses.

Making The Right Group Health Decisions For Your Business

Ready to take a look at your options? Our team of licensed benefits counselors is on hand to help you find the best group health solutions for your business. Visit fcachiro.memberbenefits.com/employer-group-solutions/ or schedule an appointment with us today.

As group health insurance costs continue to increase, many employers are looking for new, creative ways to save money while still providing their employees with coverage.

Reference Based Pricing

Reference Based Pricing is a rapidly growing strategy that a number of employers are using to save money on group health insurance costs. This technique gives the employee the ability to choose any provider without the limitations and higher costs of a traditional provider network. By choosing to take advantage of this method, employers have the potential to save between 15 and 20 percent on group health insurance costs.

Association Health Plans

According to the U.S. Department of Labor (DOL), Association Health Plans are defined as “group health plans that employer groups and associations offer to provide health coverage for employees.”

In April of this year, the federal government will begin to allow small employer groups to form new associations based on industry and finally receive access to group health insurance plans typically only reserved for larger companies. While many association health plans already exist, the new legislation eliminates the geographic barriers previously in place.

According to the Congressional Budget Office, “four million Americans, including 400,000 who otherwise would lack insurance, will join an AHP by 2023.”

Direct Primary Care

Direct Primary Care (DPC) is an alternative payment model to third-party billing. With DPC, there is a flat monthly membership fee and nothing else. Employees have access to a physician of their choice and the physician remains accountable to only their patients. This option can also exist alongside a comprehensive major medical plan.

Level Funding

For groups of five or more, level-funded plans are becoming increasingly popular. These plans boast a nationwide network of hospitals and physicians and are offered by a number of reputable insurance carriers. Designed to offer more flexibility to employers, level-funded plans are ERISA complaint and partially self-insured with a savings potential of 10 to 15 percent. Many also offer return-of-premium potential.

Learn More

Want to learn more about these strategies? Tune in to our free webinar on March 7^th at 1 pm EST. Jason Cleary, a licensed Benefits Counselor with over 18 years of experience, will be sharing information on how to utilize these tactics and save on group health costs in 2019.

Click to register today.

The Group Health Insurance industry continues to change with premiums continuing to rise. You have probably changed insurance carrier’s multiple times hoping to secure for the deal of the year.

So, the question is: Is that all there is? Change carriers and tweak my benefits?

Group health insurance is usually provided by an employer and can cover just the employee or even the employee’s spouse and children.

Not providing group health coverage could be a major misstep for some companies regardless of size, as there are a number of benefits to providing Group Health Insurance coverage.

1. Lower Costs Than Individual Plans

There is no question that the term health care reform has been a hot-button topic and on the lips of nearly every politician regardless of political party over the course of the past 10 years. In light of the Affordable Care Act (ACA), it has now become more affordable to purchase Group Health Insurance than for your employees to purchase health insurance individually.

Level-funding insurance plan options have been growing in popularity over the past number years. Level-funded plans are ERISA compliant and may offer more flexibility for employers with virtually no risk and offered by several reputable insurance carriers with a nationwide network of hospitals and physicians to choose from.

What has many employers especially excited about these plans is the opportunity for 10%-15% in lower premium costs and the Return of Premium potential. Unlike other policies on the market, with level-funded options, if your employees don’t rack up a large number of claims throughout the year, your company may have a substantial amount of money (originally paid in premiums) returned.

The last several years have seen tremendous changes in the world of health insurance. These changes not only affect individuals, but they also affect companies seeking to provide health insurance benefits to their employees. Some of the most important new developments for employers involve the rise of Private Employer Group Exchanges. These Private Exchanges allow businesses many strong advantages in the marketplace, as well as giving them the freedom to build a plan around their company’s needs.

Have you recently enrolled or been offered enrollment in a group health care plan through your employer? If so, this can be a great way to enjoy benefits for yourself and your loved ones. Of course, when enrolling in group health care (or any health care plan, for that matter), making sure you’re making the most of your benefits is a must. By following a few steps, you can make that happen.