Do you own and run a small business? Ensuring that it thrives in these frightening times can be a massive burden on every stakeholder involved. That said, extending voluntary benefits to your employees can be immensely beneficial. One benefit that you can focus your attention on is health insurance.
Evaluate Different Group Plans
First of all, you will want to weigh the merits of different group plans. Finding the right coverage will require you to invest time and energy to get the best deal possible for all of your workers. Costs and benefits can be analyzed alongside advantages and disadvantages. Private health exchanges might be the best option for you, but you won’t know until you look.
Assemble a Variety of Choices
You will also want to make sure that your employees are spoiled for choice. Employer-sponsored health insurance isn’t something every company can afford. After all, there are only so many resources to go around, and financial cutbacks due to the pandemic inhibit the growth of your firm. Acquiring the lowest-cost plans might not be in your best interests. Health insurance plans equipped with low premiums and high deductibles could be more attractive than high-premium and low deductible plans; even so, the reverse could be true as well. Free annual check-ups, flu shots, wellness incentives, chiropractic care, and discounts on prescription medications all sweeten the pot as well.
Align Insurance with HSA Accounts
If your company has the means to offer HSA accounts, then you should go ahead and use them. Health savings accounts can help pay down healthcare costs that they are applicable to – and are often paired with high deductible health plans or HDHP. HSAs enjoy a tax-favored status, grow with each passing year, and can follow your current employees when they are ready to move onto their next job.
Investigate Level Funded Plans
Level funded health insurance plans are another possibility for your small business to pursue. They can help you save plenty of money. What does this entail? Working with a trusted partner company to oversee the group plan while you cover the costs of treatment and wellness for your employees. You could also be eligible to receive a refund at the end of the year if medical costs end up being lower than projected.
A Customer Testimonial
We have another pleased customer to tell you about! Our own William Fedo and Drew Skibinsky assisted Sharon Zdon of Zdon Contracting with an insurance claim. The claim had to do with short-term disability benefits for one of their relatives and employee. Then some health problems made medical bills harder to deal with, but MWE was able to guide Sharon through the process.
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!