Workplaces around the country do their best to look after their employees. That said, full-time workers tend to get better benefits than part-timers do, especially given the advent of the so-called “gig economy.” However, employers are obligated to extend some health insurance offers to their teams. The real question is this: what does the average employer pay? Well, that depends on the industry.
Split Contributions Towards Insurance Premiums
In general, employers and employees will split up the costs associated with insurance premiums on a yearly basis. As such, the open enrollment season typically begins in early October and goes into effect on November 1st. The size of the company is one of the primary determinants of how the premium payments are divided – other relevant factors include revenue generation and the baseline cost of the premiums themselves. Trusted brokers such as the team at MWE Partnership can provide you with more information and data to help you make the best decision for your business.
A Look at Typical Employer Payments
Now then, we present a brief look at the typical employer payments that you can expect to make in the months ahead. For example, these percentages largely remained the same for the years of 2016 and 2017, but the percentage of premiums tend to fluctuate depending on the firm in question. That’s why you need to address health insurance dilemmas before they affect your ability to hire new employees or keep your existing team intact as turnover turmoil leads to higher stress.
Impacts on Overall Affordability
When we examine the bottom line, we see that affordability is a key reason why employers and employees share the load when it comes to paying for health insurance. The Affordable Care Act is still the main guideline used to set affordability standards calculated according to household income, which is a measure of how much money each member of the household makes in a given year. Inflation can negatively impact these numbers, thus, percentages are adjusted accordingly.
What Your Company Can Do
Even if your agency offers outstanding health insurance packages, there is always room for improvement. Supplemental benefits may seem unimportant at first glance, but underestimating their value would be a mistake. So, in order to avoid that potential pitfall, do your homework. In other words, conduct research into what your business rivals are doing to pay down premiums. Either way, consulting with your trusted benefits broker will lead you in the right direction!
Another Customer Testimonial
We are excited to tell you about yet another satisfied customer. After all, we proud ourselves on our top-tier service to everyone who engages us. Shantel Daniels of Planet Fitness tapped us for assistance with an insurance claim. Our own Dale Shaddock guided her through the process of getting her claims paperwork and also helped out everyone on her team; “it made me feel comfortable as though he were part of PF family!” And yes, she would recommend MWE to a friend or business partner.
Get Your Voluntary and Supplemental Health 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!