The small health benefits companies are an important component of recruitment and 
retain key employees. Yet, budgeting health benefits can feel overwhelming. Indeed, with the wrong approach, the health benefits are expensive and do not meet the expectations of employees benefits. With good benefits approach, however, small businesses can take control. This article describes five common mistakes small businesses in health benefits and how to avoid
Note -. This article is based on our free eBook, "10 Budget traps Small business health benefits." To download the full resource, click here
Blunder # 1 -. Not to Shop Renewal
If your company currently offers the collective health of staff insurance, you are probably familiar with the annual renewal process -. receive notice on premium changes for the next plan year and meet with your broker to discuss plan options
If the annual turnover time also means developing strategies on how to deal with rate increases, you are not alone. A recent survey found that 0 percent of employers are facing health plan premium increases, with almost a quarter (23 percent) of employers see rate increases in the double digits
the solution is simple :.
- shop for more affordable plans
- Work with your broker to negotiate your premium rates, or
- transition of employees to individual health insurance and set up a reimbursement scheme of the premium to contribute. This is the most effective and permanent solution, because you will never be surprised by an annual increase of new
Related :. 8 tips on the fight against health insurance renewal increases
Blunder # 2 - assuming provided by the employer health insurance is the only way
Let your little company offered health benefits in the past, or if you want to provide benefits for the first time, it is common to believe traditional group health insurance is the only way to provide quality health benefits. However, assuming that the group health insurance can be a big mistake.
Why? group health insurance is expensive. According to research by the Kaiser Family Foundation, the cost to cover one employee increased by 220 percent since 1999 - up to $ 6,251 per year in 2015. As a result, only 54 percent of small businesses (with fewer than 0 employees) still offer traditional group health insurance
the good news is, there are new options, more affordable health insurance available for smaller groups, including :.
- Place of SHOP market and tax affairs to small health Appropriations
- Co-Ops or PEO
- individual health insurance (with or without a refund of contribution premium)
Related: Take control of health insurance for small businesses by Knowing Your options
Blunder # 3 - not to have control of annual costs
When you have unpredictable costs year after year, the budget for health benefits is difficult -. if not impossible
And when you can not budget for reliable health benefits, you also can not confidently tell employees that you will be able to offer long-term benefits.
not having control of your annual health benefit costs is a big budget pitfall.
to avoid this error and take control of your benefits health budget, a trend is to move to the individual health insurance and a premium payment plan. With this model of your company's health benefits can: ..
- Set the amount of contribution to employee health (there is no minimum contribution)
- change your budget as the terms
- Reliably budget for short-term health benefits and long term
related :. Adopt the benefits of a new health for the costs of foreseeable premiums
Blunder # 4 - spending too Benefits Health Administering time
You are a business owner or a human resources manager. You are a jack-of-all trades. So why are you spending so much of your week in the face of health benefits? Administration of health services can be a time and lack of budget. But it need not be.
Small businesses can get out of the business of buying and administration of insurance by opting for a disease and individual health insurance premium refund.
With this approach, the company simply manages the repayment plan and employees choose and manage their own health insurance. With the right software refund, you only spend 5-10 minutes per month administration of health benefits
Blunder # 5 -. Ignore the required conformity
Did you know that there are several federal rules and regulations your small business should follow when you offer health benefits?
This is true if you offer a group health insurance or the premium payment plan scheme. And, compliance requirements have only increased in the Affordable Care Act (ACA)
By ignoring compliance requirements (or simply ignoring them), you set up your business for costly penalties - . One of the main benefits blunder health.
to avoid costly fines for being out of compliance, improve your compliance requirements under ERISA, COBRA, HIPAA, and ACA.
If you offer a group health insurance, work with your broker to make sure you are in compliance.
If you offer a premium payment plan, working with a reimbursement software provider to ensure the plan is implemented and administered in a manner consistent
Related: . Top 5 concerns ACA Compliance for Small Enterprises
Conclusion
challenge a number of small businesses face in offering health benefits is the cost, however, the escalating costs the premium should not be the death of your operating budget. Avoid - or fix - these five blunders health benefits are well on your way to provide affordable and attractive benefits package
What health benefits of small blunders companies should be added to the list? What questions do you have? Leave a comment below!
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