Providing Your Employees Security Away From The Office

Throughout my experience in the Health Insurance Industry, I have found that the average cost for relatively healthy individual in their mid-20s, early-30s comes to about $385 each month. Now this figure is an average of the mid-tier plans offered through name rated carriers like United Healthcare or Humana. Individuals may be able to find less expensive insurance if they turn to the private marketplace, however they may find themselves without certain important benefits and possibly even doctors in faraway places. This problem leaves a lot of the American working class without adequate or any health insurance unless it is offered through an employer.

I hate to talk about myself in these blogs, however I find it easier to draw from personal experience as opposed to data and information. Throughout my years as a consultant for small businesses one of the main problems I face weekly retaining employees or a client being unable find qualified staff all together. Aside from a productive and collaborative work environment, employees look for a sense of security when surveying potential employers.

Some questions to consider when analyzing your company for shortcomings in employee security are:

• Questions based on future projections such as where do you objectively see this company within the next 5-10 years? Does the position being offered have room to grow? Is the position being offered subject to a company downsize in the future? What are the current events within the industry?
• Questions about the work environment such as what kind of staff is in place? How is the staff structured? Is there a written chain of command that is strictly adhered too? Is the company lax on their policy or are they strictly enforced? Is there a high rate of employee turnover? What positions specifically showcase the most turnover?
• Questions about the benefits of employment with your company. This can include but is not limited to questions about employer provided health insurance, 401(k) and stock options, maternal benefits, as well as sick leave.

Many employees have individual needs and they will look to have those needs tended to by their employers if the opportunity presents itself. One of the biggest needs of individuals in the workforce today is adequate health coverage. Small businesses with as little as two employees are eligible for group health insurance plans. Many individuals have found that options offered through their employer tend to be cheaper by way of cost sharing the monthly premium. Employers have the option to pay a percentage of the monthly premium leaving the remaining balance to their employee.

“Not only does offering health insurance to your employees help keep your job competitive with similar employers, it benefits your employees where they will feel it the most and that’s in their wallet.”

What options do I have as new business owner?

The 2020 Coronavirus has brought out the entrepreneur in a lot of Americans. Some are taking their first steps into owning a business during these unprecedented times and are finding out the expenses that come with being a business owner. Small business owners that I meet with are usually working within a budget and may not have the necessary capital available to provide employees health insurance in year one. There is absolutely no shame in this, and I write this to let you know that if you find yourself in this category you are not alone.

In 2018 the average annual premium for a family of four covered by an employer came to about $19,700. For an individual, on average about $6,900 annually. Many individuals with an annual income of less than $48,000 could qualify for an ACA Health Plan with those at lower incomes being eligible for $0 monthly premium options. Instead of trying to budget in health insurance for your employees in the first few years of your business, a more cost-effective alternative may be to locate a licensed insurance agent you and your company can build a report with.

A service I like to offer my clients in the event they do not have health insurance options currently available for their employees is individual health consulting for their employees. This will allow your staff to ask questions and acquire knowledge regarding the plans currently available and to see what they are eligible for. Not only does this provide your employees with the option to enroll in an individual plan if they choose, but it builds a relationship with your employees so that you can better assess their needs going forward.