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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

Recent Posts

How to Save Up to 15% on Employee Healthcare Costs

Running a small businesses can be tough. Between staffing, compliance, policy creation, managing payroll, financial reports, and the 2,000 other things you have on your plate, sometimes the time you have “left over” (if there’s even such a thing) is marginal, at best. Consider the ins and outs of your responsibilities as an employer which include ever-changing regulations as they pertain to employee benefits, and well, you have yourself a recipe for stressed-out-losing-sleep-can’t-concentrate-on the-big-picture disaster. Welcome to running your own business!

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Is Value-Based Care Right for Your Company?

The United States spends over 18% of Gross Domestic Product (GDP) a year on health care. The rate of growth in healthcare costs has become unsustainable and employers are now searching for innovative ways to reduce costs while providing competitive benefit programs for their employees.

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Is Self-Insuring your Health Plan Right for your Business?

Many businesses that offer health insurance plans to their employees may think that purchasing a traditional, fully-insured plan from an insurance carrier is their only option. But depending on your situation, a self-insured plan can reduce your health care costs and provide the flexibility to tailor your plan to the needs of your employee population.

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Making the Right Choices to Reduce Health Plan Costs

Health care costs continue to rise with new data indicating that spending on health care is growing at its fastest rate since 2007. In an attempt to mitigate this trend, many employers have been turning to consumer driven health plans (CDHPs). Consumer driven health care, or consumerism, revolves around the idea that consumers should be able to make informed choices about their medical care based on price and quality information. The goal is for knowledgeable consumers to compare prices—choosing more wisely with the end result of lowering overall health care costs for everyone.

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Pros and Cons of an HDHP for Your Employees

Often when people hear the words "high deductible," they're wary of having to make a huge payment up front, before insurance kicks in and helps pay expenses. Though high deductible health insurance plans are becoming the norm, employees often express concerns about using these plans themselves. If you're considering moving to a high deductible plan or have recently implemented one, here is some information that will help you acknowledge your employees' concerns about costs while pointing out the potential positives a high deductible health plan (HDHP) can deliver.

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Employee Wellness Tactics that Transform the Workplace

It’s fair to say that at most companies, employees are one of the greatest assets. They are typically the ones out in the field or in front of the customer doing the hands-on work that makes it possible for your company to run business as usual. So, doesn’t it make sense to ensure that your employees are healthy, happy, and productive?

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Enhancing the Return on Your Wellness Investment

As a business owner, one of your most valuable assets is your employees. It's a commonly known fact that healthier employees can affect productivity, but a major indirect cost to consider is the healthcare costs associated with unhealthy employees. According to the Wellness Council of America (WELCOA), the majority of health care costs are aimed at treating conditions that are preventable. Depending on the health of your employee population, this can increase costs for both you and your workers. Targeting and helping to prevent medical conditions among your workforce can significantly reduce health care costs.

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Voluntary Insurance Programs Offer Extra Benefits to Your Employees

When it comes to employee benefits, it's unlikely that your employees would say, "less is more." But, with the rising cost of employee health insurance and other costs involved in recruiting and retaining staff, most organizations don't have funds to add and cover extra benefits. 

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A Checklist to Help Your Business Start the Year Off Right

Now that the dust from the busy holiday season has settled, the tree, lights, and decorations have been stored away, and you've resolved to lose those few extra pounds gained over the past couple of months of holiday dinners and parties, it's time to get back to the business of running your business.

Much like personal resolutions and goals, it's a good idea to kick off a new year with a clear vision of what you'd like to accomplish over the next 12 months. Planning an entire year can be overwhelming, so we've put together a handy checklist to help you get started and stay on track.

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Small Business Owner? Save Big on Taxes With Health Care Benefits

Things in the health care benefits arena have changed drastically over the last couple of years with the passage of the Affordable Care Act (ACA). If you're a small business owner, this may or may not affect you and your employees in a big way.

Here's a quick breakdown of the Small Business Health Options (SHOP) rules:

  • Small employers with up to 100 employees will be eligible to participate in the SHOP. However, until 2016, states may limit participation to business with up to 50 full-time equivalent (FTE) employees

  • Small employers must elect to offer, at a minimum, all full-time employees coverage ina qualified health plan through a SHOP

  • Small employers must have its primary office in the Exchange service area and offer all its employees coverage through that SHOP, or offer coverage to each eligible employee through the SHOP servicing the employee’s primary worksite

  • You are required to provide coverage to your employees' children, up to age 26

  • Your employees are required to carry health insurance—either from you, their employer, or through a private policy—or be subject to fines

The fact of the matter is, providing health care for your employees is a costly business expense, but it is also non-negotiable.

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