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BusinessHub

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

 

Recent Posts

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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Explaining Out-of-Pocket Health Care Costs to Your Employees

As an employer, of course you want your employees to take advantage of and appreciate the value of the benefits your company provides and pays for. However, it can be difficult to appreciate things we don't fully understand. Health insurance is usually one of the most involved and confusing benefits topics to explain. Given the significant expense of providing employees with health coverage, it's in your company's best interest to help employees understand the value of their health benefits.

To help employees understand health insurance and what costs they should expect, first you must know the information yourself! Here is a primer on the out-of-pocket health care costs your employees can expect, regardless of their specific health insurance plan.

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Pres. Trump and the ACA: What Businesses Need to Know

President Trump has been working to possibly repeal and replace The Affordable Care Act (ACA) also known as Obama Care since he was sworn into office in January 2017. His goal to repeal and replace The ACA that insures more than 20 million citizens continues to be top of mind for the Trump administration. But, what does this mean to business owners and when will it happen?

Here are the top 4 things businesses need to know.

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Financially Protect Your Employees By Offering Voluntary Insurance

Providing health care coverage to eligible employees is a requirement for many employers under the Affordable Care Act. The intricacies (and expense) of complying with the requirements can be complex, but of course, the non-monetary advantages of providing your employees with health benefits—a happier, healthier workforce, higher productivity, more competitive recruiting—can make the time and energy spent by your benefits team well worth the effort. 

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The 3 Must-Know Employee Benefits Trends of 2016 (Thus Far)

With the first half of 2016 under our belt, more and more employers are looking ahead to the beginning of 2017 and the possible changes they will have to make to their group employee benefits plan. Likewise, since it is an election year, the uncertainty (and dare I say it, anxiety) is great.

The four trends I'll discuss today are areas that are driven largely by changes related to employee's response to social demands in the workforce and the ever-increasing cost of health care delivery. Being aware of and prepared to address these industry trends can help your organization plan for a successful second half of 2016, as well as a productive 2017.

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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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