<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=905697862838810&amp;ev=PageView&amp;noscript=1">

BusinessHub

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

 

The Evolving Health Insurance Marketplace

2017 was an interesting year for the health insurance marketplace to say the least. Insurers dealing with the continuing financial impacts of the Affordable Care Act (ACA) found themselves positioned as either the hunter or the hunted in the new game of health care mergers and acquisitions. Indeed, some industry heavyweights formed new alliances aimed at strengthening their bottom line while diversifying outside the traditional health care delivery system. Others found more effective and efficient ways to operate via their merger activities.

Read More

Your 4-Step Guide to Open Enrollment

It's that time of the year again, open enrollment. Make sure your employees understand the ins-and-outs of the open enrollment process. Check out our latest blog that can help guide you through the maze of open enrollment and ensuring your employees take advantage of all the benefits you offer.

Read More

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.

Read More

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.

Read More

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?

Read More

Grandfathered Health Plans Now on Life Support

The Affordable Care Act (ACA) allowed certain health plans to remain intact following implementation of the Act on March 2010 provided they have not had specific plan changes made since that time. Since these plans existed before the Act was signed into law, they are not required to comply with some of the ACA provisions. However, if certain changes were made to the plans at any time between 2010 and now, the plans would have to immediately comply with additional ACA requirements.

Read More

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.

Read More

Why It's Crucial to Have a Business Transition Plan

In 2016, the American Institute of CPAs (AICPA) published a survey conducted by the Private Companies Practice Section (PCPS) and Succession Institute LLC. In the report, the PCPS states that less than 10% of sole proprietors and only half of multi-owner firms have a business transition plan in place. Whether you feel ready or not a business transition plan can safeguard your business and give you the power to create a smooth path for your successors. The more thorough your plan, the better.

Read More

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.

Read More

Why You Should Offer an Employee Assistance Program (EAP)

May 2017 marked the 68th anniversary for the observance of Mental Health Month, opening the discussion for why companies should consider offering an Employee Assistance Program (EAP). An EAP provides free and confidential assessments, counseling, referrals, and follow-up services to employees that experience personal and/or work-related problems. Each year, more than 40 million Americans experience mental health conditions, including depression, anxiety, stress, bipolar disorder, post-traumatic stress, and substance abuse, and an EAP is an additional tool you can have in your toolbox to keep your employees healthy in both body and mind. EAPs also help businesses address organizational components that may be contributing to a negative work environment, so they're able to resolve and prevent those types of issues from occuring.

Read More