In order to attract and retain quality employees, providing a good medical insurance package is crucial. Healthcare has been increasing in cost for years now—in fact it’s more expensive than ever before! Offering your staff relief from this expense will allow them to focus on their work without worries of how they’re going to provide health care coverage for themselves or the families that depend upon them. While not all employers are required by law to offer an employee healthcare plan, offering one can be advantageous both for your business, as well as those who need assistance while maintaining productivity at work.
When you’re looking for the perfect employee benefits to offer your company, it can be hard to make a decision. Enter EASI, an outsourcing health insurance company in Florida that specializes in all things HR and health insurance! We have a wide range of services that will benefit your company, from employee benefits consulting, health insurance consultation services, to outsourcing HR functions. We help companies like yours find out what type of group health plan is best for you by offering sound advice and strategies, or managing health insurance administration completely for you. Whether you choose our medical insurance consulting service or having us manage everything from start-to-finish, come see why Florida businesses love us so much. Our team provides exceptional service with tailor-made solutions no matter what industry or size business we are working with!
Group insurance plans, as health insurance for employees are called, provide medical coverage to all of your workers. The monthly premiums you’ll pay depend on how many people you’re covering with a policy and the ages of those covered by it, as well as your location. Group medical policies come in different varieties but some of the more common ones are:
Preferred Provider Organization (PPO): As the most common group medical insurance plan, PPOs are popular because they offer more choice. Patients can see a specialist without a referral and the plan will partially pay for the services of out-of-network doctors. PPOs are usually more expensive than HMOs due to the higher level of choice and flexibility in providers.
Exclusive Provider Organization (EPO): EPO policies typically only pay for services from a select list of providers, making them a less-used and more restrictive group health care plan.
Health Maintenance Organization (HMO): In this type of medical insurance plan, patients choose a primary care physician to provide all medical services, from within a network of doctors. To be able to see a specialist, the primary care doctor will have to provide a referral for a specialist within the network. Patients will have to pay out-of-pocket for any services by out-of-network doctors. HMO costs are usually less than PPOs and HMO premiums are fixed and determined per employee.
Point of Service (POS): POS plans are most similar to HMO plans, with the main difference being that a POS will cover some particular out-of-network services.
Besides being a legal obligation for many businesses, health insurance policies are important for employees and employers alike. A good employee benefit package can help a company grow and expand in many ways from attracting better talent to improving productivity, morale, or through tax savings.
Florida Health Insurance Policies Help Attract and Retain Employees
If you want a thriving company, offer quality health coverage. If your company is successful in attracting and retaining talent by offering well-rounded benefits like healthcare or retirement plans, then it will be able to maintain a solid workforce with less turnover time and money spent on training new employees. Quality of work life improves when employee needs are met that allow for success at both personal and professional levels.
Medical Benefits Increase Employee Satisfaction and Productivity
All employees know that the feeling of safety is in short supply these days. It’s nice to have a little more healthcare security, especially when it comes with an affordable price tag – and not just for you! Health insurance can be invaluable financially and physically for your company and employees. Having peace-of-mind knowing that family will be taken care of means employees won’t sacrifice productivity or work hours on stress about health care coverage. You’ll see an increase in employee satisfaction and productivity at the workplace thanks to effective health coverage plans!
Tax Benefits for Florida Employers Offering Medical Insurance
While it may seem like an added expense, offering group health insurance to your employees can reap great benefits for you and them. With tax-exempt premiums on the employer’s side, as well as tax deductions on employee premiums, employers have found that businesses will actually flourish when providing coverage. Reduce payroll taxes with a “cafeteria plan” or Section 125 premium only plan where health premiums are paid pre-tax. Or, take advantage of a small business health care tax credit for up to half of your employee group health premium payments. In any chase, when you offer medical insurance for employees, you’ll be rewarded in tax savings.
EASI is a leading provider of employee benefits in Florida, from planning to implementation and management. EASI has been handling all aspects of HR for years, and we’re here to provide sound advice and consulting on group medical plans so that you can move forward confidently! Major healthcare coverage for businesses is a key component in our package, vital for the long-term health of your company!
As your EASI Florida group health insurance consultant, we help you make the best decisions for both employers and employees. We provide hands-on guidance through a process that requires many factors to be taken into consideration when it comes to employee benefits such as rules of offering health care coverage, costs of health insurance for employees, benefits of providing health insurance for employees, and employer health insurance requirements. It’s your business. So why should you be tapped out with the details of employee benefits? Let EASI handle it all for you – call or click today to learn more!
