Does it seem like all you hear about these days is people complaining about their health insurance. I’ve even heard people who have good health insurance complaining about it. I guess they just wanted to fit in. This doesn’t mean there aren’t good reasons for healthcare worries. It is true that there are a lot of businesses dealing with large-scale increases. Most small businesses simply don’t have the time to take care of their own healthcare reimbursement plans or (HRPs). There is also the issue of employees who work remotely not being able to partake in their company‘s group health plan.
It’s time to stop complaining, stop the healthcare worrying and start taking action, because if you think there is no way to solve these problems, you are mistaken. I can tell you about some health insurance horror stories and how they all found a solution.
People Are Seeing Their Group Health Insurance Go Up By Double Digits
Krissy was not exactly happy and you might say completely shocked after she learned that her company‘s group health insurance rates would increase by double digits in 2017. Krissy had anxiety about the whole thing, but she was very nervous she might lose some employees if she had to discontinue coverage. Her thought was that she was going to have to put the financial burden on the employees themselves or decrease the quality of coverage.
The lesson learned from this experience is that group health insurance can come with a high cost, at the same time if you have an HRP you receive more consistency in expenses. This will usually make your employees happier because they are getting to make a choice. When they have an individual health insurance policy, they can choose one that fits their needs and if they have a family, this can be a big deal. With an HRP they still receive financial support from their employer.
Employees Who Work Remotely Cannot Participate in Group Health Coverage
Scott is a business owner, he would be considered a small business owner by most standards. Scott has several employees who work remotely. He already struggles with the almost impossible task of finding a good health plan for his employees that come to the office every day. When Scott looked into finding a health insurance plan that covered his remote workers, he quickly realized it was nearly impossible. Scott is upset and is certain that his workers who work remotely will start looking for other jobs if he cannot accommodate them.
The lesson learned in this situation is that healthcare reimbursement is a nice solution to this situation. Scott needs to allow his employees to choose the correct policy that will meet their needs and that also will fit into their budget. When you provide employees with a healthcare reimbursement plan, it helps your employees cover their premiums through a tax-free benefit.
As A Small Business Owner, You Do Not Have An HR Department
Kelly fits perfectly into that category. She owns a small business and does not have anyone that works HR for her. Her plan is to give his employees a raise which will cover the cost of their individual health insurance policies in 2017. Kelly’s ultimate goal is to provide real healthcare benefits. She wants to do this because she feels it will make her business more attractive and she can hire better employees. As of right now, she doesn’t have the time or money to even begin to think about managing a benefits plan.
If there is anything you can learn from this situation, it’s probably something you have learned from the previous 2 scenarios. A health care reimbursement plan leaves the heavy lifting or the hassle of the actual benefits administration up to the software. This gives you more time to do what you need to do, focus on your business. When you give your employees a tax-free benefit, you are basically providing them with a benefit better than cash money.
How Should Your Healthcare Worries Play Into Your Decision As A Small Business Owner
Making the decision about what health benefits you should offer your employees is frustrating and can be a very tough decision. This is even truer for small businesses or even bigger companies that don’t have an HR staff.
If your company chooses a healthcare reimbursement which is managed by benefits software that takes the burden off of you as the business owner. You will not have someone else to take care of the complicated task of managing your healthcare reimbursement plan. You are killing two birds with one stone because you are providing a benefit to your employees that they will appreciate. At the same time, you are freeing up time for you to manage your company.