On February 21st, Nora Ellis, owner of Be Employer Solutions, shared information on the basics of employee benefits for small business owners and entrepreneurs!
Nora shared that customization and tailoring are key when discussing employee benefits, there is no one-size-fits-all approach. She provided data that suggested 78% of employees are more likely to stay with their employer because of their benefits program. As well as, 72% of employees say a better benefits program will increase their happiness. Customer satisfaction and employee satisfaction are intrinsically linked; the more pleasant the workplace, the more likely your customers are to return.
The following are some of the points she covered in her presentation.
Group Medical …. Things to consider
Group: Fully Insured vs Level Funded (LF)
Individual: Marketplace vs Individual Coverage Health Reimbursement Arrangement (ICHRA)
Hybrid: Individual (SB), Concierge/Telemedicine, MEC/Plus
- Attracts & retains higher quality employees
- No underwriting/all health accepted
- Protects employees from catastrophic costs
- Helps employees stay well = More Productive
- Tax-deductible expense - Reduces payroll taxes
- Expensive, somewhat volatile expense
- Administrative burdens
- Compliance burden
Top 5 reasons to consider Telemedicine:
- Low cost $10-15 PEPM
- Can be Employer or Employee paid
- Medical and Mental Health Services
- Reduces ER and Urgent care visits
- Can be used for the whole family
Nora explains how Tex Health is free money for employees and has very few qualifications:
- <50 Employees
- <$58,400 Annual income
- ⅓ Employee portion of premium up to $110 a month
Group/Employer Paid STD/LTD/Life:
- Guaranteed Issue (No Pre-Ex depending on size)
- 5 Employee Minimum
- High value to employees - Ind not accessible/affordable
- Provides income protection - Out of the lending business
- Not portable
Nora stated 1 in 3 working Americans will become disabled for 90 days or more before the age of 65.
What is Voluntary Beneﬁts?
Voluntary benefits are perks employees may choose to accept or reject. Nora says 80% of all employers recognize voluntary benefits and services as an important part of their employee value proposition.
- Employee or Employer paid
- Use with higher deductible plans
- Start or Enhance Beneﬁt plan
- Tax Savings
- Provide employee peace of mind
- Allows employees to customize
Your employees are depending on you!
- 72% of employees feel benefits are complicated and stressful
- 41% say improved benefits package would make them less likely to leave
- 53% of employees font fully understand their benefits
Employee benefits education is crucial for onboarding, do not assume they already know. Before investing their money in each paycheck, employees should be educated about this process.
Benefits education and Support = ROI in your investments in benefits
- Provide new hires and annual one-on-one meetings for employees to ask questions and get guidance
- Make sure employees know who to call for questions, cards, or claim issues
- Have printed and digital pre-enrollment communications that live all year
- Provide real-time support for employees
- Provide employees a summary at enrollment of what they signed up for and the eﬀect on their paycheck
Nora concluded her presentation by promoting the new Be Employer Solutions benefit registration app called Gathr! Benefits of Gathr include:
- No cost
- Benefits Enrollment
- Benefits Administration
- Hiring & Onboarding
- Employee Records
- Feedback & Performance
- Time & Attendance
- Flexible Payroll Solutions
We're so thankful for Nora sharing her expertise! Check out her LINC partner page!
If you didn't get a chance to attend the workshop, click here to download the presentation.