Well Being of
Medium & Small Businesses
Small Businesses Top 5 Benefit Tips for 2013
1) Review new ways to lower costs. With Pre-existing conditions to be eliminated in 2014, brings new underwriting practices small businesses need to be aware of how they will affect them. they include Age band rating to only 3, no health status, only smoker status and demographics can be taken into consideration. With so few parameters, it is pretty certain actuaries will error on the side of higher rates when at all possible.
2) Be Creative. When taking "away" or lowering a benefit, add something new. Something as small as a voluntary program can help curb employee morale and keep it positive (directly linked to productivity).
3) Be in Compliance. The new health care law brings more probability of small and medium sized business to be audited by the Department of Labor. Audits have substantially increase over the past year and mostly in the under 100 employee market.
4) Think Long Term - Think Big. Smaller employers have been enslaved to the insurance carriers for rates and benefit designs. The new health care law will not make that process any easier/flexible. We encourage businesses to include healthcare as part of their over all business plan/strategy. If ignored businesses can plan to be subject to a continuance of double digit increases and struggle to compete for the best employees. Hint: Look at what your larger competitors are doing.
5) Don't settle for status quo. This is the biggest. Small businesses will need more expertise and guidance. More than they have ever have. Look for Benefit Consultants and Advisors, not just an insurance agent. Part of saving money is getting the most value for the dollars you are spending. Find out what you are paying your agent and be sure you are satisified with not only his or her ability to answer the phone, but his or her ability to give you new ideas, customize your benefit and service package to fit your company's needs and work for/with you throughout the year to help lower your costs and liability exposure.
Focusing on the small, medium marketplace, we understand that in order to compete in today’s global economy, company costs are under constant scrutiny, including the cost of insurance and other administrative tasks. As a result, many companies struggle to balance their employee productivity and benefit offering efforts with their bottom line all while trying to navigate around legal and social issues. Helping you meet these divergent objectives is Emery Benefit Solutions, LLC's specialty. Using our advanced technology, consulting expertise and ability to custom design solutions, we are able to help you create a dynamic human capital that will impact your customer experience and bottom line, positively.
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