Medical insurance laws are complex, and now with the Affordable Care Act in play, employers face even greater challenges when it comes to providing benefits for employees.
This year, any employer with over 100 employees is required to provide medical benefits. Next year, in 2016, that law will extend to businesses with over 50 employees. But that’s just the tip of the iceberg when it comes to regulatory requirements.
Understanding and untangling benefits can be frustrating for businesses but that’s where Campbell Petrie can help.
We’ll help you navigate the complex requirements of an ever-changing regulatory environment, so you’ll always be in compliance with current laws. We’ll guide you to the optimal program for your needs and serve as an indispensable resource for your questions, from the minute details of your plan to daily concerns like claims filing.
Many employers have seen a 20-30% increase in their insurance costs over the past few years, but that doesn’t mean you have to resign yourself to high costs. There are creative ways to take advantage of medical products that can maximize benefits and minimize costs to you.
We’ve outlined a few examples here but if you have questions then contact us and set up a consultation so we can show you how easy it can be to build and manage a benefits package for your employees.
Helps flatten costs by allowing employees to contribute a fixed amount to purchase their own insurance. Includes choices to purchase discounted insurance on a pre-tax basis. Great for containing costs to an expected amount.
Shifts your burden away from paying premiums to the carrier. You pay only administrative fees up front and your remaining costs are the claims of employees. Allows you to cap expenses with an individual stop-loss limit. Ideal for companies that promote wellness and healthy lifestyles among employees.
PEO (HR Outsourcing/Employee Leasing)
Pay only administrative fees, which include additional products and services such as payroll, workers compensation and access to benefits. Keeps you in compliance and shifts HR responsibilities off site while giving you the benefit of lower costs by pooling resources with larger companies. Perfect for companies without a central HR department looking to outsource some of the heavy lifting on administrative tasks.
HRA and HSA
In a health reimbursement arrangement, you reimburse employees for part of their deductible. In a health savings account, both you and your employees contribute to an account that can be rolled over from year to year if the funds are not used. Contributions are tax deferred and you only pay a fixed amount each year. Great for controlling costs and allows you to reduce premium by increasing deductibles.
Prescription Benefit Carve Out
Prescriptions make up about a third of your overall medical costs. With a carve out you can separate out prescription benefits and take control of managing costs.