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If you’re a small business owner, one of the most important considerations that you have to make will deal with the type of insurance that you offer to your employees. Not only will there be situations where you cannot or should not offer coverage, but it’s also important to keep in mind that you cannot reimburse for individual health plans. There are a number of different types of business insurance that are available for you to choose from depending on your needs.

Business Health Insurance Don’t: The “One Size Fits All” Plan

No two employees are created equally – this is never more true than it is when you begin to take their health into consideration. Each employee (and their respective family members) will have their own unique considerations, which is why it is important to NOT opt for a “one size fits all” plan from your provider. Instead, engage your employees and take their feedback into consideration. Try to find a plan that you can custom design to fit the needs of the group, instead of trying to force the needs of the group to work within the confines of the plan that you’ve selected after the fact.

Health Savings Accounts

One type of business insurance that has become increasingly popular over the last two decades is the health savings account, or HSA. For individuals who are enrolled in an HDHP, or “high deductible health plan,” they can open a medical savings account with a number of tax advantages that they wouldn’t get from other types of plans. Deposits into the account can be made by either the employee in question or by the employer and can be made on a pre-tax basis. The money in the account is then to be used to pay for things like medical bills and other unforeseen expenses related to their health. One of the primary advantages is that the money continues to roll over each year and does not “expire” in the event that it goes unused for any specific period of time.

If you run a small business with two to 20 employees and are looking for the best and most cost effective business insurance plans around, please call Bernardini & Donovan Insurance Services today for more information. We’ll help cut through all of the confusion and unnecessary information so that you can have the peace of mind that comes with knowing that your employees are well protected in the event that something unfortunate should unexpectedly happen.

When the first of next year (2016) rolls around, your business could be in hot water if you don’t offer health coverage to your employees. If you have 49 or fewer workers, you’re in the clear, but for all of you with 50 or more workers, health coverage will be mandated, and if you fail to provide it, you’ll have to pay a penalty. As expected, the growing demand for specialty drugs and specialty pharmacies are making health care rates rise on a yearly basis, and in 2016, there could be double digit increases in premiums. Still yet, though, with 50 or more employees, you must offer them coverage.  Here’s a close look at the top reasons you need to provide your workers with health insurance.

It’s the Law

As stated above, in 2016, it will be required by law that you offer health coverage to all full-time employees. For each worker that you don’t provide coverage for, you’ll pay an individual penalty, which quickly adds up the more employees that you have. However, for employers with 50 or more employees the first 30 are exempted from the penalty.

You can Attract Top Talent

By offering your workers health coverage, you’re more likely to recruit some of today’s best employees. They can boost your company’s success, and because you offer insurance, they are more likely to stay with your company for many years.

Major Tax Advantages

All premiums that you pay for workers are completely tax deductible; this allows you to provide your workers with a great benefits package that costs less money out of your pocket than what the package is valued at. With an incorporated business, your employee’s insurance premiums can be deducted pre-tax, as well.

Enhances Productivity

When your employees don’t receive the proper healthcare that they need, you’ll notice an increase in absenteeism and lower levels of productivity. With health insurance, however, the well being of your employees will be enhanced as well as their productivity levels.

Are You Providing Coverage to Your Workers?

Whether you employ two workers or 2,000, there are many benefits to be gained from providing them health coverage. And while you’ve probably been scrambling around this past year to get coverage set up, you may be behind on deploying the new insurance offerings. Fortunately, though, here at Bernardini & Donovan, we specialize in employer-provided health insurance plans. We can answer any questions you may have about various coverage plans, and more importantly, we can make sure that your company is in full compliance with the law come January 1, 2016.

Modern employees are extremely savvy about the bonuses that come with a job. Gone are the days when salary used to be the major competing factor in attracting new talent —  now everything is about healthcare, child care, continued education, retirement accounts and other related perks. This is a great thing for both employees and employers. For employees, they can acquire more value than they could in a straight cash salary. For employers, companies can take advantage of a variety of tax incentives and breaks to provide these bonuses and to remain competitive.

Vision, Dental and Prescription Services

Though they may be optional, offering vision, dental and prescription services isn’t expensive and will go a long way towards showing employees that your business is concerned with their health. There’s also another benefit — providing vision, dental and prescription service makes it less likely that employees will go without care, damaging both their own health and their productivity. Mental health services and substance abuse services offer similar benefits.

Flexible Spending Accounts

Both health care flexible spending accounts and dependent care flexible spending accounts are extremely important perks for modern businesses. Employees will be able to set aside money in a tax-advantaged account, much like an IRA, to be used on both their own medical expenses and their child’s or other dependents. Many executive employees and other financially savvy employees specifically look for the flexible spending account option, as it makes more sense to them and will result in more money being acquired by them overall, as they can save tax-advantaged funds towards their medical costs.

Employee Health Programs

In addition to health insurance, employers can create health programs that promote health to their employees. Many employees specifically look for these programs when they are learning about a job opportunity. Employee health programs can include everything from healthy provided snacks to an on-site gym, depending on your company’s budget.

Employers can look to their health insurance agency to find out more about what they can do to attract the best up-and-coming talent to their business. Having solid, comprehensive health care options are not.