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The Flevy Blog covers Business Strategies, Business Theories, & Business Stories.
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Editor's Note: Take a look at our featured best practice, Fiaccabrino Selection Process (44-slide PowerPoint presentation). The Fiaccabrino Selection Process is a powerful methodology for interviewing and screening the best people for your organization. The objective is to select those people who will be the highest performers with the lowest turnover. (Whereas the methodology was originally developed for a sales [read more]
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If you are an employer, it can be challenging to know what healthcare benefits you should provide your employees. To help make things a little clearer, check out the following insightful overview.
Before looking at the healthcare benefits you should cover for your employees, you first need to know about the type of health insurance plans that are available. Plans for employees are commonly known as group insurance plans. They are typically paid on a monthly basis. The premiums are based on specifics like your location, the number of employees you cover, and the ages of those employees. The most common healthcare insurance plans for employees are:
While you may be tempted to go with the cheapest type of plan, you should avoid doing so before you look into the specific details and compare each option. Filtering through insurance policies can take up a lot of time, though. However, you can save time by using the Policy Scout website to filter policies according to your needs.
Under the 2010 Affordable Care Act, if you employ over fifty employees, you are lawfully required to provide health insurance to your workers. If you have under fifty employees, you need to make the decision as to whether to offer healthcare benefits to your employees or not. It is highly recommended that you do provide benefits if you have under fifty employees. Not only will it benefit your workers. It will also enable you to attract and retain the best talent. Furthermore, the government provides various incentives to make it easier.
The exact nature of the healthcare insurance policy you get can determine the precise benefits available to your employees. Here are some of the primary benefits that are covered by healthcare plans:
You could place minimum and maximum age limits on healthcare plan eligibility so you can keep costs down. The decision should be based on your personal business circumstances and the exact nature of the insurance policy you decide on. While there is no law with regards to minimum and maximum ages, many employers choose a minimum age of 18 for employee coverage. Coming up with a maximum age is a little trickier, as you do not want to cause age discrimination. However, a general rule of thumb, if you do decide to impose a maximum age limit, is to provide healthcare benefits to employees up to the age of 65.
You can download in-depth presentations on Human Resources and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.
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These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.
