Here’s a holiday gift you weren’t expecting: a new small business health plan finder that provides accurate, unbiased and free information to employers who are looking for information on health insurance coverage for employees. HealthPocket provides a picture of what health insurance exchanges could look like under the Affordable Care Act, and promises to be constantly updated as new aspects of health care reform are implemented. The site enables employers to assess all plans available in their region, select plan features and likely prices, and find the best way to apply for coverage. Users do not need to register on the site or even provide their name or contact information.
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Posts Tagged ‘employee benefits’
Web.com Small Business Toolkit: HealthPocket (Health Plan Finder)
December 24th, 2012 :: Maria Valdez HaubrichHealth Insurance Costs Rise More Slowly—Is That a Good Thing?
September 25th, 2012 :: Karen AxeltonBy Karen Axelton
When I opened my company’s health insurance premium renewal packet recently, I got a pleasant surprise: Although our small business’s premiums increased, it was at a far lower rate than in years past. Turns out we’re not alone: The Kaiser Family Foundation reports that the cost of employer-provided health insurance increased by about 4 percent compared to last year. By comparison, family coverage costs rose by 9 percent between 2010 and 2011.
The average cost to cover a family of four through employer-provided insurance is now about $16,000, according to the 2012 Employer Health Benefits Survey. The cost of individual insurance coverage through an employer increased by a mere 3 percent, to an average cost of $5,615 per policy.
Despite widespread concerns about the Patient Protection and Affordable Care Act’s effect on employer-provided insurance, the survey found that 61 percent of companies offer health benefits to their workers – the same as last year.
Ironically, workers who earned lower wages had higher deductibles and paid more for their insurance than higher-paid employees. Kaiser found that in where at least 35 percent of workers earn $24,000 or less annually, workers paid an average of $1,000 more in premiums (nearly $5,000 out of the employees’ pockets). By comparison, workplaces where at least 35 percent of workers earn $55,000 annually, workers paid an average of $4,000 for their share of premium costs.
The slower rise in costs is good news for your small business’s budget, but will it last? Experts caution it’s not necessarily a result of the PPACA, but could stem from several factors:
- The general slowdown in the economy has curtailed spending all over.
- Many employees are limiting or avoiding doctor visits or non-urgent surgeries because they can’t afford the out-of-pocket costs.
- Employers are better educating employees about the costs of coverage, whether by shifting more of the premium costs to them, increasing copay and prescription drug costs, or providing more information about options for choosing insurance and providers. Given this information, more consumers have been willing to do things like choosing generic over brand-name drugs.
How are you keeping health insurance costs down at your small business?
Image by Flickr user andres rueda (Creative Commons)
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Financial Planning Perk for Your Employees: Hello Wallet
December 9th, 2011 :: Rieva LesonskyBy Rieva Lesonsky
Do you wish you could offer your employees a raise this year? Wouldn’t it be nice to give them a 401(k) plan? Well, even if you can’t afford to offer either of those options, you can still help your employees financially with HelloWallet.
HelloWallet is an entrepreneurial company whose goal is to help workers create wealth by giving everyone access to unbiased, high-quality financial advice. Founder Matt Fellowes developed the idea knowing that currently, just 20 percent of Americans have access to financial planning services, which are expensive and often perceived as intimidating. To change all that, Fellowes developed a technology-based model that partners with industry experts to offer individualized financial advice.
Why should you care if your employees’ finances improve? Well, studies have shown that when employees worry about their personal finances, they are more distracted (and less productive) at work. And the financial planning and budgeting advice that HelloWallet offers can help your employees use their money more effectively, so even if they didn’t get a raise this year, it feels like they did.
Of course, if your business does offer a 401(k) plan to employees, you can still offer HelloWallet as a benefit. HelloWallet works with companies of all sizes, from small businesses to Fortune 500 companies. And if you’re a one-person business or sole proprietor? No problem: An individual account option is available for just $8.95 a month.
While the average employee benefit gets 5 percent of employees to adopt it in the first year, HelloWallet’s average adoption rate is 25 percent—with much of that occurring in the first few hours after the benefit is offered. Employers receive reports showing how many of their employees are using HelloWallet and how effective the program is in helping them achieve financial goals. However, employees can rest assured that all the info they put into the program is secure and anonymous—no one at HelloWallet or the employer has access to their personal data.
In late November HelloWallet launched an iPhone app that lets users keep up to date on their budgets wherever they are. One neat feature uses GPS so users who are out shopping can “check in” their location, then be notified of how much is left in their budget for whatever store they’re shopping at. For instance, at a clothing store, they’d get notified how much is in their monthly clothing budget; at a restaurant, they’d see how much is in their “dining out” budget. An Android HelloWallet app will be available in the first quarter of 2012.
If you’d like to learn more, visit the HelloWallet website and see the For Employers section.
Image by Flickr user Photosteve 101 (Creative Commons)
Google+Employee Benefits Still Matter
October 27th, 2010 :: Rieva LesonskyBy Rieva Lesonsky
In today’s challenging economy, you might think that employees would be grateful to have a job—any job. But a new survey from the Financial Services Roundtable and Employee Benefit Research Institute reports that benefits are an important factor in job satisfaction for employees at all salary levels.
Over half (52 percent) of employees value their benefits as a way to “protect their financial well-being”. What benefits are valued most? When asked to rate (on a scale of 1 to 5) different benefits in terms of providing financial protection, 85 percent rated health insurance a 5. Sixty-nine percent also rated retirement plans a 5, but that number increased to 80 percent as workers’ ages and incomes rose.
Interestingly, some other benefits were valued more highly by lower-income employees. While 48 percent rated life insurance a 5, that increased to 67 percent among workers making less than $35,000. Although less than half (39 percent) of workers rated long-term disability a 5; that rose to 52 percent among workers making less than $35,000. And while 35 percent rated short-term disability a 5, the number rose to 45 percent among workers making less than $35,000.
The power of benefits is evident in these results:
- 36 percent of employees have taken a job because of the benefits and insurance an employer offered;
- 40 percent have stayed in a job because of the benefits and insurance offered;
- 10 percent have left a job because of the benefits and insurance their employers offered.
I often hear entrepreneurs say they can’t afford to offer benefits, but the reality is, you can’t afford not to. As a small business, there are many more options for providing benefits for your employees than ever before—whether it’s 401(k) plans (which can now be offered by even the smallest companies) or work-life benefits such as flextime or work at home policies. Benefits don’t have to cost a lot—and as this survey shows, they bring you a lot of loyalty in return.
Image by Flickr user Andrew Magill (Creative Commons)
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