As a small business, it’s crucial to offer an attractive employee benefits package to hire and retain valuable, talented employees.
However, we’re aware that providing health insurance for employees can be a significant expense for you. SBAM is continuously searching for options to help you manage and afford these costs. Please see below for some of the strategies and solutions that we offer our members.
By exploring these strategies, small business employers can find ways to offer health insurance to their employees without overwhelming their budget. It’s important to continually assess and adjust your approach to health insurance as your business and the healthcare market evolve. We’re here to help! We can connect you with a licensed agent who will review your budget and find an employee benefits package to fit your needs.
Compare Plans: Work with an insurance agent to compare different health insurance plans. Look at the premiums, out-of-pocket costs, network providers, and covered services. Adjusting plan designs, such as increasing copayments for specialist visits or adding prescription drug tiers, can help control costs.
Consider Different Types of Plans: Evaluate whether a Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), or High-Deductible Health Plan (HDHP) best fits your needs.
HSA Benefits: If you opt for a High-Deductible Health Plan (HDHP), your employees can contribute to a Health Savings Account (HSA). Contributions are tax-deductible, and withdrawals for qualified medical expenses are tax-free.
Qualified Small Employer HRA (QSEHRA): Small businesses can reimburse employees for medical expenses, including individual health insurance premiums, tax-free. This is a good option if providing traditional group health insurance is too expensive.
Premium Sharing: With a Premium-Only Plan, your employees can share in the cost of their monthly premium with pre-taxed dollars through their payroll.
Preventive Care: Most health plans cover preventive services at no additional cost. Utilize these services to catch potential health issues early and avoid more costly treatments later.
Virtual Visits: Many health plans now cover telemedicine, which can be more cost-effective than in-person visits for minor health issues. This can reduce your overall medical expenses, indirectly affecting your premium costs.
Employee Education: Provide resources and education to help employees understand their options and choose the most cost-effective plan for their circumstances.
Implement Wellness Programs: Encourage healthy lifestyles and preventive care among employees. Wellness programs can lead to healthier employees and potentially lower healthcare costs over time.
Group life and disability insurance from Dearborn Life Insurance Company, which are offered as Group Specialty Benefits in cooperation with Blue Cross Blue Shield of Michigan. When your Dearborn coverage is sponsored by SBAM, you gain access to our Member Care Team for help with enrollment, additions and deletions, and claims.
Request your quote to learn more, or view program brochures and enrollment forms.
If you’re already working with agent, we will coordinate with them to find a plan that fits your needs!
SBAM finds solutions that are specifically tailored to the unique constraints and opportunities small businesses face. Check out these programs and services that help you build and manage a robust employee benefit package for your employees. We’re to help you! Contact us at membercare@sbam.org or (877) 949-7226 today.
SBAM offers a composite rate option for our members enrolled in our sponsored health plan. Instead of assigning individual rates to each member of a group based on their age, gender, and other factors, a composite rate provides a single premium rate for all members of the group, offering a fair and equitable opportunity for all employees.
With the cost of health insurance continuing to rise, most employers ask their employees to share in the cost of health insurance through premium sharing, deductibles and co-insurance. With SBAM’s FSA, HSA or HRA administration, both you and your employees save through tax-preferred methods.
SBAM handles all of the billing and enrollment for your sponsored insurance coverage through our internal Member Care Team here in our Lansing office. You receive one consolidated invoice for your monthly SBAM insurance services including health premiums, life and disability premiums, FSA, HSA and HRA administration, and COBRA administration.
Your personal COBRA Coordinator sends all necessary letters and notifications, provides a monthly activity report and online access to your account, and collects premium payments from the COBRA-enrolled beneficiaries – all for only $35 per month.
Turn to our online Ask An Expert for answers to all your HR and legal questions. Our trusted partners can be relied on for accurate, timely information. Don’t go it alone. Join as a Premium or higher member and get access to the information you need to figure out the most complex situations that arise in your small business.
Investing in your employees might be the smartest thing you can do to increase both productivity and job satisfaction. As Michigan moves toward new industries and knowledge-driven jobs, higher education and better training will become a necessity for your employees to reach their full potential and your small business to succeed.