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.
Rely on Experts: Work with an insurance agent to understand and compare different health insurance plans such as Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), or High-Deductible Health Plan (HDHP). 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 Composite Rating: 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. This approach simplifies the premium-setting process for group health insurance, making it easier for employers to manage and predict costs.
Employer Toolkits: Once you choose the plan(s) you’ll be offering your employees, utilize the Open Enrollment Toolkit and Employee Education Resources provided by BCBSM to communicate with your employees how they can save money on health care through the coverage options available through your sponsored plan(s) and how they can take advantage of available resources to get and stay healthy.
Premium Sharing, Flexible Spending, and Health Savings Accounts: With a Premium-Only Plan, your employees can share in the cost of their monthly premium with pre-taxed dollars through their payroll. A Flexible Spending Account (FSA) allows employees to set aside a portion of their salary through pre-tax payroll deductions to pay for medical, dental, or vision care expenses. 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.
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.
Implement Wellness Programs: Encourage healthy lifestyles and preventive care among employees. A Wellness Program can lead to healthier employees and potentially lower healthcare costs over time.
Through continuous innovation, Blue Cross® Blue Shield® of Michigan and Blue Care Network improves the quality and value of health care. Small business employees enjoy smarter, better personalized medical, dental and vision coverage that addresses health disparities and strengthens communities across the country.
When your coverage is sponsored by SBAM, you gain access to our Member Care Team for help with new business paperwork, enrollment changes, and billing questions.
Request your quote to learn more. If you’re already working with agent, we will coordinate with them to find a plan that fits your needs!
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 is available for sole props and groups with up to 99 employees. Our pooled policy has exclusive rates and flexible eligibility requirements available only to SBAM members.
When your coverage is sponsored by SBAM, you gain access to our Member Care Team for help with enrollment, additions and deletions, billing questions, and claims.
Request your quote to learn more. 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 BCBSM and BCN plans. 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 Flexible Spending Account, Health Savings Account, or Health Reimbursement Account administration, both you and your employees save through tax-preferred methods.
Our Member Care Team handles your company’s insurance enrollment changes, billing questions, new business paperwork, and Dearborn claims through the SBAM Service Portal. Our system includes smart automations with real-time updates to help to get things done faster. Our unique consolidated invoice includes your monthly insurance premiums, FSA, HSA and HRA administration, and COBRA administration.
Our Member Care Team 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. The cost for members enrolled in an SBAM-sponsored BCBSM or BCN plan is only $35 per month. However, we can administer COBRA for your company regardless of which carrier you have.
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 SBAM 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.
Health and wellness programs are paramount in ensuring your employees’ well-being and happiness which leads to increased productivity and a thriving workplace culture. Our program offers a holistic approach to wellness with challenges that not only include eating habits and exercise but also focus on improving your mental health with meditation, reading books, and family games.
Provide a structured approach to managing employee relations and expectations. Create a customized handbook for you to use as a foundational tool for fostering a positive, productive, and legally compliant work environment. Our partner, American Society of Employers, will ensure your handbook contains all necessary and updated legal notices and disclaimers in reader-friendly language.
The SBAM PEP is cost effective and outsources administration and liability to reduce your fiduciary risk. Start up plans may be eligible for up to $5,000 tax credit to cover the TAG annual administrative fee (for 3 years). There is an additional $500 annual credit for three years when a business establishes a retirement plan with automatic enrollment.