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As a business owner, your team’s well-being directly impacts the success of your business. Providing quality health benefits is more than just an added perk; it’s an investment in your workforce’s happiness, health, and productivity. But with so many options on the table, shopping for health insurance can feel overwhelming.
In this guide we will walk you through 10 questions you should ask when shopping for health benefits to ensure the coverage is a good fit for your team. By addressing these key considerations, you can make informed decisions that benefit your workforce and your business in the long run.
1. What Health Insurance Plans Are Available?
Start by exploring the range of health plans on the market. Look for coverage options that include medical, dental, vision, and mental health services. Assess whether the plans align with your team’s unique needs. If you’re unsure, ask your employees for input—a quick survey can provide valuable insights into their priorities.
2. How Much Will It Cost?
Understanding costs is crucial. Analyze the premium contributions, deductibles, co-pays, and out-of-pocket expenses for each plan. Strive to find a balance between affordability for your business and value for your employees. Clear communication about cost-sharing arrangements will also help set expectations for your team. Don’t just read the benefits summary, get on the phone with your recommended health insurance expert. They will be able to guide you to coverage best fit for your team..
3. Are Flexible Plan Options Available?
Not all employees have the same needs. Some may require family coverage, while others prefer individual plans. Offering flexibility can significantly improve employee satisfaction and participation rates. Look for providers that allow you to customize options based on the diverse requirements of your workforce. Doing so can mean the difference between employees enrolling or waiving coverage.
4. What Is the Provider Network Like?
The quality of a health plan often depends on its network. Ensure the plans you’re considering include a wide range of doctors, specialists, and hospitals. Accessibility to reputable providers gives your team peace of mind and ensures they can receive the care they need without hassle. Ask your plan provider or benefits guide for a provider look-up, or coverage map and allow your team to review their current and prospective doctors within the new plan network.
5. Are Wellness Programs Included?
Wellness programs are a great way to support your team’s overall health and potentially lower healthcare costs. Look for plans that include initiatives like fitness challenges, stress management workshops, and nutrition counseling. These programs promote healthy habits and can enhance employee engagement.
6. How Is Prescription Medication Covered?
With nearly 65% of U.S. adults taking at least one prescription medication daily, comprehensive prescription coverage is a must. Investigate how the plan handles different types of medications, including generic and brand-name drugs. Clear details about copays and coverage levels will help employees feel confident in their benefits. Ask to see full lists of coverage tiers and access to a digital look-up, provide this to your team so they can research privately before making their decision on the benefits offering.
7. Are Retirement and Savings Plans Available?
While health insurance is a priority, don’t overlook other benefits like retirement savings plans. Options such as 401(k)s or Roth IRAs contribute to your team’s financial security and long-term job satisfaction. Including these benefits in your offerings can set you apart as a top-tier employer.
8. How Is Coverage Administered?
Smooth administration is key to a successful benefits program. Ask about the enrollment process, whether an online portal is available, and how claims are managed. The easier it is for employees to navigate their benefits, the more likely they are to use them effectively. Don’t forget about ongoing billing, be sure you get clear answers on who is responsible for this reporting.
9. Is Employee Support Available?
Health insurance can be complicated, and your team may have questions or concerns. A dedicated support system, such as a hotline or knowledgeable representatives, can help employees understand their coverage and resolve issues quickly.
10. What Are the Enrollment Periods?
Deadlines matter when it comes to health insurance enrollment. Make sure you’re aware of the enrollment periods and communicate them clearly to your team. Providing ample time and resources for decision-making ensures everyone has the opportunity to choose the plan that works best for them.
Final Thoughts: A Well-Cared-For Team Is a Productive Team
Navigating health insurance decisions for your workforce may seem daunting, but asking the right questions can simplify the process. By focusing on affordability, flexibility, and comprehensive coverage, you’ll create a benefits package that supports your team’s well-being and strengthens your business.
At Meridio, we manage health benefits for your team. Ready to learn more? Click here to explore Meridio’s Everyday Health Benefits.
As technology rapidly evolves in 2025, U.S.-based business owners are stepping up their game to minimize contractor turnover. One of the most impactful ways to retain top-tier talent is by offering comprehensive healthcare benefits. With the gig economy continuing to grow, access to affordable healthcare is no longer a perk—it’s a necessity. Looking back at 2024 and ahead to 2025, small businesses face unique challenges in standing out from competitors while holding onto quality contractors.
The 2024 Workforce Transformation
Last year was a pivotal moment for contractor and contingent workforce benefits, with major shifts in how businesses approached healthcare. As remote and hybrid work models became the norm, business owners had to rethink their strategies to accommodate the increasing demand for flexible benefits.
According to the Society for Human Resource Management (SHRM), 62% of companies expanded their benefits offerings for contingent workers in 2024, recognizing the competitive advantage that comprehensive healthcare provides.
Another key shift was the rising emphasis on holistic wellness. There was a notable increase in out-of-network claims from holistic health practitioners, signaling that workers are looking for more than just basic coverage. Reviewing your benefits package regularly and keeping contractors informed of new offerings can make a significant impact on retention and satisfaction.
By the end of 2024, it became clear that contractors want flexible, personalized benefits that adapt to their changing needs. Providing healthcare options that move with them could mean the difference between a long-term partnership and frequent turnover.
Why Health Benefits Matter More Than Ever
The numbers speak for themselves: 89% of Americans still prefer employer-sponsored health coverage. In the gig economy, this preference has only intensified over the last four years, becoming a key factor in career decision-making.
In today’s competitive job market, offering health benefits isn’t just about compliance—it’s a strategic move that sets businesses apart. When top talent has multiple opportunities to choose from, a strong healthcare package can be the deciding factor.
The Real-World Impact
Leading contractor platforms like Wingspan—a modern payroll solution for 1099 workers—have demonstrated the direct impact of benefits on contractor satisfaction and retention. Providing affordable healthcare options can reduce contractor churn by 10%, translating into a threefold increase in billable hours each week.
For platforms like Wingspan, partnering with Meridio, a provider specializing in affordable health benefits for contractors, was a game-changer. With seamless onboarding and instant access to expert healthcare support, businesses saw improvements in contractor satisfaction and loyalty.
Emerging HR and Staffing Trends in 2025
Gone are the days of one-size-fits-all healthcare. This year, businesses are shifting toward personalized, AI-driven benefits solutions. Think of it as a benefits ecosystem designed for the modern workforce.
AI-powered recommendation engines are now guiding contractors through benefits selection, ensuring they get the best-fit plan without hassle. However, human support remains essential—customer care teams will continue to provide hands-on assistance when needed.
Expect to see an increase in modular health coverage, allowing businesses to offer tailored wellness programs. Recognizing that each contractor has unique healthcare needs, companies are expanding access to benefits for part-time employees, seasonal workers, and freelancers alike.
Technology-Enabled Benefits Management
The integration of technology is revolutionizing how businesses manage contractor benefits. New digital platforms offer real-time health stipend tracking, blockchain-powered benefits verification, and centralized access to payroll reports, invoices, and hiring data—all in one place.
The Shift Toward Holistic Wellness
In 2025, mental health, financial wellness, and preventative care are at the forefront of benefits offerings. Today’s workforce values a proactive approach to well-being, and businesses that acknowledge this will stand out.
Robust mental health support is now a necessity, not a luxury. Offering coverage that includes psychiatrists and psychologists can significantly impact contractor retention. A strong behavioral health component within a benefits package can make all the difference in whether a contractor stays or moves on.
Financial wellness is another critical area. Contractors may not be full-time employees, but they still want financial stability. Offering options like 401(k) plans with employer matching can provide long-term security without reinventing the wheel.
Practical Solutions for 1099 Contractor Health Benefits
If you’re looking to enhance your contractor benefits program, consider these flexible options:
The Role of Technology in Benefits Delivery
In 2025, AI-powered benefits platforms are simplifying enrollment, streamlining administration, and providing real-time insights into benefits utilization. Companies like Meridio remove the burden of benefits management so business owners can focus on growth while ensuring their teams have access to quality healthcare.
The Competitive Advantage of Contractor Benefits
Businesses that prioritize contractor health benefits in 2025 will gain a significant edge in attracting and retaining top-tier talent. Reducing turnover-related costs, enhancing company culture, and strengthening brand reputation are just a few of the advantages of offering comprehensive benefits.
Meridio: Your Partner in Contractor Healthcare Solutions
At Meridio, we specialize in transparent, straightforward health benefits designed for the modern workforce. Our ACA-compliant health plans provide competitive coverage across all 50 states, making benefits administration simple and stress-free.
If you’re ready to revolutionize your contractor benefits strategy, let Meridio help you build a competitive, future-proof approach. Visit www.getmeridio.com today to learn more.
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In 2025, some of the top trends businesses executives will use to keep quality workers and gain valuable team members will include a strong benefits offering, a company culture that values the growth of their employees, and the balance between home and work life. In this blog we’ll discuss some of these trends and how they can greatly impact your bottom line.
Competitive and ACA-compliant health plans have become a cornerstone for retaining employees. Employers are offering robust plans that include preventive care, mental health coverage, and flexible options to cater to diverse workforce needs. This includes comprehensive coverage for flexible teams that rely on gig-workers or 1099 contracts across a range of states. Companies like Meridio make it easy to offer benefits that cover the needs of executive employees as well as part-time staff.
According to SHRM, 88% of workers view health benefits as critical to their job satisfaction. Providing these benefits enhances employee well-being, reduces absenteeism, and boosts productivity. It can be the driving factor when employees are making their final job decisions.
Flexibility in work hours and remote work options remain key in 2025. A survey by McKinsey shows that 58% of employees cite flexibility as a top factor in staying with their employer. This can look different for each business and if you don’t currently offer flexible hours, consider discussing what this might look like for your team during your next executive meeting.
Applicable large employers (ALEs) are integrating hybrid work models and providing resources for remote productivity to meet employee expectations. Employers who adapt to this trend will see higher retention rates and increased employee satisfaction.
Employers retain talent by offering training, up-skilling, and clear growth pathways. According to LinkedIn’s Workplace Learning Report, 94% of employees say they would stay longer with companies that invest in their career development. Set monthly or quarterly touch points and evaluations with your team members. Use this time to assess how they are doing in their position according to your expectations. Then ask about their career goals and see how you can support their efforts.
Offering professional growth opportunities fosters loyalty and helps businesses develop a strong internal talent pipeline. This can look like career trainings or certifications, but it can also be as simple as YouTube tutorials, webinars, or reading a book as a team.
ALEs emphasize employee well-being through wellness programs, mental health support, and generous PTO policies. Data from Gallup reveals that workplaces focusing on well-being see a 23% improvement in employee retention rates compared to those that do not.
Employees value companies that support their mental and physical health, leading to increased loyalty and productivity. Many companies are implementing new time-off policies with no limits as long as team members do not abuse the policy.
Being clear on expectations around working hours is crucial. Employees have lives outside of work, and offering a flexible schedule can mean the difference between retention and turnover. Employers who accommodate home commitments and unexpected life events will create an environment that fosters loyalty and job satisfaction.
Your workplace environment and company culture serve as the cornerstone of your business for employee retention. Seeing familiar faces, confident in their roles and ready to support one another, will create strong teams.
High turnover can lead to job insecurity, decreased morale, and a decrease in productivity resulting in a rise in errors. Strengthening your employee brand through company swag, team lunches, development outings, or company parties fosters a sense of belonging and loyalty.
Furthermore, rewarding employees and calling out their great efforts, team wins, or customer feedback can also help build an environment that promotes success and reassures company dedication. Combining these efforts will ensure a motivated workforce.
Compensation extends beyond salary—businesses that offer bonuses and lifestyle perks gain a competitive advantage. Examples include health savings or flexible spending accounts, wellness programs that reward healthy lifestyle choices, and professional development support. Providing these benefits signals to employees that their well-being and financial security are valued.
Remember, SHRM states the average cost to replace an employee is around $4,700 or 20% of their annual salary. In a world of work where the internet of things are shifting daily, building a workforce that is valued will save on expenses in the long run, creating a desirable brand culture within your organization.
The importance of health benefits, flexibility, career development, and workplace culture in retaining valuable employees cannot be overstated. As small businesses navigate the evolving job market, offering competitive benefits will be key to standing out. Business owners who prioritize their employees' well-being will build stronger teams and achieve long-term success.
If you’re a small business owner exploring everyday healthcare options for your team, Meridio might be a great fit. Meridio is a leading provider of health benefits for businesses of all sizes, offering ACA-compliant plans to avoid tax penalties, no group minimums, $0 deductibles, and standard nationwide rates. Schedule a call with one of our experts today to learn how Meridio can help improve employee retention while saving on costs.
When it comes to offering health benefits to your employees, the stakes are high. Health coverage is not just a regulatory requirement for many businesses—it’s also a critical tool for attracting and retaining top talent. But navigating the world of health benefits can feel daunting. This guide will help you make informed decisions, avoid common pitfalls, and create a program that works for both your business and your employees.
Healthcare is one of the most heavily regulated sectors, and as a business owner, it’s crucial to understand the laws that apply to your company. The Affordable Care Act (ACA) mandates that employers must provide health insurance that's affordable and meets minimum value requirements to at least 95% of full-time employees and their dependents.
Failing to comply with these requirements can lead to costly penalties, but partnering with Meridio ensures you’re meeting regulatory standards while giving your employees the coverage they need.
One of the biggest mistakes business owners make is assuming they know what their employees want. Conduct surveys or hold meetings to gather input on what your team values most in health insurance.
Meridio’s flexible offerings make it easy to tailor a benefits package that resonates with your workforce. For instance, healthy employees who primarily need preventive care can benefit from our cost-effective Minimum Essential Coverage (MEC) plan, while those requiring regular medical or mental health services might prefer our Minimum Value (MV) plan. Meridio also offers robust Dental, Vision, and Voluntary coverage options for employees who value those services for their healthcare needs.
To create a benefits program that works for everyone, consider these key factors:
It’s easy to overlook certain factors when shopping for health benefits, be sure to avoid things like:
Meridio specializes in affordable, flexible health benefits tailored to all-sized businesses. With a range of plans including Minimum Essential Coverage (MEC), Minimum Value (MV), Dental, Vision, and Voluntary benefits, we make it easy to offer a comprehensive package that meets your employees’ diverse needs. Our plans are ACA-compliant, cost-effective, and designed to simplify your administrative workload.
Expanding your health benefits offering is an investment in your employees and your business. By understanding the legal landscape, knowing what your employees need, and carefully evaluating plan options, you can create a benefits package that attracts and retains top talent.
Ready to get started? Contact Meridio today to explore our affordable, employee-focused health plans and build a better future for your team.
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If your U.S.-based business is expanding and you’re approaching the 50-employee mark, congratulations! Growth is an exciting milestone. And if you’ve long passed the 50 or even 100 EE mark, welcome. However, a larger and growing workforce also comes with new responsibilities, including meeting the requirements of the Affordable Care Act (ACA).
If your company qualifies as an Applicable Large Employer (ALE), you’ll need to offer health benefits that comply with federal regulations to avoid steep penalties against your business. But where do you start? We’re here to guide you through the process, step by step.
The first step is confirming whether your business is considered an ALE. Under the ACA, an ALE is any company with 50 or more full-time employees, including full-time equivalents. Employees working at least 30 hours per week or 130 hours per month count as full-time. To calculate your total, combine the hours of part-time and seasonal workers to determine if they equate to full-time equivalent employees. Tools like the ACWise ALE calculator can make this step easier.
If you are a business that relies on gig-workers, seasonal fluctuations in hiring, or part-time workers, this can be confusing. You may not have the same headcount month-to-month, but you’ll need to understand this formula to calculate correctly for year end reporting.
This may bring up questions around common ownership of different businesses under one entity. If the larger organization is determined to be an ALE then the individual businesses within the group are also subject to ALE standards. Regardless of the total number of employees, these individual businesses will share the responsibility of Employer Shared Responsibility Payment (ESRP) as part of ACA. If you're still not sure if you qualify as an ALE, visit the FAQs: ACA and ALE from SBMA, a leading healthcare provider in the United States for clarification.
As an ALE, you are required to:
So what is affordable coverage and how is it calculated? The ACA bases this calculation on household income and that number changes from year to year. For 2025, contributions cannot exceed 9.02% of the employee's household income, which is a significant increase from the 8.39% in 2024. If you do not have the household income for each employee, it’s assumed only the annual income of the employee will be taken into account. For more detailed information regarding affordability calculations, read here.
Failing to meet these requirements can result in steep penalties. For 2025, the penalty for not offering coverage is $2,970 per employee annually. If your coverage doesn’t meet affordability or minimum value standards, the penalty rises to $4,460 per employee. These numbers highlight the importance of compliance for your continued business success.
Selecting the right health plan can feel overwhelming, but understanding your options makes it manageable. Consider these approaches:
Compliance also means keeping your paperwork in order. Your hiring and annual healthcare benefits renewal process should be streamlined with the correct forms ahead of reporting time. This means getting to know the Employee Retirement Income Security Act (ERISA) Reporting and Disclosure requirements.
Make sure to provide employees with the following:
These documents ensure transparency and help employees understand their benefits. Meridio strives to lift the administrative burden by handling most of this administrative paperwork, enrollment, on-going support, and renewal so you can focus on your business at hand.
As an ALE, you’ll need to file reports with the IRS. Understanding when to file is key to avoiding the penalties you’re trying to save from your bottom line. All U.S.-based ALEs must file the appropriate IRS forms for the 2024 tax year no later than February 28th, 2025 or March 31st, 2025.
Here’s a breakdown of a few of the forms you may be required to file:
Note there may be more forms required for ALE filing, refer to the Brown and Brown 2024 Employee Benefits Compliance Guide. These filings are essential for proving compliant filings and avoiding penalties.
The ACA prohibits discrimination in favor of highly compensated employees. Annual nondiscrimination testing for cafeteria plans ensures that benefits are equitably distributed across your workforce. This test is calculated by the aggregate of nontaxable benefits provided to key employees and the nontaxable benefits provided to all remaining employees. Those in the key employee group must not exceed 25% of aggregate nontaxable benefits offered to all employees. Other tests around self-funded plans, FSAs, and term life insurance may be included.
If you’re unsure how to conduct this testing, the Levitt Group has a detailed explanation of requirements and calculations. Otherwise consult with your benefits provider or a compliance expert.
Regularly review updates from reliable sources like the Department of Labor and IRS to stay informed about changes that may impact your benefits reporting requirements. Healthcare regulations are constantly evolving and the recent changes to two laws have simplified the ACA reporting process for employers, AP managers, and HR admins alike.
In summary, the Paperwork Reduction Act no longer requires employers to mail every qualified employee their tax forms prior to January 31st. Moving forward the paperwork must be supplied within 30 days of the request.
The second law passed was the Employer Reporting Act, which involves changes to the taxpayer identification number reporting process, the response timing for Letter 226 which is now 90 days from the date of the ESRP notice, as well as changes to the statute of limitations and electronic delivery. Review the detailed breakdown and checklist for ALEs from McDermott, Will and Emory regarding more on both these laws.
Compliance isn’t just about avoiding penalties; it’s about supporting your team with meaningful benefits to ensure longevity and a positive work culture. Employees are the backbone of your business, and offering comprehensive health coverage shows you value their well-being. Moreover, competitive benefits help attract and retain top talent, fueling your company’s continued growth.
At Meridio, we understand the challenges of managing employee health benefits. That’s why we’ve designed ACA-compliant plans that are easy to implement, affordable, and flexible. Our plans come with transparent pricing and personalized support to help you navigate compliance with confidence. Whether you’re just starting out or scaling your business as an ALE, Meridio is here to help.
Implementing compliant health benefits doesn’t have to be daunting. With a clear process and the right partner, you can support your employees while meeting federal requirements. Ready to simplify your health benefits? Visit Meridio to explore our solutions and get started today.
Step 1: Build a Trusted Doctor-Patient Relationship
The foundation of great health begins with a reliable healthcare provider. Your doctor isn’t just there to treat illnesses—they’re your partner in maintaining lifelong wellness. Ask yourself: Am I comfortable with my doctor? Do they listen to my concerns and prioritize my health goals?
Take time to choose a physician who aligns with your needs and values. Recommendations from friends, online reviews, and ensuring they’re in-network with your insurance are great places to start. Building trust fosters open communication and ensures your doctor can tailor preventive care plans to your unique needs.
Step 2: Make Regular Check-Ups a Priority
Preventive care isn’t just for when you’re sick. Scheduling routine check-ups allows doctors to catch potential issues early and provide guidance on maintaining a healthy lifestyle. Each family member may have different needs, from pediatric visits for children to annual physicals for adults.
Not sure what’s included in a preventive visit? Review your health plan’s summary or call your insurance provider. Remember, early detection not only reduces suffering but also minimizes long-term healthcare costs. Prevention truly is better than cure.
Step 3: Stay Current with Vaccinations
Vaccines are a cornerstone of public health and individual wellness. Whether it’s childhood immunizations or adult boosters, staying up to date protects both your family and the community. Most insurance plans cover routine vaccines, making it easier than ever to stay protected.
Check resources like the Centers for Disease Control (CDC) or your primary care provider for a vaccination schedule tailored to your age and risk factors. A simple shot today can save you from significant health complications tomorrow.
Step 4: Embrace Screenings and Preventive Tests
Screenings and tests help detect conditions like high cholesterol, hypertension, and even cancer in their early stages. These assessments often save lives by allowing for early intervention and treatment. It’s been found that some 80% of chronic medical conditions could have been prevented with simple screenings and lifestyle changes.
Talk to your doctor about screenings appropriate for your age and risk factors. Examples include mammograms, colonoscopies, and blood pressure checks. Regular testing can significantly improve health outcomes, giving you peace of mind and better control over your health.
Step 5: Cultivate a Healthy Lifestyle
Preventive care doesn’t stop at the doctor’s office. Healthy habits play a huge role in reducing the risk of chronic diseases. Encourage your family to stay active, eat a balanced diet, and get enough sleep.
Start small. You don’t need an expensive gym membership to get moving. Look for local walking or running groups, or simply enjoy a family walk after dinner. Similarly, involve your household in meal planning and preparation to make healthy eating a shared experience, utilizing sites like this one, for healthy meal planning tips. These lifestyle changes can create a ripple effect, improving everyone’s quality of life.
Step 6: Support Mental Wellness
Physical health is only one piece of the puzzle. Mental health is equally crucial to overall well-being. Encourage open discussions about emotions, using resources such as Mental Health America for guidance, manage stress through relaxation techniques, and seek professional support when needed.
Check your insurance plan for mental and behavioural health services—many now include therapy or counseling as part of their preventive offerings. Activities like mindfulness, hobbies, and quality time with loved ones can also help alleviate stress and build resilience.
Your Path to a Healthier Future
Preventive care is more than a checklist—it’s a commitment to your future self. By fostering strong relationships with healthcare providers, staying on top of check-ups, prioritizing vaccines and screenings, and living a balanced lifestyle, you can set the stage for long-term health and happiness.
Take the first step today. Prevention isn’t just a medical term—it’s your family’s key to a brighter, healthier tomorrow.
For more tips on affordable health benefits and wellness solutions, visit Meridio’s website at https://base.getmeridio.com/biz/hello.
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Before we get started, let’s cover a brief overview of what the Affordable Care Act is and take a look at how they define an ALE for tax purposes. The Affordable Care Act, otherwise known as the ACA was signed into law by President Obama in 2010, aiming to expand healthcare coverage, establish the healthcare marketplace for businesses and individuals alike to shop for alternative benefit solutions, and lastly to enforce consumer protections to be more inclusive.
Some of those new changes require coverage to not deny benefits based on pre-existing conditions, cover essential health benefits and preventive care at no cost, and extend dependent coverage until the age of 26. For further explanation of the ACA you can read more from KFF here.
As your business grows and approaches ALE status, you need to understand the definitions and implications of the penalties. ACA defines an ALE as any company with 50 or more full time equivalent employees. This means you can employ both W2 workers and part time or seasonal employees, and if they work at least 30 hours per week or 130 hours per month, they go towards your total full time employee headcount. You can use this simple calculator from ACWise to see how your team stacks up.
Now that you understand where you stand as an ALE, let’s review the penalties for non-compliance. For companies not offering health coverage, the penalty is $2,970. For not offering affordable coverage that meets minimum essential care value, the fee is $4,460 per employee. For group sponsored health plans, the fees vary but are still substantial—you can view specifics here from SHRM.
Now that we have the important framework stood up, let's move on to shopping for the best employee benefits for your team. If you’re going to scale your business in 2025, you’ll need to know what questions to ask and how to spot those red flags we mentioned before. So let’s dive in.
Before diving into plan options, evaluate your team’s demographics and preferences. Consider taking a company wide census to update your records if you have not done so recently. This will also lay the groundwork for a smooth tax filing.
Consider the following:
The health insurance landscape offers more than just traditional plans through brokers. We understand you may have a long history with your broker and now that you’re growing it may be time to consider alternatives. Signing the ACA into law in 2010 has opened the state and federal marketplace for insurance carriers to provide various health options.
Here are some alternatives to consider:
Not all health plans are created equal. There are pros and cons of each of the suggested plans above. Be sure to weigh your options, look carefully at your budget. Be sure you consult your accountant or tax professional to understand your budget. This will give you a clear outlook when considering healthcare options.
Be on the lookout for these warning signs:
Balancing affordability with comprehensive benefits is key. Be sure you fully understand the scope of coverage before proceeding with enrollment. With a flexible workforce depending on the time of year, you’ll want to keep in mind health benefit options that apply to your workforce as a whole.
Here’s how to make it happen:
Some plans may look appealing on the surface but fall short for businesses like yours. As a growing business with a diverse workforce you must remember to keep your employees in mind. They are the backbone of your business and it’s your obligation to provide health coverage that is accessible and affordable.
Be cautious of:
You’re not just buying a plan; you’re forming a partnership. Look for benefits providers who offer end to end support, lower premiums, year-round guidance, and flexible, affordable benefits converge.
Look for providers who:
Shopping for health benefits doesn’t have to be overwhelming. By understanding the ACA regulations, knowing your workforce demographics, exploring alternative options, and knowing what to watch out for, you can confidently choose a plan that supports your employees, your growing business, and your bottom line.
Here are some ACA compliance FAQs to help you along the way.
Want a deeper dive? Download our free guide, “How to Shop for Employer Health Plans: A Cheat Sheet for Growing Businesses,” to get actionable tips and a checklist to make your search easier.
So you want to introduce health benefits to your team but you’re not sure where to start? Whether you’re running a small business or a large organization, a streamlined approach to introducing benefits can boost employee satisfaction and decrease turnover. The six steps below will provide you with a clear and actionable plan to successfully implement health benefits to your workforce.
Before diving in, lay out a clear overview of what to expect and why it matters. Upward trends in voluntary benefits enrollment show that employees are interested in more than just medical benefits, the challenge is 80% of people don’t open their benefits materials and the rest don’t understand what their coverage options include.
Why it matters: This transparency will foster trust and reduce confusion and frustration down the line. When your employees understand what’s available, they’re more likely to make informed decisions and opt in.
How it works with Meridio: Collaborate closely with your dedicated Account Manager to thoroughly understand the coverage options available and the process to enroll. This will ensure you are well prepared for the initial kick-off before a licensed guide takes over to work with each employee directly.
Onboarding isn’t just for new employees—it’s important for your existing employee’s benefits enrollment too. A successful onboarding process ensures that your team is equipped to make the best decisions for themselves and their families.
Why it matters: Effective onboarding sets the tone for the entire enrollment process. By clearly communicating expectations and providing the necessary resources, you empower your employees to take ownership of their benefits choices. Proper onboarding will set you up for a profitable and efficient enrollment.
How it works with Meridio: Continue working with your Account Manager (AM) to establish a timeline and set expectations. Your AM will guide you through the necessary steps, providing you with the tools and materials needed to propel the success of the program.
Say goodbye to complex paperwork and short deadlines. Employees crave simple and streamlined access to resources so they can find what they need anytime, on their own time. Remove the hassle and make it easier than ever for your employees to opt into benefits with one simplified resource.
Why it matters: A user-friendly tool reduces barriers to participation. When employees have easy access to benefits information and expert guidance, no one misses out on the opportunity to secure the coverage they need.
How it works with Meridio: Once you’ve registered your business, your AM will provide a link to your personalized Team Hub. This dedicated landing page is complete with various materials and communication tools needed to arm your team with everything they need in order to confidently enroll in health benefits.
Continuous connection with your employees is key to a successful benefits implementation process. Whether it’s via email, newsletter, or text message, employees need regular reminders on the benefit options available to them so that they can sign up at a time that is most convenient for them.
Why it matters: Different employees prefer different methods of communication at different times. By tailoring communication methods to your workforce, you increase the chances of reaching everyone. Meeting them where they are, leads to higher participation.
How it works with Meridio: We do it all for you. Our system is designed to keep the lines of communication open—whether that’s through email, text message, or video meetings. This includes regular follow ups with educational content to catch new hires and those who previously missed their appointments without any additional steps needed from you as the employer.
The heart of a successful benefits implementation is helping employees make informed decisions. According to PlanSource 2022 Benchmark Report, 50% of those who read their benefits materials still don’t understand the coverage. For example, they might know they need life insurance but not understand the distinctions between term and whole life policies.
Why it matters: Employees today seek greater involvement in learning about their coverage compared to the past decade, especially when navigating deductibles and copays. Given that 1 in 3 workers will face disability at some point in their careers, it is essential for them to thoroughly understand their coverage options. This step minimizes confusion and leads to higher satisfaction and reduced turnover.
How it works with Meridio: Each employee chooses a date and time to schedule their needs assessment with a licensed benefits guide. During this meeting, our guides will help walk them through the coverage options available and assist in selecting the benefits that best align with their needs.
Whether you have W2 employees, 1099 contractors, or part-time workers, your employees might not all be ready to enroll in benefits at the same time. It’s important to continuously provide ongoing support and resources to arm your team with the information they need to enroll as soon as they are ready.
Why it matters: Enrollment isn’t just a one-time event—it’s an ongoing process. Providing continuous support shows your commitment to your employees’ well-being and ensures that no one slips through the cracks.
How it works with Meridio: Our standardized enrollment process catches any new hires and re-services employees throughout the year. Your dedicated AM will regularly review your team’s enrollment status while our Customer Care team will be available to offer additional support to your team as needed.
By following these steps, you are arming your workforce with the tools and materials they need to understand the complex world of health benefits, helping to attract and retain top talent and enhance your overall business performance.
Working with Meridio can help take some of the guesswork and ongoing implementation and management tasks off of your plate, allowing you to focus on what matters most—the success of your business. Our everyday health solutions simplify the benefits process, from selection to onboarding to ongoing engagement, making it easy for your team to stay on top of their health benefits. Learn more about how Meridio’s benefit options can help your team work, play, and live better.
As you prepare for travel in the coming weeks, here are a few things you should know before hitting the road. A recent survey by MarketWatch found that 60% of Americans plan to travel at least once this holiday season. Ensuring your health is in check can make the difference between enjoying your holiday and spending it under the weather.
First, ensure you and your loved ones are up to date on all your vaccinations. This is one of the easiest ways to prevent illness while you’re away from home. Most preventive care health benefits are covered at 100%, which can include vaccines like COVID-19, the flu, and Tdap. Reach out to your provider or primary care physician for clarification on what is included with your health coverage plan.
It’s a great idea to make a travel health kit in case you start feeling unwell while you’re away. Essential items to pack include your prescription medications, vitamins, over-the-counter medications, and hand sanitizer to name a few.
A few excellent travel staples for your health kit also include Oscillococcinum pellets and ColdCalm products from Boiron USA. These are easy to dissolve under your tongue and work quickly if you start feeling run-down, achy, or exhibit flu-like symptoms.
According to the Centers for Disease Control (CDC), this season may bring variations of COVID-19, the flu, and a few bacterial infections such as pertussis and whooping cough. Staying informed can help you take preventive measures and recognize symptoms early.
Travel often involves standing in long lines, sitting in crowded quarters, and visiting with friends and relatives. In addition to staying up to date on vaccinations, here are ways to minimize your risk:
- Wash your hands frequently
- Boost your immune system
- Get enough sleep
- Keep stress to a minimum
One effective way to boost your immune system is by incorporating foods rich in Vitamin E into your diet. Foods such as leafy vegetables, eggs, red peppers, pumpkins, and carrots can help prevent cell damage, protect you from illness, and strengthen your immune system.
Before heading to your destination, familiarize yourself with your health coverage. Know your co-pays and deductibles, and understand when to go to the ER versus urgent care to avoid unnecessary bills. If you’re not already registered with a telemedicine provider, review coverage options before leaving town. Some physicians require an initial visit to establish care before scheduling sick calls.
If you need a telemedicine appointment while out of town, prepare your environment in advance. Ensure you have a strong Wi-Fi connection and a quiet space to talk. Also, know the nearest pharmacy and its address in case the physician prescribes medication.
Traveling during the holidays can be a joyful and enriching experience, but it’s essential to prioritize your health. To recap, here are the top tips for staying healthy while you travel:
- Stay up to date on vaccinations
- Pack a comprehensive travel health kit
- Be aware of current health risks and practice preventive measures
- Incorporate immune-boosting foods into your diet
- Understand your health coverage before leaving town
With these tips in mind, you’ll be better prepared to enjoy the holiday season and all the memories it brings. Safe travels and stay healthy!
With flu season around the corner, there’s no better time to take advantage of your wellness and preventative care benefits. Health isn’t just about treating problems after they arise—it’s about preventing them altogether. By using the benefits that are already built into your health plan, you can protect yourself, avoid major medical issues, and save money.
Preventative care includes routine screenings, vaccinations, and check-ups aimed at identifying and treating potential health concerns before they become serious. Most health insurance plans, including those offered through Meridio, cover these services at no additional cost to you.
Examples of wellness and preventative services include:
- Annual physicals
- Flu shots and vaccines
- Blood pressure screenings
- Cholesterol checks
By staying up to date on these services, you’re not only protecting yourself from illnesses but also setting the foundation for long-term health.
Flu season tends to peak between October and March, making now the ideal time to schedule your flu shot. While getting vaccinated doesn’t guarantee you won’t get the flu, it significantly reduces your chances of getting seriously ill or spreading it to others.
Your health insurance plan likely covers flu shots at 100%, so take advantage of that benefit early in the season. Pair this with other wellness screenings, such as an annual physical, to get a full picture of your health.
Knowing where to seek care can save you time, money, and stress. Many health concerns can be addressed through your primary care provider, but urgent care centers are a great option when you need quick, same-day attention.
When to See Your Primary Care Doctor:
- Chronic issues (e.g., managing high blood pressure or diabetes)
- Routine screenings and annual check-ups
- Vaccinations, including flu shots
- Non-urgent concerns that need follow-up care
Your doctor knows your medical history and can help you manage long-term conditions. However, if it’s after hours or the issue can’t wait, urgent care might be the better choice.
When to Visit Urgent Care:
- Minor cuts, sprains, or burns
- Severe cold or flu symptoms (but not life-threatening)
- Infections (e.g., ear infections or urinary tract infections)
- Fevers or persistent coughs that don’t improve after a few days
Urgent care clinics are a smart choice for non-emergencies when you need immediate help. They’re often faster and less expensive than the emergency room, and most insurance plans will cover these visits with a reasonable co-pay (check your plan information for costs).
If you have a life-threatening issue—like chest pain, difficulty breathing, or severe allergic reactions—head to the ER or call 911 immediately. However, for less serious situations, urgent care or your primary care doctor is often the better option.
Misusing the ER for minor issues can result in long wait times and high bills. By knowing where to go, you’ll avoid unnecessary costs and make sure emergency resources are available for those who need them most.
Using your benefits proactively saves money in the long run. Routine care is far less expensive than treating advanced health issues, and many preventative services are covered at no additional cost.
Some practical tips for planning your healthcare this season:
- Get your flu shot early to stay protected.
- Schedule annual check-ups before the holidays.
- Call your doctor’s office for advice if you’re unsure where to go for care.
- Use telehealth options when appropriate for quick advice without leaving home.
When you plan ahead, you avoid stress and ensure you’re making the best use of your insurance benefits. This includes knowing which urgent care and emergency room accepts your benefits plan, as well as having these addresses and phone numbers saved for when they are needed.
At Meridio, we believe that good health starts with prevention. That’s why our plans cover wellness benefits and preventative care at 100%. By offering low-cost, high-value insurance options, we empower small business owners and their employees to take control of their health without breaking the bank. Click here to learn more about Meridio’s benefit options.
This flu season, make sure you are protected by taking full advantage of your plan’s benefits. Preventative care isn’t just about avoiding illness today—it’s about building a healthier future.
Launching a new business comes with plenty of challenges, and while things like funding, marketing, and operations are often top of mind, healthcare might just be your secret weapon for long-term success. As insurance premiums rise and healthcare costs continue to grow, offering health benefits is more than just a nice-to-have—it’s a critical strategy for attracting and retaining top talent.
1. Meeting Expectations of the Modern Workforce
Millennials and Gen Z now make up the majority of the workforce, with PeopleKeep reporting that there are 49.5 million Millennial workers and 17.3 million Gen Z employees in the U.S. These generations aren’t just looking for a paycheck—they expect their employers to provide benefits that promote balance, well-being and support their overall health.
Meeting these expectations as a new business shows that you’re forward-thinking and care about the well-being of your team. This can help you build a strong reputation, making it easier to attract top talent when you’re ready to expand.
2. Boost Job Satisfaction and Loyalty
Happy employees are loyal employees, and nothing boosts job satisfaction like a solid healthcare plan. According to a recent article by Indeed, when your team feels supported and cared for, they’re more likely to stick around, reducing the risk of high turnover.
Did you know that replacing an employee can cost anywhere from half to two times their annual salary? Plus, it takes an average of 6 to 9 months to find, hire, and train a new team member. By offering healthcare benefits, you invest in keeping your best talent around, which saves you time, money, and resources in the long run.
3. Gain a Competitive Edge
In today’s competitive job market, offering benefits isn’t optional—it’s essential. Candidates aren’t just looking at your company culture or salary; they’re evaluating your benefits package too. Offering healthcare benefits positions your business as one that values and invests in its employees, which can be a deciding factor for top-tier candidates.
4. Create an Inclusive Workplace
People from diverse backgrounds bring different healthcare needs and concerns. Offering comprehensive health plans helps you to create an inclusive environment where all employees feel supported. Whether your team members need mental health resources, family coverage, or access to preventive care, offering flexible, inclusive healthcare plans ensures everyone’s needs are met.
As you start your new business, remember that healthcare is more than just a perk—it’s a strategic move for long-term success. It’s a way to stand out from the crowd and place your company in the forefront of top talent. Offering health benefits will make you stand out from the competition, attract top talent, and build a workplace where employees feel valued and supported.
A survey by the National Federation of Independent Businesses found that 78% of business leaders nationwide find the cost of employer-sponsored healthcare to be a significant challenge. If you’re not sure where to start, Meridio provides everyday coverage options that fit businesses of any size. Learn more here.
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While it might sound like just another trendy term, it’s a serious issue that can impact your team’s well-being and productivity.
Burnout is a state of emotional, physical, and mental exhaustion caused by prolonged stress. It can sneak up on anyone, especially in unstable environments with toxic work culture. According to Forbes, 80% of Americans say they feel stressed at work. If you’ve noticed your employees losing their spark, they might be experiencing burnout. Recognizing burnout early is key to keeping your team on track. Here are some common signs:
Low Energy Levels
An increased drop in enthusiasm or detachment from work and colleagues. If a team member who is usually full of energy is suddenly dragging through the day, that could be a red flag.
Productivity Slumps
Missing deadlines, reduced quality of work, or lack of focus are all classic signs that a team member may be struggling with burnout.
Physical Symptoms
Headaches, stomach issues, or frequent illnesses can be more obvious signs of underlying stress. WellRight also notes that symptoms like panic attacks, chest pains, an increased heart rate and changes in appetite, leading to weight loss or gain can also be a common sign of employee burnout.
Social Withdrawal
When an employee starts withdrawing from social interactions or avoiding meetings and team activities, it’s time to check in.
Concerned about your team’s well-being? Learn how Meridio’s health insurance plans offer comprehensive mental health coverage.
A research conducted by Monster in April 2024 found that 78% of workers don’t think their employer is doing enough to address their mental wellness at work. The key to preventing burnout is balance, with an overall goal of creating an environment where your team can thrive. Here’s how:
Encourage Breaks: It’s not just about the lunch hour. Regular breaks throughout the day are necessary to maintain focus and energy.
Promote Flexibility: Offering flexible work hours or locations can help employees manage stress.
Recognize Achievements: Acknowledge and reward your team’s hard work. A little appreciation goes a long way in boosting morale.
Maintain Open Communication: Make sure your team knows they can talk about their workload and mental health without fear of repercussions.
Provide Mental Health Resources: Ensure your team knows about any mental health support your company provides, from counseling services to stress management workshops.
Leverage Health Insurance Coverage: Highlight the mental health services covered by your company’s health insurance plan. Comprehensive coverage that includes therapy, counseling, and other mental health resources can be a crucial support system for your employees.
Looking to support your team’s mental health? Explore our Guide to Preventing Employee Burnout
While World Mental Health Day is a great reminder, mental health shouldn’t be a once-a-year conversation. Recognizing the signs of burnout and taking proactive steps can keep your team motivated and productive.
At Meridio, we offer healthcare plans that prioritize mental health coverage. Our Value Medical plans include access to therapy and psychiatry anytime, anywhere through MDLive. Contact us today to find out how to get started with Meridio.
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As a small business owner, you’ve got a lot on your plate. Between managing your team, keeping customers happy, and balancing the budget, the last thing you need is a complicated healthcare decision. With a workforce of fewer than 50 employees, including both W2 and 1099 workers, choosing the right healthcare for everyone can feel like a big task. But don’t worry—let’s break down the options together. In this blog, we'll compare two options: the Health Insurance Marketplace and Meridio Everyday Health, to help you weigh the options for your business.
Since passing the Federal Affordable Care Act, the health benefits Marketplace has been a go-to option for many businesses, but it’s not without its challenges. If you’re a business in California, you may be more familiar since the State laws require you to offer minimum health coverage. Either way, here’s what you need to know:
Group Minimums Required: One of the first hurdles with The Marketplace is that it requires a minimum number of employees to participate. If your team is small or includes many part-time or freelance workers, this could be a stumbling block.
Mandatory Payroll Contribution: The ACA mandates that employers contribute to the cost of employee premiums. While this helps share the cost burden, it can also stretch your budget, especially if you’re already juggling tight finances.
High Deductibles: The plans available through The Marketplace often come with deductibles ranging from $2,000 to $8,000. For your workforce, this means they could be facing high out-of-pocket costs before their insurance kicks in, which can be a real burden.
Medical Questions and Exams: The Marketplace health plans often require your team to answer medical questions or undergo exams, which can lead to higher premiums for those with pre-existing conditions. It’s an extra step that can sometimes be discouraging.
Limited Open Enrollment: The Marketplace has a specific enrollment period each year. If your employees miss this window, they might have to wait months before they can get coverage, which isn’t ideal if they need healthcare sooner rather than later.
Job-Based Coverage: If one of your employees leaves your company, they’ll lose their healthcare coverage as well. This can add stress to an already difficult situation.
Meridio offers a different approach to healthcare, designed with the needs of small businesses like yours in mind. Here’s why Meridio might be a better fit:
No Group Minimums: Unlike the ACA plans or Blue Cross Blue Shield plans of the world, Meridio doesn’t require a certain number of employees to participate. Whether you have a team of 5 or 45, you can offer them healthcare without worrying about meeting a quota. Meridio also offer whole team coverage for full-time, part-time, and seasonal workers.
Voluntary Employer Contributions: With Meridio, you have the flexibility to decide if and how much you want to contribute to your employees’ premiums. This lets you manage your budget more effectively while still offering valuable benefits to retain and attract quality workers.
$0 Deductible Plans: Something that sets Meridio apart is access to affordable health plans with $0 deductibles. This means your employees can access healthcare without having to worry about meeting a high deductible first—a huge relief for many.
Guaranteed Acceptance: Meridio takes the stress out of enrolling by offering guaranteed acceptance for all your team members, without the need for medical exams or questionnaires. Everyone can get the coverage they need, regardless of their health situation.
Year-Round Enrollment: With Meridio, there’s no rush to meet an enrollment deadline. Your employees can sign up for coverage at any time during the year, which makes life a little easier for everyone.
Portable Coverage: Meridio’s plans follow you wherever you go. Meaning your employees can take their coverage with them, even if they leave your company. This continuity of care is something both you and your workforce can appreciate.
When it comes to healthcare, there’s no one-size-fits-all solution. But if you’re looking for flexibility, affordability, and a plan that meets the needs of a diverse workforce, Meridio Everyday Health might be the right choice for your small business. They offer the control and options that The Marketplace might not, helping you take care of your team without stretching your resources too thin.
Take some time to explore what Meridio has to offer, and see if it’s the right fit for your team.
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At Meridio, we understand that traditional health insurance options often fall short for small businesses. They can be expensive, complicated, and simply not designed with small teams in mind.
Did you know that 89% of Americans prefer employer-provided health coverage over other options? This makes offering health benefits not just a perk but a powerful tool for building contractor retention.
In a competitive market, your top talent might start looking elsewhere if they’re not getting the benefits they need. But here’s the good news—there are solutions that are built for small businesses to help you retain your 1099 workers.
Consider this: Platforms like Wingspan, which help businesses manage contractor operations, have shown that providing health coverage can lead to significant results.
After implementing health benefits, Wingspan reported a 10% decrease in contractor churn and a 3x increase in billable hours per week per contractor.These results highlight just how impactful offering health coverage can be for your business—enhancing both retention and productivity.
Traditional health benefits often fall short for small businesses, but there are flexible, simple solutions that can work for your team without overwhelming your budget. Let’s explore some alternatives designed for 1099 teams.
1. Health Reimbursement Arrangements (HRAs)
What it is: An HRA allows you to offer tax-free reimbursements for your contractors’ individual health insurance plans.
Why it’s a fit: Contractors get to choose the plan that works best for them, and you control the costs—no surprises.
2. Health Stipends
What it is: Provide a monthly allowance that your contractors can use toward their health expenses.
Why it’s a fit: It’s flexible, easy to manage, and empowers your contractors to take charge of their health.
3. Direct Primary Care
What it is: Offer your contractors a subscription to a direct primary care service, giving them access to routine healthcare services without the hassle of traditional insurance.
Why it’s a fit: This option ensures your contractors have easy, affordable access to primary care, helping them stay healthy and productive.
Meridio is here to make health benefits simple for your small business. We support your entire workforce—whether full-time, part-time, or 1099 contractors—with ACA-compliant coverage that’s easy to manage. No group minimums, no hidden fees, and no complex administration. Just affordable, effective health benefits that help you keep your team strong.
Build Loyalty with Health Benefits
Providing health benefits, even on a modest scale, can make a significant impact on contractor loyalty and decrease turnover. With the right options, you can stay competitive, attract quality workers, and ensure your business thrives. Elevate your contractor experience—find out how Meridio can help at www.getmeridio.com.
Switching to a new health benefits plan can feel like navigating uncharted waters, especially when you've grown accustomed to your current healthcare providers. Meridio’s health insurance offering makes finding a provider a breeze with the MultiPlan PHCS network, boasting more than 1.4 million registered providers and facilities nationwide.
Not seeing your preferred provider in the network? Nominate them to join anytime for your continued care. Whether you're looking to keep your current physician or needing to nominate a new provider to join our extensive network, the process is straightforward and designed with your convenience in mind. Here’s how it works:
To find a new provider or see if your existing provider is currently in network, visit https://www.multiplan.us/members/ and click on the “find a provider” button in the upper right hand corner of the menu bar. Alternatively, you can also click on the “find a doctor or hospital” button in the middle section of the web page to be taken to the same area.
Enter the network (the name of the network is listed on your medical insurance card underneath the Multiplan logo), provider or facility name/type, and city/state/zip code you’d like to search within. Select the search icon when complete to be provided with a list of in-network contacts in your area. You can also be provided with a list of in-network providers via phone by calling 1-800-922-4362.
If your current provider is not currently in-network, you can nominate them to join anytime by visiting https://www.multiplan.us/members/ and clicking on the “invite your provider to join our networks” button in the middle section of the webpage. Indicate the type of provider you are nominating (individual practitioner, facility, or group of practitioners) and complete the form information as prompted. If you are unsure of the type of practice or need additional clarification on any of the items needed to submit the nomination, reach out to the provider directly to give them a heads up about the nomination and get these questions answered.
Once complete, select the green “submit” button at the bottom of the form to share the request with the network for contacting. MultiPlan PHCS will reach out to the provider with the request to join and will add them to the network if/when the provider accepts the request.
While transitioning to a new health benefits plan can initially seem daunting, Meridio's MultiPlan PHCS network-backed health plans ensure that your healthcare needs remain seamlessly supported. With thousands of providers and facilities at your fingertips, maintaining continuity of care has never been easier. Whether you're opting to find an existing provider or nominate new ones, MultiPlan’s intuitive online tools make the process straightforward and efficient. Discover the ease of managing your healthcare with Meridio today, contact a benefits guide at 1-888-618-0450 to get started.
In 2024 employees have a wide range of tools to optimize their job search. As much as business owners are searching and interviewing candidates to find quality talent, they are also interviewing you. One effective strategy employers can take is offering health benefits to their team. In this blog, we will discuss why small businesses, particularly those with under 50 employees, should prioritize health benefits to retain quality talent in 2024.
Healthcare expenses continue to rise, making it difficult for individuals to afford medical treatment. According to PR Newswire, private health plan premiums including HMOs and PPOs will see increases up to 6-10%.
Access to quality healthcare is essential for an employee’s wellbeing, it helps them stay healthy which in turn reduces absenteeism and boosts productivity. Those team members who continue to work through illness, have reduced cognitive abilities, prolonging deadlines, and increasing their ability for errors in their work.
Team morale and job satisfaction are key factors for employees when choosing a job. Another major consideration is whether a company offers benefits that support their health goals. Offering health benefits shows that a small business values its employees' well-being, helping foster a positive work environment which leads to increased employee longevity.
In this competitive job market, standing out from other businesses is crucial. Offering healthcare coverage can be a powerful way to attract top talent, giving your business an edge for long-term success and cost savings. On average companies pay 4 times more to hire new talent, than they do to promote from within or retain their existing employees. The U.S. Chamber of Commerce Small Business Index 2024 reports that more than 22% of small businesses have increased their staff over the last year, with more expected to hire before the end of Q4 by prioritizing health benefit offerings. When employees feel valued and supported, they are more likely to stay with the company reducing turnover rates.
Improved job satisfaction: Employees who receive health benefits are more likely to have higher job satisfaction levels and a better work-life balance. This contributes to a positive work culture and champions employee loyalty.
Financial stability: Health benefits can provide your team with financial security and peace-of-mind. This stability can attract individuals who prioritize their overall well-being and are seeking long-term employment with employers who care.
Work-life balance: Health benefits often include provisions for mental health, wellness programs, and flexible work arrangements. In a 2024 article written by Fortune, they found that almost 59% of workers would consider a salary cut in exchange for better health benefits.
These offerings can help your workforce achieve the better work-life balance they are seeking, in addition to choosing an organization that highly values their team.
The positive impact that providing health benefits to employees can bring to a small business cannot be understated. By doing so, small business owners will not only contribute to the overall well-being of their workforce but also gain a competitive advantage in attracting and retaining quality people. As the business landscape continues to evolve, health benefits will remain a crucial factor in building a successful and sustainable small business.
If you are a small business owner considering everyday healthcare options for your team, Meridio might be a good fit. Meridio is the leading provider of health benefits for small businesses with under 50 employees. Their offering boasts ACA-compliant plans to avoid tax penalties, no group minimums, $0 deductibles, and standard nation-wide rates. Speak to one of our experts to learn more about how Meridio could help save your bottom line.
As we step into 2024, the world of insurtech is evolving at an unprecedented pace, offering small business owners like you a myriad of opportunities to enhance and safeguard your enterprises.
In this blog post, we’ll delve into the trends that are set to define the insurtech landscape over the next year, focusing on the pivotal elements of Artificial Intelligence (AI), human connection, and personalization.
AI has been a game-changer in various industries, and insurtech is no exception. In 2024, we anticipate a surge in the integration of AI-driven technologies to streamline processes and enhance efficiency in insurance operations.
For small businesses, this translates to quicker claims processing, smarter risk assessment, and personalized policy recommendations. Imagine a world where your insurance adapts to your business’s evolving needs in real-time.
AI algorithms analyze data trends, identify potential risks, and tailor insurance solutions specifically for your enterprise. This not only saves time but also ensures that you are adequately covered without unnecessary expenses.
In the midst of the technological revolution, the human touch remains irreplaceable. Do not expect AI to fully take over your experience. Small business owners, more than anyone else, understand the value of personal connections.
In 2024, insurtech is embracing this philosophy by placing a renewed emphasis on human interaction within a digital framework.
Expect to see insurance providers leveraging technology to enhance customer service, creating platforms where you can connect with a dedicated representative who understands your business. Whether it’s clarifying policy details or seeking advice on coverage options, the reassurance of a human touch will be seamlessly integrated into the digital insurance experience.
There's no denying AI has its place in insurtech but there is nothing like human experience and intuition to guide a conversation and be sure one's needs are met.
One size fits all is a notion that insurtech is actively challenging. In 2024, personalization takes center stage as small businesses demand tailored insurance solutions that align with their unique requirements. Studies have shown that personalized content gains higher engagement rates than generic outreach, and when tailored to specific needs and concerns captures individuals attention and resonates with the audience more.
The era of generic policies is fading away, making room for customized coverage that mirrors the specific risks and opportunities of each enterprise. Generic content is easily overlooked, while tailored content provides a clear picture of how plans can meet individual needs.
Insurtech platforms are leveraging the data analytics to gain deeper insights into your business, allowing them to craft insurance packages that address your distinct needs. This not only optimizes coverage but also ensures that you are not paying for services that do not add value to your specific business model.
In conclusion, the insurtech landscape in 2024 is a realm of exciting possibilities for small business owners. The integration of AI, the preservation of human connections, and the emphasis on personalized solutions are set to redefine the way you approach insurance.
As you navigate the ever-changing business environment consider aligning your insurance strategy with these emerging trends. Embrace the power of AI to make informed decisions, seek out the human touch for a personalized experience, and demand insurance solutions that grow with your business.
The future is now, and insurtech is here to guide you through it. Stay informed, stay connected, and get ready for a year of transformative advancements in the insurtech landscape.
As employers it’s important to remember what you model and provide for your team will set the stage for how they handle stress while at work. Whether it’s a personal matter they can’t shake or a work conflict that must be addressed.
Providing your team a safe space to communicate openly is a great first step in creating a supportive workplace environment.
Establish clear work expectations with your team. When they clock out are they still expected to check work emails until a certain time? Help your team adjust notifications settings for work hours so when they are at home their cell phone and computers won’t get push notifications outside of normal working hours.
Many employees stress regularly over job security. Be sure you have a system in place that allows for regular feedback and growth opportunities. Speak to your team members about their workplace goals and where they might need help improving.
You can suggest local industry events or professional organizations that allow your team to become the best worker for your company and the best version of themselves.
According to the article, ‘67 Workplace Stress Statistics in 2023’
When your employees are at work and in the moment of stress there are three techniques that can help them come back to baseline and have a more productive day.
1. Deep breathing and relaxation breaks.
Adding these breaks throughout the day can help balance the workload and give the brain a break. Step away from the desk or office and just stand outside for 5 minutes. Don’t check emails or scroll social media, just be and just breathe.
2. Limit overwork
With long hours and tight deadlines this can be a tough balance but it’s possible. Allow your team to keep work at work and not bring work home. If they need extra help to complete tasks, provide the support needed. Learn to say no and teach your team not to overcommit themselves.
3. Open communication.
Frequently check in on your team and ask where their stress level is on a scale of 1-10 and ask how you can support them. Nowadays many businesses offer their team assistance programs that provide counseling and other mental health resources. There is no shame in seeking third-party support.
Remember workplace stress can impact employee health significantly and lead to more missed days of work if not managed properly. Additionally, unmanaged stress can lead to chronic illness and higher medical bills for diagnosis and treatment.
Help your team master the balancing act and improve your work culture by keeping open communication and clear work-life expectations.
Prioritizing preventative care services is crucial for maintaining a healthy and happy household. In this blog, we will explore six practical tips on how to make the most of your preventative care services and create a thriving household.
The foundation of effective preventative care lies in having a reliable and trustworthy healthcare provider. Even if you’ve been with the same practice for years, ask yourself, “Am I pleased? Does this doctor have my best interest at heart? Are they trying to get to the bottom of my symptoms to help me be the healthiest version of myself?”
Take the time to research and choose a primary care physician who aligns with your family's values and needs. Building a strong doctor-patient relationship fosters open communication, encourages transparency, and allows for personalized preventive care plans tailored to your family's unique circumstances.
If you’re not sure where to start when trying to find a new physician, start with your trusted circle of friends and peers, look at reviews on multiple sites to gain perspective, and of course be sure the physician is in your health plans network.
Regular check-ups are the cornerstone of preventative care. Make it a priority to schedule routine visits for every family member, even if they appear to be in good health. These visits allow healthcare professionals to conduct thorough assessments, identify potential health risks, and provide guidance on lifestyle modifications that can prevent future complications.
If you’re unsure what is considered a preventative care visit, refer to your health plan summary of details or call the customer service number on the back of your insurance card. For each member of your family, these visits will look different and have a different frequency. For example, children visit the doctor for preventative care more often than middle-aged adults.
Staying on top of your preventative care visits will help you stay ahead of serious health diagnoses, help prevent human suffering, and help decrease the amount of time off you’ll need in the future. Studies show that workers who avoid medical care, end up missing more work because of serious illness down the road. Remember, prevention is always better than cure!
Vaccinations are a critical aspect of preventative care, especially for children. You can find the recommended schedule for childhood vaccinations by the American Academy of Pediatrics HERE. Most often these visits are covered by insurance programs and would be considered part of your child's preventative and wellness checks.
Ensure that everyone in your household receives age-appropriate vaccinations according to the recommended immunization schedule for adults set by the Centers for Disease Control. Vaccinations protect against a variety of illnesses, preventing the spread of diseases within your family and the wider community.
Many health conditions can be detected early through screenings and preventative tests. Keep track of recommended screenings such as mammograms, pap smears, cholesterol checks, blood pressure monitoring, and colonoscopies. Your physician can provide you with a detailed list of screenings they would recommend for someone your age.
Once again, avoiding medical care for routine exams can lead to late diagnosis, increased pain and suffering, limited care options, and lastly decreased survival rates for serious illnesses. Discuss these tests with your healthcare provider and ensure that your family members undergo them at the recommended intervals.
According to Healthy People, a federal program administered by the United States Department of Health and Human Services,
Remember, early detection often leads to more successful treatment outcomes and a happier and healthier household.
Preventative care extends beyond doctor visits. Encourage your household to adopt a healthy lifestyle by emphasizing regular exercise, a balanced diet, and adequate sleep. Engage in physical activities together, prepare nutritious meals as a family, and create a conducive environment for restful sleep.
There are several ways for you to start your health journey, a local nutritionist is just one suggestion. This specialist can work with your physician and can work with you to craft a personalized health plan for you and your family based on individual needs.
The same goes for regular exercise, you don’t have to join an expensive gym or hire a pricey trainer, although those are great options, you can start small. Ask around in your community for local meet-ups, walking/running clubs, and the like. You’d be surprised how many people are just wanting a little accountability like yourself.
These lifestyle habits will significantly reduce the risk of chronic diseases and promote overall well-being for your family.
Don't forget about the importance of mental health in preventative care. Encourage open conversations about emotions, and stress management techniques, and seek professional help when necessary.
According to a study in Forbes Health, “In 2020…only 37.4% of males received mental health services” Life is difficult at times and we all need an outlet, we cannot let the ‘mental health’ stigma be attached to such care that so greatly impacts our daily life.
Increased stress leads to poor work performance, strained relationships, and increased health concerns. Consult with your insurance provider to see what mental health services are available under your preventative care plan.
Prioritize activities that promote relaxation, such as mindfulness exercises, hobbies, and spending quality time together as a family will help to lighten the mental load and teach better self-control when stressful situations do arise.
By embracing preventative care services, your household can lay the foundation for a lifetime of good health and well-being. Take charge of your wellness journey by building a strong relationship with your healthcare provider, scheduling regular check-ups, staying up-to-date with vaccinations and screenings, and adopting a healthy lifestyle.
Remember, prevention is the key to a happy and thriving household. Start today, and let preventative care be your family's guiding light toward a brighter future!
To review Meridio’s everyday health offering visit: getmeridio.com
1. Hand Hygiene
Consistent handwashing is the most effective way to mitigate the transmission of foodborne pathogens. Thoroughly wash your hands with soap and warm water for at least 20 seconds before handling food and after handling raw meat, poultry, or seafood.
2. Proper Food Storage
To preserve food freshness and maintain organization, utilize a variety of wrappers and containers tailored for different items. For example, use airtight containers for grains, zipper bags for delicate fruits, and aluminum foil for leftover dishes.
Store food at the correct temperatures to prevent bacterial growth. Refrigerate perishable items at or below 40°F (4°C) and keep frozen foods at 0°F (-18°C) or lower. As a general guideline, raw meats can be refrigerated for 1-5 days and frozen for 3-12 months, while vegetables can be refrigerated for 3-7 days and frozen for 8-12 months. Always be sure to rely on your own judgment to ensure safety and freshness.
3. Cook to Safe Temperatures:
Quick-serve restaurants often cook poultry to 165°F (73.9°C) for rapid service, while dine-in and fine dining establishments may have more flexibility, opting for temperatures ranging from 145-165°F (62.8-73.9°C) for enhanced flavor and presentation.
Each type of restaurant tailors its cooking temperatures to their unique needs and culinary style while prioritizing food safety. Use a food thermometer to ensure that foods are cooked to safe internal temperatures.
USDA recommendations:
For a deeper dive into USDA's safe minimum internal temperature guidelines, you can find additional information here.
4. Avoid Cross-Contamination
Minimize the risk of cross-contamination by avoiding the transfer of harmful bacteria from one surface to another. Use separate cutting boards and containers for raw meats to avoid cross-contamination; color-coded cutting boards can help differentiate between various ingredient types.
For instance, when preparing a meal, use one cutting board exclusively for slicing raw meats and another for chopping fresh vegetables. Have dedicated containers for marinating meats and storing leftovers. This separation ensures that harmful bacteria from raw meat don't come into contact with ready-to-eat foods, reducing the risk of foodborne illnesses.
5. Regular Cleaning and Sanitizing
This entails wiping down all areas and equipment with disinfectants, regularly replacing dish towels, and cleaning storage areas. Be particularly vigilant about frequently touched surfaces and the handles of kitchen tools.
A few key cleaning products used by chefs:
By thoroughly following food safety guidelines, you reduce the risk of foodborne illnesses. However, accidents can happen in any kitchen - That's where Meridio comes in as a vital safety net. Meridio ensures that, in the unfortunate event of an illness or injury, you have the necessary healthcare coverage that is affordable and easy to access.
Focusing on food safety extends beyond just safeguarding your customers. Ensure your own well-being as a chef by exploring Meridio's cost-effective healthcare solutions at getmeridio.com
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Offering comprehensive health insurance and benefits is not just a perk - it’s an essential component of attracting and retaining quality talent for your business. As a franchise owner, here are the key questions you should consider when thinking about health insurance and benefits for your team:
Source: Civic Science Poll 2023
Navigating health insurance and benefits for your franchise team requires careful consideration and communication. By asking these questions to local brokers and insurance providers, you can ensure your team has access to the coverage they need, thus fostering a healthier and more satisfied workforce.
A well-cared-for team is a happier, more effective one! Meridio offers affordable health plans for franchise owners and their teams, to learn more about Meridio's Everyday Health Benefits click here.
Business owners know the secret to getting ahead in today’s business world is through attracting top talent, but with so many candidates out there and so many businesses competing for their attention, it can be difficult to set yourself apart from the rest.
By implementing these seven cost-cutting business tips, you can still provide top-notch benefits and become the employer of choice in your area.
You can hire freelancers for many positions within your company, from entry-level to highly skilled. Because you’re hiring freelancers, you don't have to offer benefits or healthcare right away and that can save a lot of money. Plus, freelancers are often more flexible and can work around your schedule more easily than full-time employees. However, it's important to vet freelancers carefully and make sure they're a good fit for your company before hiring them.
By using freelancers you can conserve cash for positions that require benefits. For example, if you use a graphic designer to create promotional materials, but then also need another high level designer to come up with new ideas for new products, they will cost more due to their experience and skill set. Hiring one person might not be possible because of salary constraints or other financial obligations, instead you may hire 2 part-time freelancers.
When it comes to finding top talent, companies often feel like they have to spend a lot of money in order to compete, but there are plenty of ways to save on costs while still providing quality benefits that will appeal to job seekers. One way is to switch from paid-based software services to free ones. Some examples include, Jotform for building and managing forms, Google Docs for collaborating with others, and HubSpot for email marketing campaigns.
Jotform is an easy tool to use and lets you create your own form or import one from their library. You can customize everything including font size, input fields, etc., and embed the form on your website or social media profile pages. Google Docs can replace many expensive programs such as Excel, Word, PowerPoint, and Publisher by using tools such as spreadsheets for calculations, word processing for text documents, presentations or slideshows, and drawings. Another service that has saved Meridio time and money is HubSpot for email marketing. It allows us to store and duplicate emails, analyze engagement so we know what’s working, and we can add follow up tasks, so keeping track of new prospects is easy.
According to a recent study, businesses save an average of $11,000 per year for each employee who works from home. Plus, employees who work from home are more productive and take fewer sick days. Take a look at your company and see where you could readjust procedures to add an at home position. With healthcare costs rising, offering telecommuting as a benefit can also attract top talent without spending loads on hiring.
Now that workers can work anywhere, using high quality services at much lower prices is possible. For example, offshore staffing companies can provide top-quality admin assistants, sales reps, and bookkeepers at a fraction of the cost of U.S.-based employees. You can utilize the vast global network of companies like Ranstad or Mastech Digital to do the hiring, while you fous on business. With these savings you could offer more health benefits to attract higher skilled staff or contribute more to their retirement plans. Check out the savings your workers could enjoy with Human Interest, targeting 401(k)s for workers.
More workers expect flexibility in their schedule, like having hours in their day that allow them to pursue other interests. Studies show that workers will take a pay cut just to have the flexibility to choose their own hours, not having to be tied down to 9-5 or 10-6 shifts. The U.S. Bureau of Labor Statistics also found that flexible work schedules are the most popular perk employers offer employees today and with costs for healthcare on the rise, this perk is more appealing than ever before!
Consider giving employees a stake in your company by offering employee stock options as a benefit. If they do well, they share in the success. And if they don't, they share equally in the failure of their company's performance. Incentivized employees will work hand-in-hand with you to grow the value of the company and you will build a culture of teamwork. It costs you no upfront cash to build an equity program and it might be hard for some companies to give up their shares, but it’s worth considering because employees who are given a stake in their own future tend to put more effort into achieving positive results than those who are not.
Lastly, flexible benefit options are key to attracting top level talent. Offering a variety of benefits that allow your employees to choose what works best for them, their families, and their budget. One popular option is a Health Savings Account which allows employees to save on medical expenses by contributing pre-tax money for health insurance premiums and other qualified expenses like prescription drugs, medical supplies and equipment, over-the-counter medications and medical supplies not covered by insurance plans, as well as many other out-of-pocket costs not covered by an employee's health plan.
Basic affordable health-insurance is another easy way to get started on the path of offering multiple benefit options for your team. Meridio allows you to offer your employees access to benefits cheaper than the marketplace with the care they desire, and with Meridio you won’t feel the headache of a traditional benefits plan because we handle the roll-out for you.
There are several ways to attract the best individuals in your field. From freelancers and off-shore vendors, to free trials with service providers, you have options to make your business stand out from the competition. Now don’t just sit there, get moving and see where your company stands!
When business owners may not know how to navigate the world of insurance, this can be especially challenging. Small businesses are often at a disadvantage because they cannot offer the same level of benefits as larger organizations. However, there are steps that small business owners can take to help their employees combat the high cost of healthcare.
The rising cost of healthcare premiums often leaves employers to seek alternative options such as minimum essential coverage plans, health savings accounts, and self-insurance. Some of these options allow individuals to choose only the coverage options that match their health priorities, without spending money on services they don’t desire.
The rising cost of prescription drugs also leaves employees worrying about their daily health. Forcing them to choose between purchasing their medications and other essential needs. Prescription drug costs have been increasing at a faster rate than overall healthcare costs, so what can small business owners do to help employees? They can start by considering ways to help their employees save on prescription drugs, such as offering discounts or utilizing a prescription drug program.
Often times health plans will offer a prescription drug discount, so it’s important to educate employees on this part of the plan so they don’t miss out on the savings. Consider your employees will be more productive and happy at work when their daily health needs are being met and their mental health is being taken care of.
Mental health is also a growing concern, with many employees experiencing anxiety, depression, and stress, this can lead to decreased productivity and increased absenteeism. Small business owners can help by offering mental health resources such as an Employee Assistance Program (EAP) or partnering with a mental health provider. These resources can help employees to cope with stress, anxiety, and depression, which can ultimately benefit both the employee and the employer.
The rate of yearly check-ups for those without health coverage is less than 50% in the United States (*Insider 2020)
While most American deaths result in preventative conditions and chronic illnesses, preventative healthcare is on the rise. Many employers offer wellness programs to encourage employees to take care of their health. These programs may include gym memberships, weight loss programs, and smoking cessation programs. Small business owners can also offer incentives such as reduced premiums or bonuses to employees who participate in these programs.
A more popular option is to offer health plans that include telemedicine services to employees. Telemedicine allows employees to receive medical care remotely, often at a lower cost than in-person visits. Many plans also offer 24/7 telemedicine appointments to help individuals where they are. Lastly, employers can partner with telemedicine providers to offer this service to their employees as an added bonus to their existing health plans.
To combat the high cost of healthcare, small business owners can consider the several options mentioned thus far. One option mentioned earlier is to provide health savings accounts (HSAs) to employees. HSAs allow employees to save pre-tax dollars to pay for medical expenses. Such expenses can include, medical equipment, prescriptions, therapy, medical treatments, camps, and more.
In conclusion, the high cost of healthcare is a significant concern for small business owners, but there are steps that they can take to help their employees combat this issue. Small business owners can consider offering minimum essential health plans, health savings accounts, telemedicine services, and preventative care programs. They can also consider partnering with a mental health provider to offer resources for employees struggling with mental health issues.
Meridio benefit plans work with Employers to offer their employees some of these options, preventative and wellness medical plans, dental and vision, and prescription discount programs, and at a fraction of the cost of Marketplace plans. By taking proactive steps to address the high cost of healthcare, small business owners can work with Meridio to demonstrate their commitment to their employee's health and well-being and build a positive work culture. To learn more about Meridio’s benefit options visit: https://go.getmeridio.com/meridio-healthcare-benefits-1
Nowadays, more people are choosing to work remotely, either as their primary career or as an occasional arrangement or a part time job. As technology continues to advance, this trend shows no signs of slowing down. In fact, a recent study by the *Becker Friedman Institute found that 30% of workers responded they were more productive and engaged when working from home. As technology continues to advance, this is what we can expect the future of work to look like when more employees choose to work remotely and incorporate remote working into their regular office routines and daily schedules.
Millennials are defined as individuals born between 1981-2000 and they seem to be driving the push for remote work environments. A **recent study shows that millennials are more likely to work remotely than any other generation. A whopping 84% of millennials say remote work is important vs. 66% of Gen Z, 75% of Gen X and 68% of Boomers.
This is likely because millennials value work-life balance, and flexibility over things like prestige and salary. Benefits are also important to this generation, nearly 60% of millennials say they would switch jobs for better benefits.
With the rise of companies who are promoting remote working, people are moving away from commuting to work, along with spending hours stuck in traffic every day to get there. Remote workers can use technology to still be productive during those long commutes or periods of downtime where you can't get anything done. With so many employees looking for a good benefits package, many companies are offering flexible work schedules and telecommuting opportunities as benefits that align with this new remote-first world.
Due to being in the post-broadband age, access to high-speed internet has grown exponentially over the last decade, giving workers everywhere access to information and each other with few barriers. With this access comes new tools and systems like Zoom, Google Hangouts, Skype for Business, Microsoft Teams, as well as video conferencing platforms like LifeSize that make it easier for employees to connect at all hours. Remote workers can also leverage and use social media platforms like Facebook and Yammer to collaborate remotely. All these new technologies open up opportunities for greater collaboration across borders and cultures.
In 2022 there will be nearly one billion employees globally who work remotely, at least part-time and about half of all employees at small businesses, which have less than 10 employees, also work remotely at least part-time.
These trends are becoming staples and standardizations that will lead to a world where most people in developed countries could live their lives never visiting an office again. Companies such as Google have already reached this point, for example, Google’s New York City headquarters famously houses only four percent of its workforce.
Remote work can benefit the employer even more than it does the employee. With employees working remotely from all over the world, employers can tap into a global talent pool that is different from what they have engaged in locally. As an Employer, offering flexibility to retain employees by giving them options around when and where they work, will result in higher quality workers, more productivity, and lower business costs. A recent study by ***Owls Lab found that on average, those who work from home are 47% more productive. In turn allowing the Employer to reach business goals quicker while spending less.
Finally, the biggest change for the future of work could be the end of the paycheck. With remote work, fractional work, and part-time work on the rise, salaried workers could become rare. The money you make will come from a variety of sources: your company, clients, investments or some other source. You'll have to learn how to manage your finances in a way that's unfamiliar to most people today like managing variables and fixed costs. This means you're responsible for determining what's important to you financially, so you can work at it 100 percent of the time.
For business owners, this means alignment with your workforce and having more opportunities to grow your company. Even for workers without a salary, you will want to attract and retain them for a long duration. Offering benefits are proven to improve fractional worker retention and Meridio makes it easy. Offering affordable healthcare to small businesses and their workforce can be as simple as 1, 2, 3. Learn more by visiting getmeridio.com.
When it comes to healthcare, understanding a myriad of rules, regulations, and policies can be confusing and overwhelming, not to mention time-consuming. Yet, as a small business owner, the responsibility lies on you or your delegated manager to muddle through the web of nuance and details comprising healthcare policies and procedures. ERISA is a law that you need to become familiar with and know the basics.
It was created to protect employees from being taken advantage of by their employers. In the years since its initial enactment by the U.S. Department of Labor (DOL), the definition of pension plan has been broadened to include health insurance plans, HMOs, disability, and other types of medical plans that provide long-term care services.
ERISA requires employers to provide plan information to participants and establishes uniform standards of conduct for plan managers and other fiduciaries. These standards of conduct protect participants and their beneficiaries - employees who are eligible to participate in the plans or who are actively participating in the plans.
ERISA establishes enforcement provisions as well to ensure that plan funds are protected and that qualifying participants receive their benefits, even if a company goes bankrupt. If an employee does not receive the benefits promised by the employer or there’s a breach of fiduciary responsibility, ERISA gives the employee the right to sue.
One important thing to note is ERISA does not require employers to offer retirement and healthcare plans; it merely sets the standards if they do.
There is no minimum number of employees that a business must have for ERISA law to apply.
Employers must follow ERISA rules when developing and implementing a retirement and/or health benefits plan. They are required to clearly spell out details of the plan's features within a Summary Plan Description (SPD).
A Summary Plan Description is a document that employers must give to all employees who participate in ERISA-covered retirement or health benefits plans. The SPD lays out the benefits of the program, including how the plan works. It must describe which employees are eligible for benefits, when employees become eligible to participate in the plan, how benefits are calculated and paid, how employee contributions are handled, how to claim benefits, and when benefits become vested. ERISA disclosures must also be documented along with information on how employees can file a grievance or an appeal.
Consulting an attorney experienced in ERISA law to review the SPD before it is released can help ensure the document is complete, accurate, and in compliance with state and federal law. It can take months to create a thorough SPD and making sure employees understand it reduces complaints, confusion, and most importantly, potential lawsuits.
ERISA covers most private sector healthcare plans and generally imposes five key requirements:
Some of the required provisions of the plan are:
Most private sector businesses offering retirement, pension, healthcare, and welfare plans must adhere to ERISA law.
Yet, only specific types of benefit plans are covered including:
An employer that violates ERISA may be subject to civil or criminal penalties. Fines range from a few hundred to a few thousand dollars per day, and criminal penalties can include jail time. Common ERISA violations are:
Of all the employment laws and regulations, ERISA rules can be some of the most challenging to navigate. Creating plan documents properly and meeting reporting deadlines are crucial for plan administrators, as even unintentional violations can be costly.
When considering a group healthcare plan for your employees, Meridio offers affordable, ACA-compliant, basic health coverage options. Anyone can take advantage of our guaranteed acceptance plans with licensed Benefits Guides and a Customer Care team available to assist with enrollment and offer continued support. We remove the administrative burden so that companies can offer quality healthcare without inconvenience or a lengthy process to implement.
We’re happy to answer all your questions and help you decide what’s right for you. To learn more, request information here.
It’s no secret that employee retention is an important component of long-term success in any business. However, many employers struggle to recruit top talent and then retain it once they have it. While you can’t create the perfect work environment every time, there are plenty of steps you can take to make sure you’re at least as appealing as your competitors to the best candidates out there. Here are five tips for recruiting and retaining top talent:
Building company culture starts at the top. If you're leading a team, make sure that you create an environment where employees feel like they are part of something bigger than themselves. Focus on getting to know your team members, developing them, and making them feel valued so that they can do their best work. You'll also want to give them opportunities to contribute in other ways outside of their job description so that they have a feeling of fulfillment in what they do as well as recognition from their peers.
Work culture spreads. Its infectious. It's not just about how we talk with our team or how we treat each other when we see each other in person. It's also about how we talk about each other and interact with one another online through social media platforms like Facebook or Twitter. The more positive messages there are out there, the more likely people will stay engaged and committed to working for your company. And that will attract other like-minded talent to join your team.
Once you have a good culture, then you can start scaling up your hiring. When you break it down, there are a series of clear steps that you need to take to fill roles.
Good training is key to keeping good people. Train your employees in what they need to know, as well as how you want them to interact with customers and co-workers. A program designed around your company’s values and vision will be more effective than a one-size-fits-all training program.
Provide on-the-job coaching and performance reviews throughout the year. If an employee seems disengaged, see if there are ways to make their job more meaningful. Consider giving bonuses and awards to top performers—these rewards can help retain high performers and encourage others to reach higher goals. Also consider recognizing excellent job performance by any member of your team. Rewards and recognition help employees strive for excellence in their work and boost morale and confidence.
It is also important that managers take time off from work themselves so that they can stay focused and engaged with their team members during stressful times. Find out why your employees are leaving by asking them face-to-face or by reviewing their exit interviews.
Trust your workers. Empower them to learn and if they fail, let them try again. It's imperative to give employees ownership over their work. One way is by using job enlargement, which means assigning an employee a series of tasks related to his current job function that are greater in scope than those performed on a regular basis. The result? A more satisfied employee who sees her work as more meaningful and a less frustrated employer with fewer time-consuming questions from employees who do not have the appropriate level of knowledge to answer these questions.
Remember that all people have strengths and weaknesses, so when delegating tasks, make sure you know the employee’s strengths and weaknesses. And don't forget about their personal life; most of us need balance in our lives.
Studies show that a good benefits program can help you attract and retain employees. Retention rates are higher with such benefits as maternity leave, health insurance, dental coverage, tuition reimbursement, and retirement savings plans.
Meridio offers affordable minimum essential coverage (MEC) healthcare plans in addition to a full suite of optional benefits that allows your company to provide a robust package to your workforce. Voluntary employer contributions are also available.
Provide your team with a clear understanding of how your company's benefits plans work, and make sure they have the support needed to find the plan option that best suits their needs and budget. After all, happy and healthy employees are more productive at work and miss fewer days!
Discover a more affordable approach to workforce benefits. Schedule your 15-minute discovery call today.
One of the most important things you can do as a small business owner is protect your team by offering the right benefits at the right price. Unfortunately, this can be tricky with so many confusing insurance terms out there like ERISA, COBRA, and HIPAA that are easily misinterpreted.
Here are some tips on how to understand what these terms mean, whether you’re an employer or an employee.
You may be wondering if you need to provide health insurance for your team members. The answer is maybe. If you have 50 or more full-time equivalent employees, you are required to provide health insurance under the Affordable Care Act. If you have less than 50 full-time employees there are options that don’t cost you a dime but still allow you to provide your team access to the healthcare benefits that matter most.
If you're a small business owner, there's a lot of terminology to know when it comes to health insurance. For example, you may have heard of HIPAA and ERISA.
Here's a quick rundown of what these terms mean for your business:
HIPAA (Health Insurance Portability and Accountability Act) is the law that gives people the right to keep their medical coverage from job to job, including when they retire or if they are out of work due to injury or illness.
ERISA (Employee Retirement Income Security Act) is designed to provide retirement security for workers who can no longer work because of age or disability.
Dental insurance is a type of health insurance that helps cover the cost of dental care. It's important to have dental insurance because it can help you pay for preventive care, like cleanings and checkups, and also for more costly procedures like fillings, crowns, and root canals. Dental insurance is offered by employers, but you can also purchase it on your own. Each insurance plan has certain providers (dentists) in its network. In order to see one of these dentists, you will need to go through the plan before making an appointment.
Vision insurance is a type of health insurance that covers eye health, allowing you to receive care for routine eye exams, contact lens fittings, and eyeglasses. Some coverage may include discounts for LASIK and other corrective surgeries. Similar to dental insurance, many employers offer vision insurance, although you can also purchase it on your own. Be sure to explore each vision insurance plan to see what providers are in the network and what coverage is offered. You’ll want to choose a plan that fits your vision needs.
Life insurance is an insurance term that refers to the coverage that pays out a death benefit to your beneficiaries in the event of your passing. It's an important part of financial planning, especially for small business owners, as it can help ensure that your loved ones are taken care of financially if something happens to you. There are many different types of life insurance policies, so it's important to understand what they cover and which one best suits your needs.
Hospital Indemnity insurance is a type of medical coverage that pays benefits if you are hospitalized. Regardless of your existing medical coverage, these benefits are paid to help cover costs that your primary insurance may not pay. Some examples of coverage may include fixed benefits for admission to the hospital, fixed benefits for each overnight stay, or a fixed benefit for a stay in intensive care. While you can purchase Hospital Indemnity on your own, many employers offer it as an addition to their health insurance plans. Each Hospital Indemnity plan is different, so it’s important to review your options.
Short-term Disability insurance is a type of insurance that provides income replacement for a limited period of time if you are unable to work due to a covered accident or illness. The benefit period is typically 26 weeks, but can vary depending on the policy. To be eligible for benefits, you must be disabled and unable to perform the essential duties of your job. In most cases, you will need to provide medical documentation from a licensed physician to prove your disability. Short-term Disability insurance is usually offered by employers, but again can be purchased separately.
Accidental insurance is a type of coverage that pays cash benefits if you sustain an unexpected accident or unexpected death. Accident insurance is usually offered to employees as an add-on to health insurance, although employees can purchase it on their own. Qualifying accidents allow you to receive cash to cover out-of-pocket expenses that your health insurance may not cover. While each Accident plan is different, many will have options to choose from that meet your personal needs.
When you're a small business owner, you wear a lot of hats. One of those hats is Benefits Administrator, and while that role comes with a lot of responsibility, it doesn't have to be complicated.
1) Know the lingo. It's easy to get lost in all the words and jargon related to healthcare and life insurance; fortunately, there are definitions available online that can help guide you through what they mean when referencing terms such as deductibles, co-payments, coinsurance and more.
2) Use charts and graphs. You don't need to make employees feel like they're sitting in an algebra class. Take the time to break down different aspects of healthcare or life insurance so people can see them visually--you'll have their attention much longer than if you just read off a list of things they should do or know.
3) Be patient. No one likes to talk about insurance, that includes your employees. It will take time for people to understand these terms. Start by giving them basic explanations and over time, as they become comfortable with the idea of taking control of their own healthcare decisions, gradually add additional detail. Employees may still ask questions as this process unfolds but that means you're doing something right!
Offering Meridio Benefits gives you access to expert Benefits Guides at your fingertips that can help your employees learn more about your insurance offerings without any work from you. Learn more by visiting GetMeridio.com.
It all started while building a company in the hospitality space, my cofounder and I discovered a world of unsolved problems in offering health care benefits.
In 2015, building a platform that allowed customers to tap into workers on-demand seemed like an obvious need in the market. We called it Waitron, after the title given to me and my fellow waiters and waitresses at the restaurant where I worked in college.
Hospitality-focused businesses could connect to hospitality staff in-real time. Why did this solution not exist in the market? If a restaurant was short-staffed, they needed a trained worker immediately, not in two days. If a catering company was brought in for a last-minute wedding, who was going to bartend during the second electric slide?
It was painfully clear that someone needed to build this solution. “Uber-for-X” was everywhere in 2015, so building an Uber for waiters and bartenders was the next step in the product-market-fit growth cycle that entrepreneurs such as myself shamelessly mimicked. The problem was obvious. Or so we thought.
It turns out, the problem of figuring out how to connect a business to a worker was a simple one to solve. Give the customer a tool to book a service. Give the workers performing that service clear information on where to be and what to do. Make sure the person buying can pay, and make sure the person performing the service can earn an income. How revolutionary we thought we were, connecting a buyer with a seller? True brilliance.
But, what happened after the customer booked a worker? That is where the actual problems began.
In fact, how did these workers access benefits before we came along?
During year 3 of building Waitron, it was the last question over which I became obsessed. It led to the question that built Meridio - how do workers, in this future of work that the world is building, gain access to benefits?
We spent 4 years building Waitron and ultimately sold it to Qwick in 2019 - 4 months prior to the pandemic. Starting in 2019, while building up Waitron for a sale, I consumed everything I could about worksite insurance.
Again, many questions and very few answers. It felt familiar. We knew we were on to something. In 2019 we thought that the world was moving toward mobile and remote. In 2020, it needed to; the world changed.
In-person enrollment conditions were getting harder to come by, employees were lacking knowledge of what insurance they should buy and what it did when they bought it. We found that only 48% of employees actually understood the benefits they purchased - that is 92 million people in the United States.
It was becoming too expensive for employers to offer healthcare, and too cumbersome for employers to offer supplemental insurance in a way their employees could understand. SaaS-focused insurance enrollments were being built to move as much product out the door as possible while providing little guidance to the employee. The occasional read-along material and corporate instructional videos were all that the market had provided for employees making these significant financial decisions.
This new world needed a better benefits experience for every stakeholder: the employee, the employer, the broker, and the carrier. It needed to be rebuilt from the ground up. Enter Meridio.
At Meridio, we are reimagining what it means to connect people with benefits. Using the thinking from our Waitron days, we match employees up with licensed experts, called Benefit Guides, in real-time so they can make benefits decisions with unbiased guidance. No pushy commission-based insurance enrollers. No complex benefits jargon.
Employees simply receive expert insight to help them make better benefits decisions in a world that is becoming more complex.
For Carriers, Meridio provides a purpose-built experience that helps them deliver an edge for their brokers, clients, and partners. Our platform gives carriers a superpower so their distribution network can reach customers anywhere, anytime, while we manage the complexity of payments, terminations, and compliance.
For Brokers, Meridio provides an enrollment solution so they can create value for their clients without the headache of traditional enrollment companies and with the ability to enroll benefits anywhere in the country at the same rate as an in-person agent.
Society is building a world that people have dreamed about for centuries. This new world is complex but it also has freedom we have never seen before. Freedom to move around, freedom of choice, and freedom to explore. But with that freedom, we need guidance from unbiased experts so we can make the best decision possible. Meridio’s platform is a trusted advisor for this new world to deliver a better benefits experience for everyone involved.
The Affordable Care Act
Although Obamacare has received mixed reviews, it’s clear that it has a significant impact on small business owners and their employees.
The Patient Protection and Affordable Care Act (ACA), referred to as the Affordable Care Act or “ACA” for short, was signed into law by President Barack Obama in March of 2010 and aims to extend insurance coverage to uninsured Americans and to slow the increasing costs of healthcare.
“Obamacare,” as it’s most often referred to, is the most controversial and far-reaching healthcare legislation in decades. The law was designed to increase access to affordable health insurance, but it also has a number of provisions that affect small businesses. As a business owner, you need to be aware of how Obamacare will impact your company.
Obamacare and How It Affects Small Business Owners
The ACA authorized the creation of new healthcare marketplaces, also known as exchanges, where individuals and small businesses can purchase health insurance. Businesses with 50 or more full-time or full-time equivalent (FTE) employees are required to offer affordable health insurance.
Businesses with 1-49 full-time employees are not subject to this requirement. However, due to the expensive nature of individual healthcare products from the marketplace, small businesses need solutions to help employees.
ACA Mandates
The Affordable Care Act mandates that all businesses with 50 or more full-time or full-time equivalent (FTE) employees must provide health insurance for their employees. If a company fails to do so, they are subject to penalties. Despite this requirement, many believe the ACA does not help small business owners. Some of these individuals have argued that because of the mandate, small business owners are now paying higher premiums for less coverage, and as a result, are forced to cut back on hiring and other benefits to cover the costs.
In addition, under Obamacare, many Americans are required to purchase private health insurance if they are not covered by an employer or other government-assisted health plans such as Medicaid, Medicare, or TRICARE. The Individual Mandate applies to residents of California, Massachusetts, New Jersey, Rhode Island, Vermont, and the District of Columbia.
Employer Responsibilities
Employer responsibilities under the Affordable Care Act include offering affordable, comprehensive health coverage to at least 95% of their full-time employees. Health coverage is considered “affordable” if the employee contribution for premiums is no more than 9.12% of household income in 2023 for employee-only coverage. It is “comprehensive” if it provides a minimum value of at least 60% of the total allowed cost of benefits provided by a typical employer plan and includes substantial coverage of physician and inpatient hospital services.
Federal Eligibility and Individual Enrollment Requirements
There are three key federal requirements for ACA Eligibility. These requirements apply in all 50 U.S. States. They are:
When an employee enrolls for a healthcare plan through the marketplace, they may be eligible to receive an advanced premium tax credit to help offset the cost of their monthly healthcare premiums. Certain household income limits must be met to qualify for the premium tax credit. Household income must be at least 100 percent and, for years other than 2021 and 2022, no more than 400 percent of the federal poverty line for family size.
Aside from income, other factors affecting the credit amount include:
Open Enrollment is the period each year when individuals are allowed to enroll in or make changes to a marketplace health insurance plan. The yearly open enrollment period runs from November 1 – January 15. Outside open enrollment, an individual may still be able to enroll in marketplace coverage if they have certain life events, like getting married, having a baby, losing other health coverage, or based on their estimated household income.
Insurance Market Standards
One of the most important aspects of the ACA for small business owners is the insurance market standards that it sets. Before the ACA, insurance companies were able to discriminate against people with pre-existing conditions and charge women higher rates than men. The ACA outlaws these practices and requires insurers to provide coverage to everyone, regardless of their health status or gender. This has made it easier for small business owners to get health insurance for themselves and their employees.
Benefits
The Affordable Care Act set out to standardize small-group and individual health insurance plans by creating a colored “metal” ranking for each of three tiers or levels, with each level based on actuarial value. The colors of the tiers are bronze, silver, and gold.
All new small group and individual health insurance plans, including plans sold in the exchange as well as plans sold in the private market, must fall into one of the metal levels (unless it’s a catastrophic plan in the individual market).
The law requires that all plans offer a minimum level of coverage starting with the bronze tier, which covers 60 percent of an individual's medical costs. Silver and gold-tiered plans are also available, which cover 70 and 80 percent of medical costs, respectively.
Benefits under a bronze plan can be complex but essentially provide a basic amount of protection at a relatively low cost. A silver or gold plan might work better for those who have more robust coverage needs, such as for families or those with significant out-of-pocket expenses due to chronic conditions. Catastrophic plans are also available, which provide high levels of coverage in case of injury or illness but not for routine, preventive care.
Besides ACA products, other health coverage options include health savings accounts (HSA). HSAs may be a good choice for business owners and individuals because they can contribute to them on a pre-tax basis and withdraw funds from them on a tax-free basis if used for qualified medical expenses. HSAs require consumers to take responsibility for monitoring their own health care costs and providers and may be particularly beneficial for those who are self-employed.
In addition, the ACA offers small business healthcare tax credits to small businesses that purchase health insurance for their employees through its Small Business Health Options Program (SHOP).
Penalties for Noncompliance or Unsatisfactory Thresholds
If a business with 50 or more full-time employees fails to meet the ACA’s minimum requirements for providing health insurance to its staff, penalties may be levied.
If an employer with 50 or more FTE employees doesn’t offer coverage to at least 95% of FTE employees, the potential penalty is $2,880 per full-time employee in 2023 (that amount started at $2,000 but has been adjusted for inflation). The first 30 employees are excluded from the calculation. For example, if an employer has 65 FTE employees, doesn’t offer any health coverage, and at least one employee gets coverage in the exchange and qualifies for a premium subsidy, the employer would owe a $100,800 penalty for 2023. The calculation is: (65-30) x 2,880 = 100,800.
On the other hand, if an employer provides a health plan, but that plan is unaffordable and/or doesn’t provide minimum value, the employer would face the lesser of two penalty options: $4,320 per employee receiving premium subsidies in the exchange (this started at $3,000 but has been indexed for inflation), or the $2,880 per full-time employee (minus the first 30) penalty as described above.
To illustrate, consider a business that has 120 full-time employees and offers coverage, but it’s either not affordable and/or doesn’t provide minimum value: If 70 employees get subsidies in the exchange in 2023, the employer would pay a penalty of $259,200 for the year ((120-30) x 2,880 = 259,200). That’s the lesser of the two penalties, with the alternative penalty calculation totaling $302,400 (70 x 4,320).
How to Navigate
As small business owners, we never expect to be faced with the number of challenges that can arise when starting a business. We want the domain and freedom to build something great. Administrating and navigating healthcare has made that unnecessarily difficult.
The reality is that the Affordable Care Act is now law and most likely here to stay. You can get a broker to help you implement and manage health care for your workers or you can do it on your own.
Your Health Insurance Alternative
The continued rising cost of healthcare has made it difficult for small (and medium-sized) businesses to operate, including providing healthcare. Many employers are now opting for lower-cost minimum essential care plans as a way to not only reduce their expenses but help employees do the same.
Meridio offers a solution to the growing problem of rising healthcare costs by providing small businesses with affordable, ACA-compliant, basic health coverage plans for themselves and/or their employees. Anyone can take advantage of our guaranteed acceptance plans with licensed Benefits Guides and a Customer Care team available to assist with enrollment and offer continued support. We remove the administrative burden so that companies can offer quality healthcare without inconvenience or a lengthy process to implement.
We’re happy to answer all your questions and help you decide what’s right for you. For moreinformation you can request information here.
