1-212-634-9389
Talk to Sales
As a thriving business with a growing workforce, the complexities of health insurance and employee benefits shouldn't be your full-time headache. We understand that knowing the wellbeing of your workforce lies in your hands can feel daunting, but we're here to help.
The renewal period for these benefits is a crucial time to reassess, evaluate, and make decisions about your coverage offering that will not only impact your bottom line but also the long-term wellbeing of your team.
Here is a comprehensive checklist to guide you through the renewal process smoothly and effectively:
Before jumping into new plans or options, take a moment to assess your current benefits package:
Are your employees satisfied with their health coverage? Consider conducting anonymous surveys to gather feedback on what they value most about their existing plans.
Examine aspects such as the network of providers, out-of-pocket costs, and additional benefits like dental or vision coverage. Understanding your team's needs is essential for making informed decisions during your renewal.
Ask your broker or health benefits carrier to provide a claims history from the past year. Analyze the types of services your employees are utilizing most and assess the costs associated with those claims. This will help you identify trends and potential areas for improvement in finding affordable health coverage.
A thorough review of the services used by your team can empower your decisions and help you negotiate better terms with your insurance carriers. This also allows the opportunity to add supplemental coverages and wellness programs if needed, based on the claims history for your team.
Determine what you can realistically afford in terms of renewal costs. Account for premium increases, but set a clear budget and cap on your spend. If you elect for employee contribution, be sure you understand what that covers and how it affects your employees.
Consider how changes in premiums will affect your overall financial expenses. While providing valuable benefits is important, balancing costs with business sustainability ensures long-term success.
Once you have your budget, start comparing different plans and see how they stack up against what you're currently offering. Look beyond just the premium costs; evaluate the coverage, network access, co-pays, deductibles, and out-of-network options.
Partnering with a knowledgeable managed service provider like Meridio can save you time and ensure you explore all possibilities without the headache and complexity of navigating the market. They can help you find the best health benefits for your company.
Incorporating wellness programs can effectively enhance employee participation in your benefits program while reducing long-term healthcare costs. Consider options that promote physical and mental well-being, such as fitness reimbursements, stress management workshops, or telehealth services.
These initiatives not only attract new talent but help retain current employees by fostering a supportive work environment where employee wellness is a priority. Research shows that when considering a new position, prospective employees often choose affordable health benefits over better pay.
Health benefits are heavily regulated, with changes in the market occurring yearly. Ensuring that your plans comply with the latest Affordable Care Act (ACA) regulations will help you avoid hefty penalties. Another way to ensure your business is compliant is by partnering with a managed service provider such as Meridio. They simplify the benefits process and take care of everything from administration and set-up to enrollment and ongoing service.
Staying informed about changes in healthcare laws protects your business from potential penalties and legal issues. Consider consulting with a compliance expert to navigate complex areas if you don’t have a reliable broker or health partner.
Before the renewal process begins, effectively communicate with your employees about all expected plan changes and create a space for everyone to ask questions and review the new options. Hold an informal meeting and send out digital updates with enrollment reminders to ensure everyone is on the same page.
Giving your employees time to discuss health coverage options with their household and family allows everyone a fair chance to waive or elect benefit coverage. Provide materials that outline the new benefits, highlighting any modifications, costs, and important deadlines. This transparency fosters trust and helps your employees feel valued.
Health benefits should not be a once-a-year consideration. Make it a habit to periodically review your offerings throughout the year. Economic conditions, employee demographics, and market trends can shift, so staying adaptive is crucial. Speak with experts who can walk you through a cost comparison and answer questions to help guide your healthcare decisions. At Meridio, their experts help you understand your current costs versus average marketplace options to see where you could save or spend differently.
Regular check-ins with your existing health benefits carrier or broker can help you make more timely adjustments. Keep them on a first-name basis and rely on them to be your guide in the benefits space, being transparent with your business needs and expectations will go a long way.
After you've completed your health benefits renewal, solicit feedback from your employees about the new plans and the enrollment process. Understanding how these changes affect your team's daily lives and productivity is critical for future decisions.
Use this insight to improve the benefits package during the next renewal cycle. Keeping an open line of communication with your team as the year progresses will allow you to have a clear picture of the wellness culture within your organization.
Renewing employer-paid health benefits is a significant opportunity to enhance your team's welfare and safeguard your business's financial bottom line. By following this checklist and staying empathetic to your employees' needs, you can create a low-cost benefits package that not only meets compliance requirements but also builds a strong, loyal workforce.
Your team's well-being is an investment that pays dividends for your organization's success! Download our free 'Benefits Renewal Red Flags' checklist below to be sure you're on top of the best health insurance options for your team.
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.
Finding affordable health benefits for your small business 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. For help finding the best small business health benefits plans, download our cheat sheet below.
%20(1).png)
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.
.png)
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.
.png)
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.
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.
.png)
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.
.png)
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.
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.
.jpeg)
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.
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 affordable health benefit plans work with employers to offer their employees some of these options: preventive 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.
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.
The Employee Retirement Income Security Act, more commonly known as ERISA, is a federal statute enacted in 1974 to set minimum standards for most voluntarily established retirement plans such as pensions and 401(k) plans in the private sector. It also covers health plans.
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 these 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 whether Meridio health insurance plans are right for your business. To learn more about Meridio, download our overview below.
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.
