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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.
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 Mental Health Month 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 year-round.
At Meridio, we offer healthcare plans that prioritize mental health coverage. Our Value Medical plans include access to therapy and psychiatry anytime, anywhere through Recuro Health. Contact us today to find out how to get started with Meridio.
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 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 to be sure you're on top of the best healthcare options for your team. If you are considering other options but feel confused by all the choices, Meridio can help. We offer health benefits as a managed service, and it's our mission to simplify the process and remove some of the burden. Visit www.getmeridio.com to learn more.
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.
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.
