Providing health insurance and employee benefits is crucial, complex, and costly. According to a U.S. Bureau of Labor Statistics report, the average cost of total employer compensation for civilian employees in September 2022 was $41.86 per hour worked. And in breaking that figure down, it shows employers spent $28.88 on wages and salaries, which comprised 69.0% of total expenditures; benefits at $12.98 covered the remaining 31.0%.
Providing comprehensive health and benefits for employees is essential to recruit and maintain a productive, satisfied workforce, which makes meeting all applicable legal and regulatory requirements a top priority. It is a mandate for businesses to comply with regulations even though they complicate managing corporate health and employee benefits programs.
As a brokerage with extensive experience in corporate benefits, we are eager to help you maintain compliance with your health and benefits programs. That is why using our industry know-how, we published this post to help guide you toward staying compliant and educating your employees about the benefits you provide them and the regulations you abide by.
Please focus on the following post below to identify opportunities to improve your health and benefits programs and to recognize potential non-compliance areas so you can take corrective action quickly.
What You Will Learn
- Review and Understand All Relevant Federal and State Laws
- Understand Industry Standards and Best Practices
- Develop and Maintain Written Policies
- Consider Employee Needs and Preferences
- Stay Within Your Budget
- Monitor and Review Programs Regularly
Review and Understand All Relevant Federal and State Laws
It's best to identify all applicable federal laws, such as the Affordable Care Act, ERISA, and the Family and Medical Leave Act. Likewise, familiarize yourself with the requirements of these laws.
Understand Industry Standards and Best Practices
It would be best practice to research your industry's health and benefits standards and best practices. Then, you can determine how your company's current programs compare to these standards.
Develop and Maintain Written Policies.
Another thing to mark off the checklist is to create written policies regarding health and benefits. Then, ensure these policies comply with all applicable laws and industry standards. The next step would be to review and update these policies regularly.
Consider Employee Needs and Preferences.
The ideal would be to survey employees to gather information about their health and benefits needs and preferences. Next, you can use this information to help you plan and maximize your company's health and benefits programs while adhering to rules and regulations.
Stay Within Your Budget.
Determine the funding for health and benefits programs. Then, review and compare the costs of different health insurance plans, wellness programs, and other benefits. You can select options that provide the best value for your company and employees within the available budget.
Monitor and Review Programs Regularly.
Set up systems to track the effectiveness and compliance of your company's health and benefits programs. Furthermore, regularly review these programs to ensure they meet the company's and its employees' needs and comply with all applicable laws and standards. You can make any necessary changes or adjustments as needed.
Maintaining a productive and content staff requires offering generous health care benefits. Businesses must follow all laws and rules to protect their workers' rights. The costs of health and benefit plans are high, but the advantages of a healthy, motivated, and productive staff more than compensate for them in a well-run program.
Our clients at Sahouri Insurance tap our expertise to gain an edge in handling their risk management, health, and employee benefit programs. Our data management and consulting technology services help them keep their operations running smoothly, while our recommended insurance coverages protect them from the financial damage that could come from risks like interruptions, downtime, and lost income. Whether you are a CFO, an HR executive, or a benefits administrator, there is a service designed to help you accomplish your goals.