If you are a practice owner, you know your staff wants quality health insurance coverage. However, you may feel that offering such benefits would not be financially viable. If this is the case, we want you to be aware of some little-known waivers that may make offering quality health insurance coverage an option for your practice.
Your employer contribution could be made more affordable...
With group plans, many insurance companies require you to pay 50% of your staff’s insurance premiums. If this cost is insurmountable for your practice, a waiver exists that can allow you to set your contribution to the percentage your practice can afford. However, this waiver is only available during the special enrollment period. Find out how your practice may qualify.
Your membership group could be as small as one person...
Typically, insurance companies require 75% of your full-time employees to participate in group coverage. Including this many on a group policy may be financially impossible for your practice. However, the minimum number of employees required to participate could be waived - allowing you to enroll as few as one in a group plan. Reach out to us to find out how.
These two waivers may allow you as a practice owner to get the PPO coverage that you prefer for yourself and your family. You can offer group insurance to your staff on your terms - and you can benefit from the same coverage as well. But hurry - our agents will need time to gather your information, generate quotes and submit your paperwork before the December 15th deadline. Don’t delay. Contact us to see how you could benefit.
How Might Your Practice Benefit Financially From Offering Health Coverage?
Providing this sought-after health coverage can help you retain your valuable staff. Note the following statistics from Glassdoor Economic Research:
- Out of a list of 54 benefits, health insurance ranked number one in desirability.
- The vast majority of employees say they would prefer benefits over a pay raise: that’s 90% of 18-34 year olds, 70% of 45-55 year-olds and 66% of 55-64 year-olds.
Retaining happy employees may allow your practice to experience a tangible financial benefit as well. Consider the following:
Health Insurance May Help Prevent Lost Time: When your employees have sufficient health coverage, they will be able to follow up with their health care provider on a regular basis and may prevent more serious illnesses that may result in extended time off. From a business standpoint, this helps your practice. After all, a sick employee who can’t come to work hurts your practice’s efficiency and productivity. If he or she is ill and still comes to work because of a lack of insurance, others may get ill - including staff and patients.
Health Insurance May Help Prevent Inefficiency: If you lose an employee because they have found a position with sought-after health benefits, your practice suffers in another way. By losing just one employee, you will have to take time away from your patients to search for and interview candidates. You will also have to take the time away from patients to train and follow up with a new staff member. Your other employees suffer as well; team members must work harder in the absence of the departed employee and while a new employee is trained. What is more, your patients may suffer if there is increased turnover at your practice. If every time your patient comes in they are dealing with a new person, an opportunity is missed to build a sense of familiarity and comfort that is so important for them.
Health Insurance May Help Save on Turnover Costs: Not only is the turnaround process inconvenient, your practice will bear a financial burden when replacing a lost employee. This is no small expense. According to the Texas professional employer organization G&A Partners, replacing a professional employee costs from 75-125% of his or her annual salary. No doubt you will agree with one healthcare staffing expert, who noted, “It’s much more effective and efficient to invest in retention than to go out, recruit and train new employees.”
You want your staff to be happy for many reasons, but the fiscal impact alone is reason enough to keep your employees happy. Since health insurance is so important to employees, one of the most practical ways to increase your practice’s employee retention is to offer a quality health insurance package - and now is the time to review your options.
These Open Enrollment options end very soon – so reach out now to speak with a qualified health insurance advisor. Together, you can determine what options are feasible for your practice and should be included in this coming year’s employee benefits package.
For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.