POV: You are a small business and want to start offering health coverage to your employees. You start looking at options and quickly realize, there is no way you can afford it. An average premium to cover an individual is $653 and for a family it is $1,885! You have 15 employees, do the math and spending $265,380[1] for a year’s worth of coverage just isn’t an option.
So, what if I told you there was an alternative? You can still offer great health coverage, but you cut that number by more than 30% for this year alone. This is possible through a Qualified Small Business Health Reimbursement Arrangement (QSEHRA). Similar to an ICHRA, which was outlined in my latest blog post and you can read about it here, it offers small businesses the flexibility of offering employee-driven benefits at a fixed cost. Not only is it a win for you as the employer, but your employees are grateful to have personalized coverage that meets their needs and sticks with them wherever they work.
1 in 2 employees will leave their job in the next 12 months over lack of benefits[2]. Small businesses cannot afford to lose talent and are getting more and more pressure to offer benefits to compete in the marketplace. People need health insurance to protect them from unexpected life events and to help them in better managing their health. With more than 7,000 small businesses in Kansas City alone, employees are quick to move to a new employer who will offer better, more comprehensive benefits and this is an effective way to do that at the lowest cost.
Ready to start the process? Here's how it works:
1. Schedule a call with NuLight Consulting.
2. We review your current plan (if applicable) and current employees to provide you with a customized benefit offering, structured with upfront pricing so there are NO SUPRISES.
3. We set up your new benefit and help your team enroll in their personalized health plan.
4. DONE! Your new benefit is effective, you saved money, and your employees have the coverage they want and deserve.
Have more questions? Please reach out to us at info@nulight-consulting.com. We would love the opportunity to meet you and talk with you about your business. We are in the business to help you lower your healthcare costs and we will make sure you leave with the best solution for your business.
[1] Assuming 5 employees are individuals and 10 are families for a full plan year of coverage (12 months).
[2] Source: TeamStage, 2024 Employee Benefits Statistics
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