If you have Group Benefits in place now at your company, or if you are thinking of putting together Group Health Insurance for your employees, there is a lot to think about. Health Insurance is all over the news. Group Health Insurance is expensive, confusing, and most business owners don’t know where to start. That’s where having an expert on your side can make all the difference in the world. Most people don’t realize it, but having a Group Benefits expert is free. They are paid by the commission that is “built” into the monthly premium, set by the State of CA.
Would you ever consider doing your own corporate taxes? Most business owners rely on people with the expertise to help them through the process and create a strategy for them. Those tax experts know the system, and know how to keep people in compliance. The same concept applies for Group Health Insurance. There is a strategy to Group Benefits, specifically Group Health Insurance. Being in the wrong health insurance network, overpriced premiums, and being out of compliance with the IRS and Dept of Labor is kind of a big deal.
Choosing an Employee Benefits Adviser
Choosing a Group Health Insurance Advisor is also important. There are tons of us running around, claiming to be experts. It pays to do your homework and due diligence on Group Health Agencies. Check their ratings, and their reviews. Are you dealing with the owner of the agency, or just an account manager for a big firm? Who has a vested interest in YOUR company and making sure you are set with the right products. Basically, who has your back? Compliance is a big issue now, especially for groups over 20 or 50 employees. If that fits your company and your broker has not spoken to you about all of the compliance mandates surrounding the ACA (ObamaCare), that may be an issue.
Compliance mandates for small business
If you are a business owner with 20+ employees, there are steps you have to take to be compliant with the IRS and the DOL (Dept of Labor). If you’ve ever been in front of the Labor Board or had to deal with the IRS, its never fun. Getting compliant is not really that hard, if you specialize in Group Health Insurance. Too many of the business owners I speak with, are completely unaware of the Employer Mandates set up by ObamaCare in 2010. Since Trump has taken office, the mandates, and enforcement has changed with Group Insurance. In 2018, the IRS is now auditing companies, from their 2015 filings, that appear to be out of compliance. Again….if you have a true expert on your side, this is a non-issue.
At Brauer Insurance, we specialize in Group Health Benefits for companies under 100 employees. Call us anytime for a free evaluation. (408) 421-5555