Creating Your Employee Benefits Package in 6 Steps
Most businesses in Cumberland Foreside, Maine, offer services such as financial advising, auto maintenance, and landscaping. Most of the industry in this small town on the coast of Broad Sound is near the intersection of Tuttle Road and Maine Street. Whether or not your company fits these trends, having a good employee benefits package is key to attracting and maintaining high-quality employees. If you're not sure whether you have reliable employee benefits insurance in Cumberland Foreside, follow these six steps to get your plan in action.
1. Work with a Broker
Working with a broker in Cumberland County is essential for your success. Employee benefits brokers are knowledgeable about state and federal laws, and they know how to get the best deals with insurance providers. They also help you see your Cumberland Foreside business's operations objectively and point out problems with your insurance administration systems.
2. Understand All Relevant Laws
Next, ask your broker to explain any amendments to insurance legislation in Maine and at the federal level. For example, has Congress amended the Employee Retirement Income Security Act or the Affordable Care Act? Have executive agencies such as the Internal Revenue Service changed their insurance reporting requirements? Your broker can determine whether your current benefits plans fulfill these laws and suggest changes to avoid lawsuits over employee benefits insurance in Cumberland Foreside.
3. Assess Your Current Coverage
Are you and your employees happy with your current benefits packages, or do you want to expand any of them? Is your insurance model sustainable for the next five years, or are your employees' deductibles barely covering their insurance claims? Your employee benefits broker analyzes your coverage and explains how your plans are helping or hindering your long-term success.
4. Consider Self-Insured Plans
Self-insured health plans have become popular recently, but they're risky if you don't know what you're doing. Ask your employee benefits broker if your business is financially stable enough to start working directly with your healthcare vendors. He or she examines your HR team's infrastructure and level of HIPAA training and recommends any necessary changes before helping you change your insurance provider. For example, if your HR team doesn't have the right software to monitor insurance claims, your broker helps you choose a new HR information or management system.
5. Look for Ways to Reduce Costs
Employee benefits insurance in Cumberland Foreside tends to be a touchy subject because it's related to your finances. When you partner with a broker, though, you can save money on your insurance costs instead of trying to raise your employees' deductibles and lower their limits.
Perhaps your absence policies for paid leave and workers' compensation are not well managed, leading to their overuse. You might be paying for pharmacy services that your employees don't need, or you might not realize what each copay is going towards. Your broker assesses all the areas where you're spending money and ensures that everything is fair and appropriate.
6. Think About Optional Coverage
Once you've got a better handle on your programs for employee benefits insurance in Cumberland Foreside, you're ready to think about voluntary insurance programs. These plans are not mandated by Maine or the federal government, but they can be great ways to attract employees who are willing to pay higher premiums. Life insurance, legal coverage, dental care, and vision insurance are all examples.