Affordable healthcare is something everyone should be able to enjoy. By providing health insurance to your employees, it can contribute to the overall wellbeing of your workforce and even enhance employee retention and satisfaction. If you’re thinking of offering employee health insurance in Nevada, here’s what you need to know.
Step 1: Consider the legal requirements for employee health insurance in Nevada
In some cases, it’s required for employers to provide at least some level of affordable health insurance. Under the Affordable Care Act (ACA), applicable large employers (ALEs) with 50 or more full-time equivalent employees are required to offer employee health insurance that meets minimum essential coverage standards for all their full-time employees.
It’s important to understand the legal requirements of providing employee health insurance in Nevada first. Otherwise, you may be subject to penalties or legal issues.
Step 2: What type(s) of employer-provided health insurance do you want to offer?
Once you understand the legal requirements, it’s time to look at your options. As you’re exploring the various options for employee health insurance in Nevada, there are a few considerations to keep in mind:
- Budget constraints
- The size of your workforce
- Level of coverage you want to provide
This will help you narrow down the search and ensure you choose only the plans that will best suit your business and employees.
There are several different types of employer-provided health insurance that you should be aware of. Each offers different benefits for employers and employees:
- Health Maintenance Organizations (HMOs): Provides comprehensive coverage through a network of healthcare providers. HMOs typically require employees to choose a primary care physician and get referrals for any necessary specialist care.
- Preferred Provider Organizations (PPOs): These plans provide more flexibility when choosing providers and typically cover a portion of the healthcare costs, even if the employee chooses an out-of-network provider.
- High Deductible Health Plans (HDHPs): These plans keep premiums nice and low, but as the name might suggest, they typically have higher deductibles. Pair HDHPs with a Health Savings Account (HSA) to offset any deductibles with tax-free savings for qualifying medical expenses.
- Association Health Plans (AHPs): This is a type of group medical insurance for employers that allows smaller companies to access the health insurance savings associated with large group medical coverage.
You may also decide to offer ancillary benefits, like dental, vision, short- and long-term disability, etc. These coverages are typically separate from standard health insurance coverage.
Step 3: Find a provider
While the different types of employee health insurance in Nevada are relatively standard, the exact coverages will vary between providers. That’s why it’s important to do your research and compare different insurance providers to find the one that works best for your business and employees.
The best way to shop for insurance providers is to work with a broker. A small business insurance broker like Health Benefits Associates can compare all available insurance companies, provide a breakdown of the various costs and coverages, and help you select the insurance company and plan that works best for your business.
Step 4: Manage enrollments and administration
You might think the work is finished once you sign up with an insurance provider, but the process is really just beginning. Now, you need to manage enrollments and administration for your business and its employees.
Develop a process for enrolling employees into the plan, making necessary adjustments, and ensuring all the paperwork is completed and submitted on time. There’s a lot of paperwork that comes with employee health insurance in Nevada, and it’s crucial to make sure it’s all done properly. Using an online system can help alleviate the process tax and reduce the administrative burden.
Health insurance can be complicated, and you’ll also need to offer ongoing support to your employees trough their enrollment periods and beyond. You never know when issues or concerns may arise.
Find the perfect employee health insurance in Nevada
Choosing the right health insurance coverage for your business and its employees is no small task. Luckily, Health Benefits Associates can help with every step of the process.
Whether you’re looking for quotes from various insurance companies, assistance with plan selection, policy implementation, management of enrollments and terminations, or simply answers to your every question, the knowledgeable brokers at Health Benefits Associates are here to handle any insurance-related need.
If you want to offer the best employee health insurance in Nevada, contact Health Benefits Associates today to get started.
