Businesses in Reno have been stepping up their health insurance small business benefits in order to attract more talented employees. Companies have gone beyond now just offering private insurance in Reno, to offering dental, vision, life and disability products. As part of the overall compensation strategy, it’s best to offer a wide range to employees, especially the young and healthy crowd.
Plan designs vary widely based on the type of employees they’re trying to attract and retain. Many small businesses think that offering group health insurance benefits is the only way to go. While offering health benefits is by far the most important, it’s not the only compensation tool available. Dental, vision, life and disability products can sweeten the deal for potential employees and make current employees more satisfied with their current position. Healthy individuals tend to use the dental coverage even more often than the private insurance in Reno. Disability coverage is great for employees who are planning on having children, or spouses with children.
The Cost
If a 50 year old person on a health insurance Nevada plan, moves from the average gold plan down to silver, they save about $100 per month. For the person who is only using the plan for routine services, their cost will only change about $5 or $10 per service/prescription. With that same $100 per month, this 55 year old could add dental, vision, life insurance, short-term disability and long-term disability coverage. For example given for a 9 person group, 50k in income. (Contact me for details). The employer can take on the cost or share it with the employee.
Most group private insurance plans in Reno are only worth while if at least 5 employees enroll. Any less than 5 and the prices are too high or the benefits are too low.
The Coverage
Each specific line of coverage has a specific purpose. Dental and vision are fairly obvious. Depending on the size of the group some plans have no waiting periods. Most plans have at least a $1,500 annual benefit. This is the amount the insurance company allows you to spend.
Disability Policies
Short Term
Disability policies are slightly more complex. Disability policies pay you cash while you’re disabled. Standard benefits are usually 60% of your pre-disability earnings. Following your injury or becoming sick, you may have a waiting period, typically between 8 and 15 days. After this, the insurance company pays you a weekly benefit until you either recover or run through the maximum amount. This is typically between 13 and 24 weeks.
Long Term
Long Term Disability plans take over where the short term plans leave off. They typically offer the same level of benefit (60% of pre-disability earnings). Most coordinate the waiting period with the end of the short term disability plans to leave no gap. The typical duration we quote for a long term disability plan is “to age 65” meaning you’re covered until Medicare takes over at 65.
Life Insurance
Life insurance benefits typically give you 1x your annual salary, with a maximum of 50,000. The 50,000 amount is the maximum limit set by the IRS. Amounts about 50,000 are taxable as regular income. (https://www.irs.gov/government-entities/federal-state-local-governments/group-term-life-insurance)
Private Insurance in Reno
Overall it may make sense to back off the medical benefits in order to offer a full package for the same cost. Many employees don’t pay attention to or don’t care about purchasing the top notch health plan. The difference between a gold and silver plan for private insurance in Reno may be inconsequential. Meanwhile being able to add dental, vision, life, long term and short term disability could make the difference.
