Offering good benefits to your employees is good for your business. Better benefits attract a higher caliber of worker and improves productivity and morale. Traditional benefits can include, among other things, health insurance, retirement plans, workers compensation, disability, dental, and other products.
If you are a small business owner, you may think that wellness programs are only for the corporate giants. But think again. There are relevant provisions for you in the new health care reform laws, and there may even be some kind of subsidy. Of course you need to tailor your program to fit your own situation rather than relying on a “one size fits all” solution, and investigate insurance discounts that may apply.
One employment benefits lawyer had this to say about the complexity of the issue:
"The most common question is to employee a carrot or a stick. The IRS certainly recognizes that there can be up to a 20% penalty (which will increase to 30% under the new reform laws) for non-compliance. But at the same time, HIPAA requires that plan participants have to be offered reasonable alternatives to meeting certain health goals depending on their own limitations. Further, there are individual state laws addressing discrimination that have to be a concern."
"The most common question is to employee a carrot or a stick. The IRS certainly recognizes that there can be up to a 20% penalty (which will increase to 30% under the new reform laws) for non-compliance. But at the same time, HIPAA requires that plan participants have to be offered reasonable alternatives to meeting certain health goals depending on their own limitations. Further, there are individual state laws addressing discrimination that have to be a concern."
He also reported on the motivations for wellness participation:
"I believe that, in the end, a good wellness program is only as effective as the population that it serves. So start by evaluating your population. Are they carrot or stick driven? How likely are they to comply? What "wellness" issues are most important to them and which ones most heavily impact your plan? It is better to start with a limited program based on known data then to assume you can put any program in place and make it work. Knowing your options is the best way to avoid a wellness program that makes your company."
"I believe that, in the end, a good wellness program is only as effective as the population that it serves. So start by evaluating your population. Are they carrot or stick driven? How likely are they to comply? What "wellness" issues are most important to them and which ones most heavily impact your plan? It is better to start with a limited program based on known data then to assume you can put any program in place and make it work. Knowing your options is the best way to avoid a wellness program that makes your company."
As a conscientious business owner, you should know your options. Consult your insurance professionals about New York employee benefits rates. No matter what size or type of business you are running, Hudson Valley insurance agents are on hand to help you make a healthy, wise choice for you and your employees.
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