On today’s Business Beat, Jeff reminds small businesses that now is the time to plan your 2022 health care coverage.
Tune in to the Business Beat, below, for more on the importance of your health care coverage plan:
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Good morning, Paul! Where did this year ago? We are now in the fourth quarter and I’m already hearing lots of year-end wind down talk as well as lots of planning and prep for the new year ahead. And if you were thinking about your planning for next year, as you should be, one of the most important things you should be thinking about for your small business is your health care coverage plan.
Now, not every small business offers this employee benefit, but for those that do, they’ve got an advantage. The tight labor market is putting pressure on employers to be offering more enticing benefits in order to attract the best talent and health care tops the list. In order to get the best plan in place, you need to act now and these are steps you can take to get on top of this most critical objective.
One: Estimate what you can afford to pay for your health care coverage on behalf of your employees, so that you can determine how much of the premium they’ll be paying.
Two: Choose the type of coverage that is best suited for your company and for your employees. Will you offer group health coverage? What is the right deductible plan? How do you cut a balance between not overburdening your company with additional cost while at the same time staying competitive by offering a really attractive health care plan? And by the way, employees view the health care benefit as the second most pivotal factor in accepting and keeping a job second only to their salary amount.
Three: Provide sufficient notice to your employees about your ‘22 plan. In fact, technically required to provide 90 days notice prior to the start of the new year. That means it’s due now.
Lots of questions, lots of options, whatever you choose for your small business and for your employees the time is now to get moving on your 2022 plan. Doing so not only keeps you in compliance, it may just give you that most important leg up on attracting and retaining the best possible talent for your small business.
I’m Jeff Sloan, founder and CEO of startupnation.com and that’s today’s Business Beat and the Great Voice of the Great Lakes, WJR.