Agency Blog

Review and Save on Your Employee Benefits

As a business owner, you know how much benefits are an important factor in the lives of your employees. Often, the benefits you offer can be a deciding factor in attracting and retaining qualified, loyal employees. These packages can also be a significant part of your business’ budget, however and finding great policies while keeping those costs in check can be challenging.

Some employee benefits are mandatory by state or federal law. Some states require you to also carry disability insurance and although Louisiana is not among them, if you have an out-of-state workforce it may apply to those employees. You must also carry unemployment insurance in the state of Louisiana and pay all of the costs of the premiums through a payroll tax or other program. Employees cannot pay any part of their wages toward this benefit.

Now, due to the Affordable Care Act, you may also be required to offer your employees health insurance benefits. This coverage is often the most challenging for small to medium sized businesses. You want to offer great health benefits, but rising costs of medical care can make this cost prohibitive. It is extremely important to review your health insurance options for your staff on a yearly basis to ensure both employee and your contributions to the plan and the coverage they receive remains competitive.

Whether or not your business qualifies for an exemption under the ACA, if you do offer your employees health insurance, you must ensure the policy is compliant with the new federal law. Certain procedures and preventative care must now be covered by any health insurance plan. Louisiana has its own list of mandatory health benefits for policies sold in the state.

Finding insurance policies that are compliant with state and federal law, offer potential employees attractive incentives, and also help your business remain profitable and successful could be a full time job. Most businesses can’t hire an insurance expert to have on-hand year round.

Knowledgeable, independent insurance agents at Reeves, Coon & Funderburg are here to help. We are up-to-date with all Louisiana and federal mandates and can assist your business in reviewing current employee benefits packages. We can also help locate you a number of policy quotes from a variety of providers, ensuring the package you choose offers the best coverage at the most affordable rates. Contact us to find out how your business can obtain the perfect benefits package for both you and your employees.



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