Group Health Insurance for Manufacturing Companies
Manufacturing companies often employ a diverse range of employees, including skilled workers, unskilled workers, engineers, administrative staff, etc. Offering group health insurance and benefit solutions for manufacturing companies can be a strategic decision that benefits both you as an employer and your employees, especially in an industry where injuries and health concerns can be detrimental to your overall success as an organization. We have found that manufacturing companies face many challenges when trying to offer a comprehensive and affordable benefits package to their employees. Whether you contract employees or have a full-time workforce of skilled laborers, the iSure team has experience overcoming your unique challenges.
One of those challenges that we often encounter is that employees may not fully understand the benefits available to them, leading to underutilization or dissatisfaction with the plans. Proper communication and education about the available benefits is crucial for employee satisfaction and engagement. It’s common that lower-income earning employees decline the group benefits and opt to obtain a subsidy from healthcare.gov (or a state-based health insurance exchange.) This not only creates a participation issue but it also can pose several risks and potential consequences that both the employee and you as an employer should be aware of, including but not limited to, a clawback of premium assistance when taxes are filed by the employee.
The iSure team can help you navigate these challenges by educating your employees and helping them make informed choices that align with their healthcare needs and financial circumstances. We also make sure that you are aware of regulations pertaining to offering group insurance to help avoid potential penalties or fines. Get a quote for manufacturers’ group health insurance today.
Other common challenges in the Manufacturing Industry:
- Benefit administration in a diverse workplace, requiring things like materials in multiple languages, an efficient process for managing enrollment and terminations, and on-going plan management.
- Finding cost-effective options that meet the needs of the workforce is essential. We are able to do this by combing through insurance packages that most brokers won’t take the time to review, may not understand or have knowledge of at all. This intense quoting process, includes leveraging the volume of business that we generate, along with relationships we have with every credible insurance carrier in the market. This practice on average saves our clients 20 to 30 percent or more on their current insurance costs.
TALK TO A BROKER ABOUT SECURING GROUP BENEFITS FOR YOUR MANUFACTURING COMPANY
It is important to note that we never charge you for using our services, our commission for assisting you comes from the insurance companies. We act as a broker and run quotes with all of the major carriers guaranteeing you the best rate for the benefits that best suit your needs as an employer.
Case Study
70 Person Health Care Organization
If a deal seems too good to be true, it probably is. Especially when it comes to insuring large sized businesses. A medical facility discovered that a package deal on a bundled benefits package might appear pretty on the outside, it could prove empty on the inside.
Details
- iSure negotiated better benefits for their employees saving the company $105,000 on insurance benefits and an additional $50,000 with our payroll and HR benefit partners.
- With our integrated approach, we saved the company 32% off their benefit cost from the previous year or $155,000.
