Businesses with fewer than 50 employees
We take the time to understand what it means to start and run a smaller business.
Running a smaller business is challenging, whether you’re a 5-person tech startup or a construction outfit with a couple dozen employees. We’ve worked with many entrepreneurial businesses like yours, and we know there’s no one-size-fits all solution. No matter what you do, or who you employ, offering better health and wellness benefits can be a crucial part of your strategy to attract and retain the best employees and keep them healthy and happy.
Top talent are looking for better benefits.
You’re competing with businesses of all sizes for the best employees to help your business grow. One thing they’re looking for is an employer who really cares about their needs at work and home.
53%of leadersin small business said they're planning employee benefits program enhancements for 2023.
SHRM (2022)
1 in 10Employeeswould take a job with less pay to have access to better benefits.
Forbes (2023)
Even though the Affordable Care Act (ACA) does not apply to businesses with fewer than 50 full-time and full-time equivalent employees, there are many reasons that growing businesses choose to offer more benefits than required.
Your Highstreet agent is part of a team of dedicated benefits specialists who take the time to understand your business, your team, and your business realities. We’ll work with you to find the competitive policies and packages that will keep your business going strong.
Benefits Services
Life and Disability Coverage
Life insurance, short- and long-term disability and dependent coverage can give your team the confidence that they and their families will be covered in a crisis.
Mental health support
With mental health support more top-of-mind than ever, you can offer your team coverage for counseling, therapy and crisis support.
Wellness benefits
Support for healthy living and proactive health, such as:
-
Wellness
programs - Wellness
information - Smoking
cessation - Health
monitoring - Fitness
Voluntary benefits
A voluntary program can enable your employees to get additional coverage that’s tailored to reflect their age, health and lifestyle choices, including:.
Traditional
- Dental
- Vision
- Prescription drugs
- Life
- Disability
- Accident
- Critical illness
- Wellness
Non-Traditional
- Home insurance
- Mortgage protection
- Home security
- Identity theft
- Financial planning
- Legal services
- And more
Other
- Childcare
- Eldercare
- Adoption assistance
- Pet insurance
- And more
Frequently asked questions about employee health and wellness plans for smaller businesses
Small business is the heart of our economy. Your Highstreet agent is here to really understand your unique business needs for protecting your employees’ health and wellness as well as your goals. There is no one-size-fits all solution, but there are options that are just right for you.
As an employer with fewer than 50 full-time and full-time-equivalent employees, under The Affordable Care Act you are not subject to the Employer Shared Responsibility Payment, even if you decide to offer health insurance to your team.
If you provide coverage through the ACA’s Small Business Health Options Program (SHOP), you may qualify for the Small Business Health Care Tax Credit which can lower premium costs. Your Highstreet agent can help you determine the right plan and programs for your business needs.
If you anticipate growing your business to include 50 or more full-time and/or full-time equivalent (FTE) employees, you will need to be ready to follow the ACA’s Employer Shared Responsibility Provision. You also have new responsibilities for information reporting. You can learn more by visiting the Growing businesses with 50 or more employees section. Your Highstreet agent can also help you plan for growth.
While workers’ compensation rules can vary from state to state, if you have employees your business is probably required by law to have insurance that covers their medical bills, lost wages, and/or legal costs if they are injured at work.
To find out more about what type of coverage your business requires, visit the Workers Compensation page on this website, or ask your Highstreet agent.
The cost of employee health benefits is usually shared by the employer and employee. The cost will depend on the type of benefits you provide, whether you are covering employees only, or including dependents, and the percentage of your employer contribution.
Your Highstreet agent can help you find an arrangement that works for you, and which complies with any relevant state and federal requirements.
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives employees who would otherwise lose their coverage the right to choose to continue group health benefits provided by their group health plan for a limited time. COBRA covers situations such as job loss, reduction in the hours, or transition to a new job, as well as death, divorce, and other life events.
COBRA can require that employers who offer group health plans to 20 or more employees have the option for employees to access continuation coverage. Your Highstreet agent can help you understand COBRA, and whether it applies to your situation.
A professional employer organization, or PEO, is a partner that provides payroll, benefits and HR support, including employee benefits. Your Highstreet agent can advise you on whether hiring a PEO would be best for your business and team — including placing you with the right partner.
If you already have a PEO, your Highstreet agent can also help you evaluate if your current arrangement puts you in the best possible position.
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We can answer your questions about employee benefits and provide expert advice about your coverage options.
With more than 350 partner locations
across the continental US, we're always ready to help you pursue your goals and See Possible.
