Introduction to Employee Benefits and Health Plans for Hourly Employees
In the current economic climate, employee benefits for hourly workers have become a critical factor in attracting and retaining a quality workforce. As healthcare costs continue to soar, employers, especially those offering positions to hourly and part-time employees, are in dire need of innovative health plan solutions. This blog provides a deep dive into the challenges and solutions associated with providing medical benefits to this demographic, emphasizing the role of Level funded plans as a strategic choice.
The Rising Challenge of Healthcare Costs
Understanding the Healthcare Dilemma
The healthcare landscape is witnessing unprecedented challenges, with U.S. employers bracing for a 7% increase in healthcare costs. This uptick is not only a deviation from the historical norm but also adds to the burgeoning issue of medical debt, which stands at a staggering $220 billion. The need for affordable and comprehensive health plans for hourly employees has never been more critical.
The Impact on Employers and Employees
Both large and small businesses are feeling the pressure of these rising costs, with many struggling to find a balance between offering competitive employee benefits and managing financial sustainability. The situation is equally dire for employees, particularly hourly workers, who often face the brunt of increased premiums and out-of-pocket expenses.
Introducing the Fundamental Care® Limited Day Plan
A Solution for Employers
Coterie Advisory Group presents the Fundamental Care® Limited Day Plan, designed with the needs of hourly employees in mind. This Level funded health plan offers several advantages for employers:
Requires a 50% employer contribution, promoting shared investment in employee health.
Incorporates stop-loss insurance, protecting against excessive claim risks and offering potential refunds based on utilization.
Satisfies the Affordable Care Act's “Minimum Essential Coverage” and "Minimum Value" criteria, making it an ideal option for both small and large employers.
Benefits for Employees
The plan stands out for its comprehensive coverage and accessibility:
100% coverage on preventative services, no deductible, and low copays.
Unlimited access to Virtual Direct Primary Care without copays.
A Lab Program offering free diagnostic testing at network providers.
These features address the primary healthcare needs of hourly workers, ensuring they have access to essential medical services without financial strain.
Highlighting the Value Plan
In addition to the Limited Day Plan, Fundamental Care also offers the Value Plan, a voluntary benefit plan designed to complement existing health coverage and provide additional benefits. Key features include:
Prescription Benefits: Covers the cost of necessary medications.
Voluntary Enrollment: Employees can opt-in based on their individual needs, offering flexibility and additional protection.
Employer Benefits: No health questions, no percentage participation, and no employer contribution required, making it easy for employers to offer and enhancing their ability to attract and retain top talent.
The Role of Brokers in Transforming Healthcare for Hourly Workers
Meeting Employer and Employee Needs
Insurance brokers play a pivotal role in bridging the gap between employers and effective health plan solutions. By understanding the specific challenges faced by businesses employing hourly workers, brokers can guide their clients towards plans like the Fundamental Care® Limited Day Plan, which offers a balanced approach to employee benefits.
Emphasizing the Value of Level Funded Plans
Level funded plans are particularly attractive for employers looking for financial predictability and risk management in their healthcare offerings. Brokers can highlight the advantages of such plans, from cost savings to customized benefits packages, making them a compelling choice for businesses of all sizes.
Conclusion: A Call to Action for Brokers
The need for affordable, near comprehensive employee benefits for hourly workers has never been more pressing. As healthcare costs continue to climb, brokers have a unique opportunity to lead the way in providing innovative solutions that meet the needs of both employers and their employees. The Fundamental Care® Limited Day Plan by Coterie Advisory Group represents a forward-thinking approach to medical benefits, promising a brighter future for hourly workers and the companies that employ them.
In navigating the complexities of today's healthcare landscape, brokers are not just consultants but crucial partners in fostering a healthier, more productive workforce. By advocating for plans that offer both financial and medical benefits, brokers can significantly impact the lives of hourly employees and the success of businesses nationwide.
For more information on Fundamental Care's employee benefits solutions, visit Fundamental Care.
About Fundamental Care®
Fundamental Care® offers Affordability-Based Medical Plans designed to meet the unique needs of various niche markets, including small businesses and their employees, part-time and hourly workers at enterprise-level companies, independent contractors, gig-economy workers, and association members. Our mission is to provide access to unique and affordable health insurance benefits on a guaranteed issue basis. Learn more about Fundamental Care® and how we can help your clients navigate the challenging healthcare landscape.
About Coterie Advisory Group, Inc.
Fundamental Care® is managed by Coterie Advisory Group, Inc., an insurance program manager and national marketing agency. Our founders are a team of insurance and benefits professionals with extensive experience in the benefits marketplace. They have held leadership and executive roles at multiple insurance carriers, agencies, and platform administrators. Our drive has helped thousands of service-industry employers and millions of individuals obtain quality, affordable care. Coterie focuses on Affordability-Based Medical Plans and holds life and health insurance licenses in all 50 states.
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